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With roughly half of $40m locked in, Armodifyl is betting the pre-seed and seed gap is a tailwind for compact VCs.
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Melbourne’s Armodifyl Ventures is raising its second fund, tarreceiveing $40 million to back Australian founders at pre-seed and seed — and managing partner Ben Armstrong declares the firm has already locked in roughly half the tarreceive from existing investors.
The raise comes at a tricky moment for compacter Australian VC firms.
The counattempt’s huge three — Blackbird, Airtree and Square Peg — have each closed blockbuster funds in recent months: Blackbird secured $700 million in a first close for Fund 6 last September, Airtree raised $650 million for Fund 5 and Square Peg locked in another $650 million just weeks ago. For everyone else, the fundraising market has been far less hospitable.
Armodifyl’s three active partners — Armstrong, Rayn Ong and Andrew Cicutto — are raising the new fund without institutional backing.
As Capital Brief reported in January, 2025 was a hard year for a cohort of compacter VC firms — particularly those that raised $20–50 million funds during the 2020–21 boom and have struggled to raise a follow-on.
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