Venture capital firm EVP has launched a new program named 40x, designed to support software startup founders who are already generating revenue and scaling their businesses. The initiative aims to bring together up to 40 of Australia's most promising early-stage software founders as they prepare to raise capital over the next year.
EVP, a venture capital firm with a focus on early-stage technology companies, has unveiled the 40x program to assist software startup founders who are past the initial idea phase and are actively generating revenue while scaling operations. The program is tailored for those looking to raise funding within the next 12 months.
The 40x initiative will gather up to 40 of Australia's most promising early-stage software founders, offering them support and resources to accelerate their growth. Mark 'Z' Zmarzly, an EVP venture partner known for his involvement with founders and a passion for basketball, is associated with the program.
The launch comes at a time when artificial intelligence dominates much of the startup conversation. The announcement noted that while AI ideas may currently be the "gold-toothed rat" of startup pitches, software fundamentals remain critical. The program underscores EVP's belief that solid software businesses still form the backbone of the tech ecosystem.
Further details on the application process, curriculum, and mentorship opportunities were not disclosed in the initial announcement. The program is expected to run in cohorts, with the first group of founders commencing in the coming months.
Analysis
Why This Matters
- Provides targeted support for software startups at a critical growth stage — revenue-generating yet still pre-Series A — where many founders struggle to secure funding.
- Highlights a continued focus on software as a category, countering the narrative that AI is the only viable path for Australian startups.
- Could strengthen Australia's early-stage ecosystem by giving founders structured preparation for capital raising.
Background
Venture capital firms often operate accelerator programs to source deals and support portfolio companies. These programs typically offer mentorship, networking, and sometimes direct investment in exchange for equity or a structured program fee. EVP's 40x appears to be a non-equity or low-equity program aimed at founders who are past the idea stage but have not yet raised significant institutional capital. The Australian startup ecosystem has seen a proliferation of such programs in recent years, particularly in Sydney and Melbourne.
Key Perspectives
EVP (Program Sponsor): Targets software founders who are already generating revenue, signaling a preference for capital-efficient, scalable businesses over high-burn, pre-revenue AI startups.
Founders (Participants): Gain access to investor networks, strategic advice, and peer support during a crucial fundraising window. The program's focus on "raising within 12 months" offers a clear timeline.
Critics/Skeptics: Might question whether a 40-founder cohort can provide sufficient individual attention. Programs with broad cohorts sometimes lack depth. Also, the effectiveness depends on the quality of mentorship and follow-on capital commitment from EVP.
What to Watch
- The number of applications and the selectivity rate for the first cohort.
- Whether participating founders successfully raise capital within the 12-month window.
- If EVP converts program participants into portfolio companies, indicating the program's deal-flow value.