# Acorn Capital

> Acorn Capital is a VC fund backing Software and Financial Services. See 23 investments, check sizes, portfolio and contact details. Updated Aug 2026.

- Type: VC Fund
- Location: Melbourne, Australia
- Total investments: 23
- Last investment: May 2025
- Lead investor: 35%
- Fund size: $40M
- Last fund: Oct 2018
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company/acorn-capital-ltd/
- Website: http://www.acorncapital.com.au/
- Facebook: https://www.facebook.com/AcornCapital/

Acorn Capital is a boutique investment manager that manages active VC and micro funds. It defines the public or listed microcap sector as those listed public companies that have market capitalizations less than the 250th largest company on the ASX. Acorn Capital’s research-driven investment process has been designed to take advantage ofinefficiencies that can exist in the microcap sector arising from poor information flows and the lack of liquidity. In contrast to the largest companies listed on the ASX, where there is a wealth of research and information, there is a relative lack of information on microcaps.

## Contacts

5 contacts available for Acorn Capital. Shizune tracks 2 team members at Acorn Capital. Sign up free to unlock them: https://app.shizune.co/sign-up/investor-profiles/find-team-emails/acorn-capital?utm_source=investor_profile

## Round sizes

| Stage | Round size |
| --- | --- |
| Series A | $6.4M–$25M |
| Series B | $5.9M–$33M |
| Series C | $14M–$30M |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Software | 5 | 22% |
| Financial Services | 4 | 17% |
| FinTech | 3 | 13% |
| Health Care | 3 | 13% |
| Manufacturing | 3 | 13% |

52 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Series B | 6 | 26% |
| Series A | 4 | 17% |
| Series C | 3 | 13% |
| Funding Round | 3 | 13% |
| Venture - Series Unknown | 3 | 13% |

8 stages tracked in total.

### Country

| Country | Investments | Share |
| --- | --- | --- |
| Australia | 11 | 48% |
| United States | 2 | 9% |
| India | 1 | 4% |
| United Kingdom | 1 | 4% |

## Team

| Name | Title | Investments | Profile |
| --- | --- | --- | --- |
| Ben Dalling | Investment Director | 5 | https://shizune.co/investors/profile/ben-dalling |
| Robert Routley | Chief Executive Officer | 4 | https://shizune.co/investors/profile/robert-routley-cc5e |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Vetic | Vetic is a network of cutting-edge clinics with an emphasis on providing comprehensive pet health care. | $26.2M | Series C | May 10, 2025 |  |
| Conflux Technology | Conflux Technology is a new generation of heat exchangers made by metal additive manufacturing (3D printing). | $11M | Series B | Oct 21, 2024 |  |
| RDC.AI | RDC is driven by its purpose to increase global access to inclusive, fair, and sustainable credit. Passionate about AI, RDC are continuously developing new techniques, and enhancing their Decisioning as a Service (DaaS) platform to leverage traditional and alternate data to make better credit decisions across the lending lifecycle. RDC’s philosophyis to build the supporting lenders to transform the origination and management of credit. RDC DaaS has been leveraged by leading lenders in different markets. | $5.9M | Series B | Aug 05, 2024 |  |
| Liquid Instruments | Liquid Instruments develops software-defined test and measurement systems that enable engineers and scientists to perform complex experiments and signal analysis using a single, reconfigurable hardware platform. The company’s core offering is the Moku product line, which integrates multiple laboratory instruments, such as oscilloscopes, spectrumanalyzers, waveform generators, and lock-in amplifiers, into one device that can be configured and updated through software. Its platform is built on field-programmable gate arrays, allowing users to dynamically switch between instrument functions or combine multiple tools within the same system depending on testing requirements. This approach replaces traditional setups that rely on multiple standalone instruments, reducing equipment complexity, cost, and physical space while enabling customized configurations for different applications. | $8M | Venture - Series Unknown | Jun 19, 2024 |  |
| Genero | Genero is a global creative platform for modern marketers facing impossible expectations. They allow easy collaboration with the world’s largest professional creative network to generate fresh creative thinking and all types of video content. They work with global brands across all verticals, including Unilever, Diageo, DHL, Virgin Holidays, HPand Citibank, as well as smaller businesses and music artists. | $3.3M |  | May 05, 2024 |  |
| ImmVirX | ImmVirX hopes to advance a new generation of cancer treatments,By developing a novel oncolytic immunotherapy that targets cancer indications with high unmet need | $25M | Series B | Jun 05, 2023 |  |
| CurveBeam AI | CurveBeam AI develops, manufactures, operates, and sells artificial intelligence tools for bone analysis. | $25M | Private Equity | Feb 02, 2023 |  |
| me&u | me&u is an online ordering and payment application designed to order meals. They provide communication technology to order and pay through mobile phones at restaurants. Their process of ordering with waiters and splitting bills that enable users to order their food and pay bills through a digital payment platform. | $30M | Series C | Dec 01, 2022 |  |
| Liquid Instruments | Liquid Instruments develops software-defined test and measurement systems that enable engineers and scientists to perform complex experiments and signal analysis using a single, reconfigurable hardware platform. The company’s core offering is the Moku product line, which integrates multiple laboratory instruments, such as oscilloscopes, spectrumanalyzers, waveform generators, and lock-in amplifiers, into one device that can be configured and updated through software. Its platform is built on field-programmable gate arrays, allowing users to dynamically switch between instrument functions or combine multiple tools within the same system depending on testing requirements. This approach replaces traditional setups that rely on multiple standalone instruments, reducing equipment complexity, cost, and physical space while enabling customized configurations for different applications. | $28.5M | Series B | Sep 13, 2022 |  |
| mx51 | mx51 partners with acquirers and payment providers to deliver exceptional merchant experiences. mx51's bank-grade payments as a service platform and scalable cloud-based technology seamlessly connects the world of commerce into payments. mx51 was established in 2016 in Sydney, New South Wales by Magnus Hsu. | $32.5M | Series B | Jul 19, 2022 |  |

10 of 23 investments shown.

## Co-investors
- [Mastercard](https://shizune.co/investors/profile/mastercard) — VC Fund, 3 deals together
- [AM Ventures](https://shizune.co/investors/profile/am-ventures) — VC Fund, 2 deals together
- [Artesian VC](https://shizune.co/investors/profile/artesian-capital-management) — VC Fund, 2 deals together
- [Bessemer Venture Partners](https://shizune.co/investors/profile/bessemer-venture-partners) — VC Fund, 2 deals together
- [Bombora](https://shizune.co/investors/profile/bombora-group) — VC Fund, 2 deals together
- [Breakthrough Victoria](https://shizune.co/investors/profile/breakthrough-victoria) — VC Fund, 2 deals together

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## FAQ

### What does Acorn Capital invest in?

Acorn Capital invests primarily in Software, Financial Services and FinTech startups, most often at Series B and Series A stage. Most of the 23 investments tracked by Shizune back companies in Australia. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is Acorn Capital's check size?

Acorn Capital typically joins rounds of $6.4M–$25M at Series A, $5.9M–$33M at Series B and $14M–$30M at Series C. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds Acorn Capital participates in.

### How do I contact Acorn Capital?

Public channels for Acorn Capital include LinkedIn, the website linked on this profile and Facebook. For a verified work email and phone number, create a free Shizune account — contact data is searched across 20+ sources and validated before delivery, so your outreach lands in the right inbox.

### Who are the partners at Acorn Capital?

The team at Acorn Capital includes Ben Dalling (Investment Director) and Robert Routley (Chief Executive Officer). The Team section lists each member with their title, investment count and links.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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