Stake CEO Ed Craven has become the a cornerstone investor in Maincode Ventures, a new venture capital firm set up to back the next generation of Australian AI businesses.
The firm is a spin-off from Maincode, the AI startup Craven co-founded with former Easygo chief technology officer David Lemphers.
Maincode Ventures will take 50% of equity in the startups it invests in. In return, founders will receive funding for office space and hiring, access to Maincode’s AI technology and a salary.
Speaking to Forbes Australia, Lemphers explained: “We talk to a lot of the VC funds in Australia and abroad and, at the end of the day, all they can give you is a cheque.
“Or you’re in a studio accelerator where you’re actually getting neither… you get a small cheque, they take a position on your cap table, they give you some network, but it’s really on you.”
Maincode Ventures will also offer non-dilutive debt at formation and handle legal, payroll and hiring for its portfolio companies.
Craven has already invested A$30m (£15.8m) in Maincode and has a separate pool of funding for the venture capital arm.
Lemphers left Easygo, parent company of crypto operator Stake and video streaming platform Kick, in November 2024 to create Maincode, after a year in the role.
The Melbourne-based company Maincode built Matilda, the country’s first native-made language AI model trained on Australian data.
At the end of September, the company advertised for an investment associate to help “build the fund alongside us, shape our investment thesis and work directly with founders at the bleeding edge of AI”.
The post Stake CEO backs former Easygo CTO’s AI venture capital firm first appeared on EGR Intel.
Ed Craven becomes a cornerstone investor in Maincode Ventures, the new VC arm of the AI startup he co-founded with David Lemphers, who left Stake’s parent company in November 2024
The post Stake CEO backs former Easygo CTO’s AI venture capital firm first appeared on EGR Intel.