X10 Capital

X10 Capital

X10 Capital emerged from Stephen Rice's experience building and exiting Spookfish, an ASX-listed aerial mapping company. The Sydney-based firm operates at the intersection of venture capital and hands-on operational support, a model shaped by Rice's own founder journey. Founding individuals include Andrew Saunders and Robert Gately as Executive Directors, with CEO Simon Xistouris running portfolio company AC3 — the cloud and managed services provider that is X10's most visible asset. X10's strategy centers on Australian and New Zealand technology companies at the early-stage and growth inflection points. The portfolio spans enterprise IT infrastructure through AC3's position as a major local cloud and cybersecurity services provider, alongside early-stage software and media-related ventures. The firm takes concentrated positions and deploys operating partners into portfolio leadership, creating a structure closer to a permanent-hold vehicle than a traditional fund cycle. Rice participates in expert networks focused on commercialization and innovation, extending X10's deal-sourcing pipeline beyond conventional venture channels. AC3 remains the operational anchor of X10's portfolio, providing recurring revenue and infrastructure capabilities that differentiate the firm from pure financial sponsors. In May 2026, Stephen Rice continued as Chairman of x10 Partners, maintaining the firm's lean structure without institutional capital or external limited partners. The group's model relies on Rice's personal balance sheet and his network of Australian technology operators. X10's structural differentiator lies in its operator-owner model: the firm does not manage third-party fund cycles or report to external LPs, instead deploying Rice's personal capital into companies where X10 executives can take active management roles. This creates permanent capital aligned with long-term value creation, a posture that mirrors family-office direct investing more than institutional venture.