Oxygen Ventures

Oxygen Ventures is the investment vehicle of Larry Kestelman, the Australian entrepreneur who co-founded internet service provider Dodo and sold it to M2 for over AU$200 million in 2012. Based in Melbourne, the firm takes an operator-turned-investor approach to backing early-stage technology companies with global ambition.

This guide covers Oxygen Ventures' investment thesis, notable portfolio companies like ECAL and Saisei Networks, their Big Pitch startup competition format, typical check sizes up to $5 million, and strategies for getting funded by this Australian VC.

Unlike traditional venture funds, Oxygen Ventures has a track record of running structured pitch competitions—in particular, the inaugural Big Pitch in 2014 where A$5 million was deployed across winning startups. Understanding this competition-based model is key to understanding how the firm sources and selects investments.

The firm has produced a notable exit: Saisei Networks, a Silicon Valley network automation company, was acquired by FirstWave Cloud Technology in September 2023. This exit demonstrates Oxygen Ventures' willingness to invest outside Australia in companies with international scalability.

Founders seeking to connect with Oxygen Ventures should understand that the firm prefers warm introductions from the entrepreneurial community and has historically sourced deals through its Big Pitch events rather than cold inbound pipelines.

Oxygen Ventures states its thesis as sourcing, building, and investing in scalable digital enterprises—taking groundbreaking companies from concept to reality. The firm looks for businesses with proprietary technology, strong user traction, and clear paths to international markets.

The firm's sector emphasis centers on cloud software, digital platforms, and technology-enabled services. Unlike Australian VCs that stay local, Oxygen Ventures has shown willingness to invest in US-based companies (notably Saisei Networks in Silicon Valley) when the opportunity warrants international scope.

Kestelman himself is a hands-on operator who has built and exited multiple businesses. This background shapes the firm's preference for founders who demonstrate deep domain expertise and executional rigor—not just technical ability. The firm is drawn to entrepreneurs who have a clear vision for disrupting established markets.

Oxygen Ventures typically participates in seed and Series A rounds, sometimes leading, sometimes co-investing with other VCs. The firm also makes select Series B investments, as demonstrated by the $2.95 million round in Saisei Networks in 2015.

The firm's investment criteria include market size, product differentiation, and the quality of the founding team. Importantly, Oxygen Ventures favors companies that have demonstrated some level of traction—early revenue, user growth, or partnerships—over pure concept-stage bets.

Australian founders should note that while Oxygen Ventures is Australia-based, the firm takes a global view. Having a strategy for international expansion, even if you're early, can strengthen your pitch to this VC.

Perhaps the most distinctive aspect of Oxygen Ventures' deal sourcing is the Big Pitch competition, launched in 2014 with A$5 million to distribute across Australian startups. The event was held at Federation Square in Melbourne and drew hundreds of applicants.

In the inaugural Big Pitch, two companies shared the A$5 million fund: ECAL (a calendar marketing platform) and WeTeachMe (a workplace learning platform). ECAL received A$2.5 million—reportedly the largest single investment from the competition.

Black Delta (developer of KartSim racing simulation) and eTaskr (enterprise resourcing) were also funded through the competition, though as runners-up rather than co-winners. This structured competition format gave Oxygen Ventures a way to evaluate many startups simultaneously while building brand awareness in the Australian ecosystem.

The Big Pitch was notable for its accessibility—open to any Australian startup—combined with meaningful capital deployment. For founders, the lesson is that Oxygen Ventures responds well to organized, high-visibility formats. If you can demonstrate competitive positioning through external validation (competitions, accelerators, or prominent customers), you are more likely to get traction with this firm.

Following the success of the inaugural Big Pitch, Oxygen Ventures ran subsequent editions, expanding the competition to cities including Perth. The firm's willingness to take the show on the road reflects its interest in sourcing deals beyond the Sydney-Melbourne corridor.

ECAL is Oxygen Ventures' most publicized investment. The Melbourne-based calendar marketing platform secured A$2 million (approximately $1.5-2M USD at the time) in 2014, shortly after winning the Big Pitch competition. ECAL enables brands to send marketing communications directly into users' personal calendars—a niche in the event marketing space that gained traction with major sports organizations and entertainment companies. The company later expanded to New York, establishing US headquarters, and was ultimately acquired by Singapore-based HyperKu as part of a strategic acquisition with additional capital injected.

Saisei Networks represents Oxygen Ventures' international reach. The company raised a $2.95 million Series B round led by Oxygen Ventures in October 2015. Saisei developed network performance enforcement solutions for large enterprises and service providers. In September 2023, Saisei was acquired by FirstWave Cloud Technology, an Australian network management company, for a combination of cash and equity. This exit demonstrated Oxygen Ventures' ability to source and time investments in emerging technology categories with strategic acquirers.

