Investor · 5 deals

Turnbull & Partners

Disclosed deals

Every published round Turnbull & Partners took part in, and every parcel of existing shares it bought off another holder. Deals we hold but haven't published yet are not counted.

Company	Stage	Announced	Amount	Role	Alongside	Sources
Kasada	Unnamed stage	10 Dec 2025	$30m	Participant	EQT Reinventure Group Main Sequence Ventures OIF Ventures Ten Eleven Ventures Stepstone	Startup Daily (Fri 12 Dec 2025), SmartCompany, Startup Daily (Thu 11 Dec 2025), Main Sequence Ventures portfolio, OIF Ventures portfolio
Kasada	Series C	Dec 2021	$23m	Participant	Ten Eleven Ventures Main Sequence Ventures Reinventure Group Our Innovation Fund Stepstone	Startup Daily, SmartCompany (Fri 12 Dec 2025), Our Innovation Fund, SmartCompany (Fri 10 Dec 2021)
Cado Security	Series A	Apr 2021	$12.9m	Participant	Malcolm Turnbull	SmartCompany, Startup Daily
Dragos	Series C	Dec 2020	$110m	Participant	-	ARN (ARNnet) (Thu 15 Sep 2022), ARN (ARNnet) (Tue 16 Mar 2021)
Kasada	Series B	23 Jun 2020	$15m	Participant	Ten Eleven Ventures Main Sequence Ventures Reinventure Group	Startup Daily (Fri 12 Dec 2025), SmartCompany (Fri 12 Dec 2025), Startup Daily (Thu 11 Dec 2025), SmartCompany (Fri 10 Dec 2021), ARN (ARNnet), SmartCompany (Tue 16 Jun 2020)

Portfolio

Companies Turnbull & Partners has backed in a published round, and companies whose existing shares it bought off another holder.

Company	First invested	Rounds
Cado Security	Apr 2021, Series A	1
Dragos	Dec 2020, Series C	1
Kasada	23 Jun 2020, Series B	3

Funds

Fund closes reported for Turnbull & Partners, as distinct from the investments it has made.

Fund	Announced	Committed	Target	Close	Sources
No fund closes recorded for Turnbull & Partners yet.

Portfolio companies acquired

Companies Turnbull & Partners has backed that another company then bought. An exit for the holding, not a deal Turnbull & Partners did.

Company	Bought by	Kind	Announced	Price
No portfolio company of Turnbull & Partners is recorded as having been acquired.

People

Name	Role	Sources
Malcolm Turnbull	Founder	SmartCompany (Fri 12 Dec 2025), Startup Daily, ARN (ARNnet) (Thu 15 Sep 2022), Our Innovation Fund, SmartCompany (Fri 14 May 2021), ARN (ARNnet) (Tue 16 Mar 2021)

Coverage

Stories naming Turnbull & Partners. Where several outlets covered the same round, they are bundled under whichever ran the fullest account.

13 deals

Six ANZ startups that raised $568.1 million this week

Funding roundup led by Airwallex's US$330 million Series G at a $12 billion valuation, with raises from Kasada, Hnry, All G, Bless Payments and Emanda, plus earlier rounds recalled.

Also Startup Daily

6 deals

Data-scraping bot blocker backed by Malcolm Turnbull pockets $30 million

Bot defence firm Kasada has secured $30 million from EQT plus earlier backers Turnbull & Partners, Reinventure, Main Sequence, OIF, StepStone and Ten Eleven, with founder Sam Crowther back in Sydney.

Startup Daily Thu 11 Dec 2025 Kasada Crocs CSIRO FlyBuys Hyatt Hotels PointsBet REA Group Stepstone Westpac EQT In-Q-Tel Main Sequence Ventures OIF Ventures Reinventure Group Ten Eleven Ventures Turnbull & Partners Malcolm Turnbull Sam Crowther

Also SmartCompany·Startup Daily

2 deals

Malcolm Turnbull helps Newcastle hacker bank $23m to fight NFT bots

Bot-security firm Kasada, founded by Sam Crowther, raised $23m in a Series C led by StepStone, with OIF and Turnbull & Partners among existing backers; StepStone had recently acquired Greenspring Associates.

Also SmartCompany·Startup Daily·SmartCompany·Startup Daily

6 deals

The startup funding round: Athena’s record-breaking raise, $1.5 million for biotech, and Turnbull backs forensics startup

A weekly roundup reporting raises by Athena, Comestri, Mass Dynamics and CircleSource, plus Malcolm Turnbull investing through Turnbull & Partners in UK cloud forensics startup Cado Security.

Series C US$110m

Dragos expands into A/NZ with Melbourne office

Industrial cybersecurity vendor Dragos is opening a Melbourne regional headquarters for Australia and New Zealand, backed by a December US$110 million Series C including Malcolm Turnbull's investment firm; Jemena is already a customer.

ARN (ARNnet) Tue 16 Mar 2021 Dragos Jemena Turnbull & Partners Dave Worthington Malcolm Turnbull Robert Lee

Also ARN (ARNnet)

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