The new mindset that turned a KPMG trader into an angel investor

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From the windfall, Baxter set to work creating a community of angel investors in Brisbane and investing its capital through TEN13 in brave and ambitious start-ups that would hopefully use the money to create something big thing.

It turns out Baxter had a good eye – its flagship investment, video software start-up Clipchamp, was acquired by Microsoft last year and the Go1 corporate training market hit a 1 billion valuation. dollars last June.

More recently, TEN13 was credited with spotting Melbourne’s QR code-based menu supplier Mr Yum and entering the ground floor. The team paid $1 million as Angels in the seed round, another $4.5 million in the post-seed round, then upped the ante even more when Mr. Yum broke records with his increase of $89 million last November.

Glynn, who joined the Baxter team at TEN13 in 2015, comes from a family of entrepreneurs who ran businesses across Southern Africa. He first met Baxter at Brisbane startup hub River City Labs (incidentally, also founded by Baxter). He was drawn to the new way of valuing companies.

“Angel investing is a complete mindset shift,” says Glynn.

“I had spent years analyzing down to the EBITDA level, negotiating one-off costs. All of a sudden, I needed to see the bigger picture.

Angel investors are usually responsible for the first checks a startup founder receives after friends and family. Often there is little more than an idea and some sketchy software.

It took Glynn a while to get used to investing in companies that were before revenue and sometimes before product.

“You really have to look at people and ask yourself, can these people solve this problem? What unique ideas do they have? ” he says.

The analysis of people was a far cry from calculations and forecasts.

Although TEN13 is a seed investment fund, it is also a syndicate of “sophisticated investors”. These are people who have net assets of at least $2.5 million or gross income of at least $250,000 per year.

As the tech ecosystem in Australia exploded, more and more people looked for ways to get a first slice of the next Atlassian, Canva or SafetyCulture.

Angel investor syndicates have sprung up across Australia, giving people the ability to pool capital, share deal flow and due diligence, and ultimately write bigger cheques.

“We get people from everywhere now,” Glynn says. “And you don’t really need a software background to understand what would make a viable business.”

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