Key Takeaways
- • Side Stage Ventures closed its second fund at $40 million with a target final close of $50 million, backed by founders from Leonardo AI, Canva, Airtasker, and Linktree as limited partners.
- • Leonardo AI co-founders JJ Fiasson, Christopher Gillis, Jachin Bhasme, Peter Runham, and Sami Ede invested in Fund II approximately two years after selling Leonardo AI to Canva for $349 million AUD ($250 million USD) in 2024.
- • The fund positions itself as a founder-led seed vehicle targeting early-stage Australian companies, with backing from a network of successful technology entrepreneurs and established venture firms.
- • The announcement underscores strong institutional momentum in late-stage venture capital, with U.S. growth and late-stage venture funds raising a record $23.6 billion year-to-date according to PitchBook.
Summary
Side Stage Ventures has secured $40 million in first-close commitments for its second fund, with plans to reach a $50 million final close. The fund has attracted a prominent group of Australian technology founders and entrepreneurs as limited partners, including the co-founders of Leonardo AI—the artificial intelligence image-generation startup acquired by Canva in 2024 for $349 million AUD.
The Leonardo AI co-founders investing in Fund II are JJ Fiasson, Christopher Gillis, Jachin Bhasme, Peter Runham, and Sami Ede. This represents a significant commitment from the founders approximately two years post-exit from their Canva acquisition. Their participation signals continued confidence in early-stage venture investing within the Australian startup ecosystem despite successful liquidity events. The fund has also attracted backing from founders of other notable Australian technology companies including Airtasker and Linktree, as well as existing institutional investors.
Side Stage Ventures positions itself as a founder-led seed fund focusing on "outlier founders" and writes initial checks into early-stage companies. The timing of Fund II's close aligns with robust capital flows into venture markets. According to PitchBook, U.S.-based growth and late-stage venture funds raised a record $23.6 billion year-to-date in 2026, indicating strong investor appetite for venture strategies despite broader market conditions.
The announcement of Fund II's first close comes amid broader momentum in the Australian startup ecosystem, with successful founder exits creating a recycled capital pool that continues to fund the next generation of early-stage companies. The Leonardo AI acquisition by Canva, combined with the subsequent investment by its founders into Side Stage Ventures Fund II, exemplifies the emerging pattern of successful technology entrepreneurs reinvesting proceeds into early-stage venture capital.
The Leonardo AI co-founders investing in Fund II are JJ Fiasson, Christopher Gillis, Jachin Bhasme, Peter Runham, and Sami Ede. This represents a significant commitment from the founders approximately two years post-exit from their Canva acquisition. Their participation signals continued confidence in early-stage venture investing within the Australian startup ecosystem despite successful liquidity events. The fund has also attracted backing from founders of other notable Australian technology companies including Airtasker and Linktree, as well as existing institutional investors.
Side Stage Ventures positions itself as a founder-led seed fund focusing on "outlier founders" and writes initial checks into early-stage companies. The timing of Fund II's close aligns with robust capital flows into venture markets. According to PitchBook, U.S.-based growth and late-stage venture funds raised a record $23.6 billion year-to-date in 2026, indicating strong investor appetite for venture strategies despite broader market conditions.
The announcement of Fund II's first close comes amid broader momentum in the Australian startup ecosystem, with successful founder exits creating a recycled capital pool that continues to fund the next generation of early-stage companies. The Leonardo AI acquisition by Canva, combined with the subsequent investment by its founders into Side Stage Ventures Fund II, exemplifies the emerging pattern of successful technology entrepreneurs reinvesting proceeds into early-stage venture capital.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.