Disciplined early-stage investing,
built on a decade of judgement.
Tall Order Ventures is a Melbourne-based venture capital firm specialising in early-stage investment. Founded in 2018, we have established two investment funds, both of which rank in the top quartile of their global vintage.
Institutional backing
State governments, universities, foundations, family offices and the operators behind some of Australia’s best-known companies all invest in our funds.
“They give us access to deals we wouldn’t otherwise see, with the networks and expertise to widen our exposure across verticals and regions.”
“Tall Order does a very good job preparing portfolio companies for the later stages.”
“The connection they keep with the university sector is reassuring. They’re the natural next step in the commercialisation equation.”
AI is bigger than any cycle before it, and still unpriced at seed
AI is now a ~$2.5 trillion market. Software has always been sold against an IT line; the companies built on the foundation models are sold against what the work itself costs — an addressable market far beyond any previous cycle.
Seed is the one stage where that upside isn’t priced in yet, and it’s where our leadership team has spent more than a decade.
Terms
Fund III continues Tall Order’s long-standing focus on seed-stage investing, with a mandate directed at AI-native companies.
Tax benefits
The fund is structured as an Early Stage Venture Capital Limited Partnership (ESVCLP), which offers eligible investors generous tax benefits — including capital gains tax exemptions and tax offsets of up to 10%.
ESVCLP tax concessions are subject to eligibility conditions and caps under Australian tax law. We recommend you obtain your own tax advice.
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Not an offer. Nothing on this page is an offer, an invitation or a recommendation to subscribe for, buy or deal in any security, interest or financial product, and nothing here forms the basis of any contract or commitment. It is general information only. It is not a disclosure document, prospectus, product disclosure statement or information memorandum, and it has not been lodged with ASIC. Any offer of interests will be made only through the fund’s formal offer and constituent documents, which prevail over this page in every respect.
Wholesale investors only. This information is directed only at persons who are wholesale, sophisticated or professional investors for the purposes of section 708 of the Corporations Act 2001 (Cth). It is not directed at retail clients and must not be relied upon by them. Evidence of eligibility — such as a current qualified accountant’s certificate — is required before any commitment is accepted.
Past performance. Past performance is not indicative of, and is no guarantee of, future performance. Returns of prior funds are historical, relate to different vehicles with different portfolios and different vintages, and should not be taken as any indication of the returns of any current or future fund. Benchmark quartile and decile rankings are provided by third parties, are re-cut over time, depend on which funds report in a given period, and may change.
Illiquidity and capital at risk. Venture capital is a high-risk, long-term and illiquid asset class. Interests cannot readily be sold or transferred, there is no secondary market, and capital may be committed for ten years or longer. Your capital is at risk and you may lose some or all of the amount you invest. Early-stage companies frequently fail outright. You should only invest capital you can afford to have locked up, and to lose.
Unrealised valuations. Valuations of unrealised holdings, and any figure derived from them — including TVPI, MOIC and any multiple described as unrealised — are unaudited estimates prepared by the manager. They are not market prices, they have not been independently verified, and they may differ materially from the amounts ultimately realised. Marks can move down as well as up. Realised figures are stated gross of any investor-level tax.
Targets and forward-looking statements. Any target return, target fund size, target portfolio size, capital-call pacing or worked example is an objective or illustration only. It is not a forecast, projection or guarantee, it relies on assumptions that may not hold, and actual outcomes will differ. Worked examples of fees are simplified illustrations of mechanics, not predictions of return.
Tax. Any reference to ESVCLP tax treatment, capital gains tax exemption or tax offsets is general in nature. It depends on your individual circumstances and on the partnership obtaining and maintaining its registration. No tax, legal, accounting or financial advice is given, and no personal advice of any kind is provided. Obtain your own independent professional advice before acting.
Confidentiality. This information is confidential, is provided for the recipient’s own assessment only, and must not be reproduced, forwarded or disclosed to any other person without the manager’s written consent. Company-level detail is published with portfolio company consent; unannounced transactions are excluded.
No liability. While care has been taken, no representation or warranty, express or implied, is given as to the accuracy, completeness or reasonableness of the information, and to the maximum extent permitted by law no liability is accepted for any loss arising from reliance on it. Information is current only as at the date of the underlying investor pack and may change without notice.