NextGen Ventures

NextGen Ventures is a pioneering venture capital firm based in Australia, dedicated to empowering the next generation of young Australian founders. Established in late 2023, it distinguishes itself as Australia's first student-led VC fund, co-founded by Mitchell Hughes and Jerry X'Lingson. The firm's core mission revolves around identifying ambitious student entrepreneurs and providing them with their crucial first cheque and comprehensive support before traditional investors typically engage.

NextGen Ventures serves a unique segment of the startup ecosystem: student-led ventures and young Australian founders still within the university environment. The firm operates with a profound belief in the "magic of young ambition," actively seeking out individuals who possess a strong bias for action and an unwavering conviction that they can significantly improve the world. They recognise that while youth might be perceived as inexperience by some, it often brings clarity, speed, and imagination, qualities essential for disruptive innovation.

The firm's history is marked by a rapid ascent in the Australian venture landscape. After being launched by Hughes and X'Lingson, it successfully raised its first fund, securing $4 million in commitments from 71 limited partners (LPs) in 2025. This initial success was bolstered by the backing of prominent investors, including Blackbird founders Rick Baker and Niki Scevak (who also serves as an advisor), Airtree's Craig Blair, and Rampersand's Paul Naphtali. These early commitments underscored the market's growing recognition of the untapped potential within Australia's student founder community.

What truly sets NextGen Ventures apart is its deeply integrated approach to supporting student entrepreneurship. The firm boasts a distributed network of 20 student scouts embedded across seven Australian universities, providing unparalleled grassroots deal flow and early insights into emerging talent. This model allows them to not only identify promising startups but also to foster a culture where ambition is normalised among young people. Beyond capital, NextGen Ventures provides extensive support, including assistance with fundraising, early hires, and access to a network of world-class mentors, aiming to remove blockers that typically hinder young founders.

Key achievements for NextGen Ventures include partnering with 11 ambitious startups in 2025, with four of these ventures successfully raising follow-on rounds. Their very first investment was in Fluency, an AI process automation startup founded by a Swinburne graduate and an RMIT student. The firm also actively contributes to the ecosystem through initiatives like the annual "Student Startup Funding Report," which highlights the growth and challenges faced by student founders, and programs such as "FoundersHack" and "Verge and Vantage" (for female founders and investors). Co-founders Mitchell Hughes and Jerry X'Lingson lead the firm, continuously pushing for greater outcomes and cultivating a supportive environment for Australia's next generation of innovators.