Matt Browne is the Co-founder and Managing Partner of Black Nova Venture Partners, one of Australia’s most active early-stage funds. Before becoming an investor, Matt founded multiple companies, including enterprise software firm Dunsafe, which sold to global corporates like Suncorp and Brickworks, and learned firsthand what it takes to turn “boring” B2B SaaS into beautiful business.

In this episode, Cheryl and Maxine sit down with Matt to unpack what “boring but mission-critical” really means, why operators often make the best early-stage investors, and what it’s actually like to co-found a venture fund. Matt shares his frameworks for identifying resilient software businesses, the economics behind long-LTV enterprise customers, and how his founder experience shapes the way Black Nova supports startups today.

They also dig into the differences between SMB and enterprise sales, why going from enterprise → small business is nearly impossible, and what it takes to build a fund that’s more startup than finance firm. And, in true Matt style, he caps it off with his Big Cojones moment, jumping off Auckland’s Sky Tower to win a customer.

Aussie Angels makes it easy for accredited investors to back early-stage startups alongside experienced syndicate leads. With no platform fees and minimum cheques from $2,500, you can build a diversified portfolio of high-growth companies with confidence.

https://www.aussieangels.com/

Galah Cyber: Galah Cyber are perfect for founder-lead and SAAS businesses. Galah provides advice, education, and training. Get in touch with Galah Cyber for a complimentary call to make sure you’re secured.

https://dayone.fm/galah

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What happens when hundreds of the world’s biggest capital allocators get together behind closed doors to talk about venture, private equity, and where the next $30B is going? Maxine found out firsthand at Super Returns Asia, where she chaired the LP–GP relations stage.

In this episode, Cheryl turns the tables and grills Maxine on everything she learned, from why India and Japan are suddenly hot, to why Southeast Asia is struggling, and why Australia didn’t even make the winners or losers list.

They break down how institutional investors really think about funds, what “look-through ownership” means for angels and VCs alike, and why co-investing has LPs hot under the collar. Maxine also shares how family offices are thriving in the current market, what mega-funds like a16z’s $30B raise mean for everyone else, and why building long-term LP relationships is the only real way to get “super returns.”

01:00 – What Super Returns is, and why it matters for VCs and angels

06:43 – The LP landscape explained: super funds, sovereign wealth funds, and family offices

10:40 – Winners and losers in APAC: India, China, Japan… but not Australia

18:00 – Why Australia needs a better “brand story” to attract capital

19:54 – Hot topic: co-investing and why LPs love it

23:39 – Look-through ownership: why everyone’s just trying to own the outliers

26:43 – Why emerging managers are struggling in today’s fundraising market

33:49 – Family offices having “the time of their lives” in this cycle

34:23 – Mega-funds, evergreen funds, and the $30B a16z raise

39:30 – Will Sequoia and a16z ever lose their dominance?

42:19 – Why APAC liquidity markets matter more than ever

45:30 – The question nobody asked at Super Returns

49:22 – How to actually build LP relationships that work

53:55 – Maxine’s big takeaway: putting Australia on the winners list

Aussie Angels makes it easy for accredited investors to back early-stage startups alongside experienced syndicate leads. With no platform fees and minimum cheques from $2,500, you can build a diversified portfolio of high-growth companies with confidence.

https://www.aussieangels.com/

Galah Cyber: Galah Cyber are perfect for founder-lead and SAAS businesses. Galah provides advice, education, and training. Get in touch with Galah Cyber for a complimentary call to make sure you’re secured.

https://dayone.fm/galah

To learn more, join our newsletter to be notified of new First Cheque episodes and upcoming shows.

Sachin Bhanot leads Southeast Asia & ANZ investments at Prosus Ventures, a global fund with $100B+ in assets. Though based in Singapore, Sachin has become an “honorary Australian fund manager”, with nearly half of Prosus’s regional portfolio now in Australia and New Zealand.

In this episode, Cheryl and Maxine dive into why Prosus ramped up in Australia during a downturn, what paradoxical traits they see in winning founders, and how Singapore and Southeast Asia really compare as markets for expansion.

They unpack the playbook for Australian startups going regional, what Singaporean family offices are actually looking for, and why relationship-building is the real cheat code in Southeast Asia. Sachin also shares his biggest Big Chon moment, and how building coffee chains in the Philippines and Malaysia reshaped his view of what it takes to be an investor.

02:53 – Sachin’s first and most important investment (hint: not a startup)

07:31 – The paradoxical traits of winning founders

10:26 – Singapore vs Southeast Asia: the tale of two ecosystems

18:12 – Why Prosus doubled down on Australia in 2022

28:40 – Tips and traps for Aussie founders expanding regionally

34:44 – When is the “right” time to enter Southeast Asia?

42:11 – The rise of the Australia–India–Singapore innovation corridor

48:34 – Singapore family offices and the art of relationship-driven capital

51:59 – Sachin’s Big Chon moment: learning empathy by building businesses himself

Resources Mentioned

🙋🏻‍♂️ Sachin Bhanot - https://www.linkedin.com/in/sachin-bhanot-15551913a/

💰 Prosus Ventures - https://www.prosus.com/prosus-ventures

Aussie Angels makes it easy for accredited investors to back early-stage startups alongside experienced syndicate leads. With no platform fees and minimum cheques from $2,500, you can build a diversified portfolio of high-growth companies with confidence.

https://www.aussieangels.com/

Galah Cyber: Galah Cyber are perfect for founder-lead and SAAS businesses. Galah provides advice, education, and training. Get in touch with Galah Cyber for a complimentary call to make sure you’re secured.

https://dayone.fm/galah

To learn more, join our newsletter to be notified of new First Cheque episodes and upcoming shows.