Future Now Ventures is pleased to announce that Steve Harker has joined the venture capital firm as the inaugural Chairman of the Executive Committee and Investment Committee. In this role, he will be drawing on his extensive financial services and leadership experience to help assess key investment decisions and support compliance frameworks, while assisting portfolio companies and their leaders manage growth strategies.
Late last year, Future Now Ventures announced that it had executed a world first partnership with Microsoft (NASDAQ: MSFT) that will see its first fund gain unique exposure to companies selected for Microsoft’s accelerated growth programs. The Fund will raise up to $100 million.
Steve Harker was formerly the CEO of Morgan Stanley Australia for 18 years, served a five year term as a Guardian of the Future Fund and is currently a non-executive Director of Westpac. He is a former Chairman of both the Australian Financial Markets Association and the NSW Productivity and Innovation Council.
Commenting on the appointment, Future Now Ventures Principal John Orrock said, “Steve shares our passion for developing and growing great companies. He has a strong understanding of the changes that have been taking place in the technology and innovation spaces, and the opportunities that these changes present. His investment expertise and reach, stewardship and governance will be powerful assets for Future Now Ventures and the companies that the Fund will invest into.”
Steve Harker, who has also invested in the Futures Now Ventures Fund, said, “It’s not every day that a company of Microsoft’s size and market leading reputation executes a world first investment agreement with an Australian fund manager. I believe this speaks volumes about the credentials of John and his team, including their ability to support and grow selected Microsoft software partners.
“Having seen ‘under the hood’ of some of the young and dynamic portfolio companies that the Fund will gain exposure to, I strongly believe they have fantastic prospects in the global marketplace and there is potentially a lot of value to be realised for investors. I look forward to working with John and his team to help vet, manage and grow these investments.”
Steve Harker added, “It is vital for Australia’s economic wellbeing and future that we have a thriving, globally connected innovation and technology sector, and Future Now Ventures is well placed to play a leading role by bridging the gap between capital and innovation with this Fund.”
The Fund’s key focus will be helping selected Independent Software Vendors (‘ISVs’) successfully navigate cloud ecosystems while providing them with commercial, operational and strategic support aimed at increasing the value of their offerings and accelerating their growth.
Software providers that attain Microsoft ‘co-sell’ status can benefit from collaborative selling initiatives with over 100 million businesses in Microsoft’s ever growing ecosystem. The Future Now Ventures Fund 1 will help suitable ISVs achieve this status.
Future Now Ventures was established in 2013 by Australians John Orrock and Chris Lee who have a successful track record growing and monetising cloud related businesses across the world. John Orrock sold OKERE Consulting to Fujitsu USA in 2007 after achieving over 100 per cent year-on-year growth and attracting investment from Salesforce. Mr Orrock then formed GlobalOne which, through the assistance of partners Columbia Capital, acquired Cloud Sherpas before it was sold to Accenture for greater than US$350 million in 2015.