Rampersand

Investment decisions are made by the partnership group, which includes five named Partners: Paul Naphtali (Cofounder & Partner), Martin Casey, Michael Naphtali, Andrew Poesaste, and Taryn Pieterse. The firm also employs four Venture Partners — Helen Souness, Hugh Williams, and Rod Hamilton — who contribute to sourcing and deal evaluation, though final investment authority rests with the Partner group.

Rampersand concentrates entirely on the Australia and New Zealand ecosystem, meeting thousands of founders each year through a network of portfolio founders, operators, and local accelerators. The firm does not disclose a dedicated scouting platform but credits its "ramplification" operator network — built from former founders now inside the firm — as the primary funnel for early inbound and referral opportunities.

Rampersand invests directly into startups from inception to seed stage and does not publicly describe a fund-of-funds program. The firm has not disclosed any LP commitments into third-party venture funds, operating instead as a direct investment vehicle for early-stage ANZ tech companies.

The firm targets inception and seed stages, positioning itself as the first institutional investor into its portfolio companies. Rampersand does not publicly indicate active participation in Series A or later-stage growth rounds, though its portfolio companies have gone on to raise follow-on capital from outside investors.

Rampersand does not publish an explicit exclusion list, but its portfolio and public commentary are concentrated in enterprise software, AI/ML, marketplaces, climate tech, and digital health. There is no evidence of investment in deep tech hardware, defense, or life sciences, suggesting a preference for capital-efficient software and marketplace models.

Rampersand actively leads or co-leads seed rounds and regularly syndicates alongside other venture funds, both local and international. The firm's portfolio companies have raised follow-on capital from global investors, but Rampersand does not disclose a formal co-investment program or dedicated vehicle for follow-on participation.

Rampersand does not publicly disclose any philanthropic foundations, donor-advised funds, or parallel investment vehicles. The firm operates as a single venture capital fund manager structured around its core early-stage ANZ strategy, with an Independent Director on its governance board but no listed charity or impact-investing arm.