Etaskr, an enterprise resourcing and task management platform, closed a $1.3 million seed round from Oxygen Ventures in March 2015—the second startup funded through the Big Pitch pipeline. The company focused on workplace productivity and was co-founded by entrepreneurs with operational backgrounds.

WeTeachMe, a workplace learning and upskilling platform, won the Big Pitch alongside ECAL in 2014. The Melbourne-based startup operated in the corporate training and education technology space.

Black Delta, the developer of KartSim—a racing simulation game—was a Big Pitch 2014 winner. The company operated in the gaming and simulation sector, demonstrating Oxygen Ventures' willingness to back consumer-facing technology businesses.

Taken together, the portfolio reveals a thesis around digital platforms with B2B and B2C applications, global scalability, and early traction with notable customers or users. The common thread is operators building solutions to real problems, not pure technology plays.

Oxygen Ventures looks first and foremost at founder quality. Kestelman and his team are attracted to entrepreneurs who combine deep industry knowledge with a proven ability to execute. Prior founder experience or operational roles at successful companies is a meaningful signal.

Market size matters—but Oxygen Ventures is not solely focused on billion-dollar TAM stories. The firm has backed companies in niche verticals (calendar marketing, enterprise resourcing) where the path to a meaningful exit is clearer than trying to dominate a massive market.

Traction is expected, even at seed stage. Whether it's revenue, user growth, or signed enterprise customers, you should arrive at the meeting with evidence that your product is gaining traction. Pure concept-stage pitches are a harder sell unless you have a compelling founder story.

Product differentiation is critical. Oxygen Ventures wants to see something proprietary—whether it's technology, data, customer relationships, or a novel approach—that creates a defensible moat. Businesses that can be easily replicated by well-funded competitors are less attractive.

The team composition is evaluated carefully. Founders with complementary skill sets (technical + commercial) tend to perform better. Solo founders are not disqualified, but Oxygen Ventures will probe whether the founder can build and scale a complete team.

International scalability is a plus for companies at Series A and beyond. If your business is Australian-only, be prepared to articulate your plan for entering global markets, especially given Oxygen Ventures' demonstrated comfort with cross-border investments.

The most effective path to Oxygen Ventures is through warm introductions from the Australian startup ecosystem. Kestelman and his team are embedded in the Melbourne and broader Australian tech community, so credible referrals from founders, investors, or advisors who have relationships with Oxygen Ventures carry significant weight.

Attending the Big Pitch competition is another legitimate pathway. Even if you don't win, participating in the event puts you in front of the firm's investment team in a structured, high-energy format. Follow-on connections from a Big Pitch appearance are common.

Cold outreach is less effective but not impossible. If you go this route, your pitch deck should be exceptionally polished, your differentiation should be immediately clear, and your traction metrics should be front and center. Generic pitch decks that could apply to any startup are unlikely to get a response.

When you do secure a meeting, come prepared to discuss your business in depth. Oxygen Ventures will probe your market sizing assumptions, competitive landscape, SaaS unit economics, and path to the next milestone. Practicing your pitch and anticipating hard questions is essential.

Follow-up discipline matters. The firm receives inbound interest regularly and is selective about deployment. Send concise updates on progress, especially if you hit meaningful milestones between conversations. Avoid being pushy—Kestelman and his team respond better to founders who demonstrate confidence without pressure.

Building a longer-term relationship even without an immediate investment can pay off. The firm has demonstrated willingness to re-engage with founders in subsequent rounds, and active portfolio founders often serve as referral sources.

While Oxygen Ventures invests in early-stage companies, they expect founders to have a solid command of their financials. This means understanding burn rate, runway, SaaS unit economics, and realistic paths to profitability or the next raise.

Investors like Oxygen Ventures want to see that you understand the mechanics of your business—not just the product vision. Your financial model should be grounded in evidence, with assumptions that can withstand scrutiny. Be ready to defend every line item.

Working with a fractional CFO gives you a significant advantage in fundraising conversations. Professional financial guidance helps you build investor-ready presentations, accurate projections, and the confidence to handle detailed due diligence questions.

For companies pitching Oxygen Ventures, key metrics to have ready include customer acquisition cost, lifetime value, monthly recurring revenue metrics growth, gross margins, and churn rates. The firm evaluates these not just as numbers but as signals of business health and scalability.

Financial projections should reflect realistic expectations. Oxygen Ventures has seen enough pitches to know when founders are inflating numbers. Grounded, well-reasoned projections with clear assumptions will earn more credibility than optimistic hockey-stick forecasts.

Our team has helped numerous startups prepare for fundraising. From pitch deck financials to comprehensive data rooms, we ensure you present with confidence and clarity.

Whether you're preparing to pitch Oxygen Ventures or other top VCs, professional financials set you apart from the competition. Our fractional CFO team understands what investors look for and can help you build a presentation that earns serious consideration.

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