Peter Thiel leads investment round in Australian start-up

Summary:PayPal co-founder and Facebook investor Peter Thiel makes his first investment in an Australian company.

PayPal co-founder and Facebook's first external investor, Peter Thiel, has led an investment round in Australian start-up ScriptRock to the tune of AU$1.2 million .

ScriptRock captures details about how an organisation's systems are configured, contributed by IT staff, developers, system administrators, change managers and testers. It then tests to check if the systems are configured correctly.

"There are many applications, but our early customers have come to view our product as a form of insurance against failures and the associated cost to their businesses," said ScriptRock Co-CEO Mike Baukes in a statement.

The investment, conducted through Valar Ventures, is Thiel's first in an Australian company.

"We see an increasing number of great technology companies being started outside of the United States, as the development of the web erodes traditional barriers to customer acquisition," said Valar Ventures partner James Fitzgerald in a statement.

"ScriptRock has an excellent founding team who are addressing a global problem, and we look forward to seeing them continue to develop their vision in the years ahead."

Other investors in the round include Scott Petry (Postini, Authentic8), Mark Jung and Bruce Graham (IGN, Worldtalk), Starfish Ventures, 500 Startups (Dave McClure), Paul Bassat (Seek, Avalon Place), Matt Dickinson (Growth Angels), Alan Jones (Yahoo!, The New Agency), Anthony Marcar, Larry Marshall and Startmate.

ScriptRock plans to use the funds to hire staff in Australia and open an office in the US.

"A local presence is very important for us, both to support our existing customers, and secondly, to ensure ongoing access to the amazing and relatively untapped engineering talent that is coming out of Australia. This model makes sense and reflects our global intentions," Baukes said.

Topics: Start-Ups

About

Suzanne Tindal cut her teeth at ZDNet.com.au as the site's telecommunications reporter, a role that saw her break some of the biggest stories associated with the National Broadband Network process. She then turned her attention to all matters in government and corporate ICT circles. Now she's taking on the whole gamut as news editor for t... Full Bio

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