On the search for $49 glasses: Investec launches $70 million fund for emerging businesses
By Administrator | 5 November 2018
David Phillips, the Australian head of emerging companies at investment bank Investec, says he's got "plenty" of money but his glasses of choice are a $49 pair from startup Dresden Optics.
Dresden Optics only makes one design of glasses allowing it to manufacture cheaply and quickly in Australia with prescription lens cut to order in eight minutes.
"What we liked about this is we saw this as disruptive retail," Mr Phillips told journalists at a briefing in Melbourne.
Investec is an investor in Dresden Optics and on Thursday it launched the Investec Emerging Companies Australia Fund 1 which is looking to raise between $50 million to $70 million to invest in more emerging and high growth companies like the glasses startup.
Investec will be the major investor in the fund which will typically provide between $1 million and $5 million of growth capital to individual high growth companies.
The balance will come from high net worth individuals, family offices and other investors.
The fund will be managed by Mr Phillips and Hein Vogel, and investment committee members include former Linkedin Australia managing director Cliff Rosenberg, Myer chair Gary Hounsell and former Champ Private Equity managing director Brent Sebel. Read more
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