Venture capital fund · 5 deals

M12

Microsoft's venture fund

Disclosed deals

Every published round M12 took part in, and every parcel of existing shares it bought off another holder. Deals we hold but haven't published yet are not counted.

Company	Stage	Announced	Amount	Role	Alongside	Sources
Regrow Ag	Series B	24 May 2022	$50m	Participant	Galvanise Climate Solutions Cargill Main Sequence Ventures Ajax Strategies Neglected Climate Opportunities TIME Ventures Rethink Impact	Startup Daily (22 Jun 2023), Forbes Australia, Startup Daily (24 May 2022)
LottieFiles	Series B	16 May 2022	$37m	Participant	Square Peg Capital XYZ Venture Capital GreatPoint Ventures Automattic 500 Startups Adobe	Crunchbase News, Square Peg Capital
Go1	Unnamed stage	May 2022	$100m	Participant	AirTree Ventures Five Sigma SoftBank Vision Fund 2 Salesforce Ventures Blue Cloud Ventures Larsen Ventures Tiger Global Ten13 Madrona Venture Group SEEK Scott Shleifer John Curtius Scott Shleifer John Curtius Y Combinator	go1.com, TechCrunch Australia (8 May 2023), Startup Daily, Crunchbase News (30 Aug 2022), edtechchronicle.com, Tech Funding News - Australia, TechCrunch Australia (6 Jun 2022), Crunchbase News (6 Jun 2022), Our Innovation Fund, AirTree Ventures portfolio, Ten13 portfolio
PsiQuantum	Series D+	Jul 2021	$470m	Participant	the federal government Blackbird Ventures BlackRock Baillie Gifford Temasek Microsoft's Venture Fund M12	Startup Daily (25 Aug 2026), Startup Daily (11 Jun 2026), Startup Daily (3 Feb 2026), Startup Daily (9 Dec 2025), Forbes Australia, SmartCompany, Blackbird Ventures portfolio
Go1	Series C	May 2020	$61m	Participant	AirTree Ventures SEEK Madrona Venture Group Our Innovation Fund Salesforce Ventures	SmartCompany, Our Innovation Fund

Portfolio

Companies M12 has backed in a published round, and companies whose existing shares it bought off another holder.

Company	What it does	First invested	Rounds
Go1	Startup that reached unicorn status in 1H 2021	May 2020, Series C	2
LottieFiles		16 May 2022, Series B	1
PsiQuantum	Quantum computing company establishing APAC HQ in Brisbane	Jul 2021, Series D+	1
Regrow Ag		24 May 2022, Series B	1

Funds

Fund closes reported for M12, as distinct from the investments it has made.

Fund	Announced	Committed	Target	Close	Sources
No fund closes recorded for M12 yet.

Portfolio companies acquired

Companies M12 has backed that another company then bought. An exit for the holding, not a deal M12 did.

Company	Bought by	Kind	Announced	Price
No portfolio company of M12 is recorded as having been acquired.

Coverage

Stories naming M12. Where several outlets covered the same round, they are bundled under whichever ran the fullest account.

3 deals

Labor bets big on quantum with $1 billion deal for PsiQuantum and multimillion-dollar Sydney Uni hub

The Australian federal and Queensland governments are investing $940m in PsiQuantum, which will open a Brisbane regional headquarters; $18.4m will fund a national quantum centre at the University of Sydney.

Also Dealroom·Forbes Australia·SmartCompany·SmartCompany·SmartCompany·Startup Daily·Startup Daily·Startup Daily·Startup Daily·Forbes Australia

Series A $19m+

Insite AI Raises $19 Million in Series A Funding; Plans to Improve Customer Onboarding and Expand Workforce

Consumer goods analytics platform Insite AI has banked more than $19 million in Series A backing from NewRoad Capital and Microsoft's M12, earmarked for customer onboarding and hiring.

iconoutlook.com 13 Oct 2022 Insite AI Microsoft M12

2 deals

Go1 nabs $100M at a $2B+ valuation to upgrade its curated enterprise learning platform

Also TechCrunch Australia·Crunchbase News·Tech Funding News - Australia·Startup Daily·edtechchronicle.com·TechCrunch Australia·go1.com·Crunchbase News

2 deals

Agriculture carbon reduction startup Regrow Ag plants $50 million Series B

Agtech carbon platform Regrow Ag, founded by Dr Anastasia Volkova, has closed a Series B led by Galvanize Climate Solutions with prior backers returning, to expand regenerative agriculture programs for food companies.

Startup Daily 24 May 2022 Regrow Ag General Mills Kellogg's Sydney University Ajax Strategies Cargill Galvanise Climate Solutions M12 Main Sequence Ventures Neglected Climate Opportunities Rethink Impact TIME Ventures Dr Anastasia Volkova Katie Hall Marc Benioff Tom Steyer

Also Forbes Australia·Startup Daily

Series B $37m

Investment Notes: LottieFiles $37m Series B

Square Peg led a thirty-seven million dollar Series B in animation platform LottieFiles, with XYZ Venture Capital, GreatPoint Ventures, Automattic and returning backers 500 Startups, M12 and Adobe also taking part.

Square Peg Capital 16 May 2022 LottieFiles 500 Startups Adobe Automattic GreatPoint Ventures M12 Square Peg Capital XYZ Venture Capital

Also Crunchbase News

8 deals

Go1 becomes latest Aussie unicorn, cracking $1 billion valuation

Republished AFR report recalls Go1's earlier backing and Series C investors, including OIF, while its reported Series D at a billion-dollar valuation remains in progress and a listing is flagged.

Also SmartCompany·SmartCompany

Series B $30m+

GO1.com raises over $30 million in Series B round led by M12 & SEEK

GO1 raised a Series B round above $30m, led by Microsoft's venture fund M12, with SEEK, Y Combinator and newcomer Larsen Ventures investing; M12 takes a board seat.

loed.com.au 28 Mar 2019 GO1.com ANZ Bank Delta Microsoft Navitas Suzuki Larsen Ventures M12 SEEK Y Combinator Andrew Barnes Andrew Bassat Andrew Larsen Peter Larsen Priya Saiprasad Steve Baxter

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