Ochre Ventures, Australia's first specialist venture capital fund dedicated to First Nations entrepreneurship, is working to address a long-standing gap in the Indigenous business finance landscape, with a $100 million funding target and a growing portfolio of high-impact investments.
Venture analyst and proud Dhungatti man Aidan Devitt said the fund was established to tackle what Ochre Ventures describes as the "missing middle" in business finance.
"We feel like venture capital is very important to meet that missing middle," Mr Devitt told Indigenous Business Review.
"We have a lot of our people who can access grants to help them start their business, and those grants play an important role early on. At the other end of the scale, banks come in once there is sufficient revenue and collateral. But between those two points, there is a real gap."
That gap, he said, often emerges once a business has outgrown grant funding but is not yet in a position to secure traditional debt finance.
"That's where we come in," Mr Devitt said. "We provide access to equity capital. In return, we take a minority stake and then work alongside the business to grow and scale its value."
As of December 2025, Ochre Ventures has made five investments, including follow-on investments in two portfolio companies where growth has accelerated.
"We can see the traction," Mr Devitt said. "They've gone through a growth spurt, their market positioning has improved, and we get really excited about their prospects."
One of those investments is Cooee Cookies, founded by Terri-Anne Daniel. Mr Devitt said the business exemplified the kind of founder and opportunity Ochre Ventures is seeking to support.
"She started from something very simple, sharing an allergen-free Christmas cake recipe on Facebook," he said. "A local IGA asked for 50 cakes, and from there she identified a real opportunity. Today, her business has diversified into pet foods and secured customers like Qantas."
Mr Devitt said stories like Ms Daniel's highlight the broader potential of Indigenous entrepreneurship when the right capital and partners are in place.
"What I'd like to see is more founders like Tezzi, where we can provide capital and expertise, build strong businesses, and create role models for our people."
After transitioning from the public sector, Mr Devitt said adjusting to the regulatory demands of venture capital had been a steep learning curve.
"The regulatory landscape is complex, but one thing is clear," he said. "You can't scale a business on grants alone."
Ochre Ventures is now actively seeking both Indigenous founders and aligned investors, including governments and philanthropists.
"We're keen to hear from businesses and investors alike," Mr Devitt said. "Providing access to the right kind of capital at the right time is critical if we're serious about growing the Indigenous business sector."
