Startmate CEO Michael Batko has stepped down as CEO, effective immediately, after eight years of leading the startup accelerator and investor.
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Taking over Batko’s role is chief operating officer Phoebe Pincus, who’s been with the Blackbird-backed organisation for four years.
Batko, who was also a startup founder on the side, most recently exiting his side hustle Startup Striders last month, and last year, Puddle Pod, which sold in 10 days, said the Startmate role had been the privilege of his career.
“I’m proud of what we’ve built together and confident that Phoebe is the right person to lead Startmate into its next chapter,” he said.
“She’s been instrumental in shaping what we are today, and I’m excited to watch what she builds next.”
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His longevity in the role surprised even him, he admits. Though it’s been seminal to the transformation of the organisation, which during that period raised more than $50 million, backed 228 companies with first cheques, plus another 100 follow-on investments.
“Eight years is a long time to lead anything. I never thought I’d stay anywhere this long,” Batko said.
“I joined Startmate to learn how to build my own startup, so I truly overstayed that purpose. I’ve learned so incredibly much over the last eight years, but now I’m ready for my next big challenge and chapter of my career.”
Startmate itself has gone from $200,000 in revenue to more than $3 million annually, becoming a profitable and self-sufficient company, while also attracting between $1 million and $7 million in venture funding a year. Since Batko joined in 2018, Startmate has become the most active seed fund investor in the country.
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It’s also been an era that spanned the 10-year lives of Startmate’s initial three funds, with the 2012 vintage returning 8.9x in DPI (Distributions to Paid-In capital), 2013 at 6x, and 2015, 3x.
Meanwhile, the initial cheque size increased from $75,000 to $120,000, with the cheque size for follow-on investments growing to $800,000 from the Accelerator and Continuity Fund.
More than half (54%) of Startmate alumni went on to raise an average of $2.2 million post-accelerator. Alumni include names now well-known and still on the rise, including Amber, Mindset, Vexev, Heaps Normal, Clipboard, VXT, Uluu, Sicona, Telecare, Clutch, Lyrebird, Venu, JustFund, Andromeda, Aquila, Keeyu, and Fluency.
Women lead
In the ongoing debate about backing women founders, one of the metrics Batko’s proudest of is that 42% of Startmate’s investments have gone into women-founded companies.
The Startmate boss and his team have helped more than 1,000 women and 2,000 students into startups, launching a pre-accelerator Launch Club and the angel investor program, First Believers.
Startmate founder and Blackbird co-CEO Niki Scevak praised his impact.
“To say Batko left Startmate in a better place than when he took the reins would be an embarrassing understatement. Batko literally re-founded Startmate, and Australia thanks him for it. And the impact he’s made in the last eight years will continue to snowball into the future,” he said.
“From the bottom of my, and all our, hearts, thank you. I can’t wait to see what Batko does next – I know the greatness has only begun.”
Batko’s most recent project was a young family, and he’ll take a few months off to reflect and spend time with them before his next steps, but he won’t be lost to the startup ecosystem.
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“I want to find something I can dedicate my next 10 years to, so I’m in no rush. In the meantime, I’ll be exec coaching other CEOs. I’ll shadow them, sit in on all their meetings for an intense, real-time week of coaching,” he said.
“This will be a fun interim challenge to impart my hard-earned lessons, whilst seeing how other CEOs operate in their day-to-day.”
Pincus, who joined in 2021 as Startmate’s chief of staff, then became COO, where she has been responsible for operations, fundraising, and community growth, said: “I’m honoured to step into this role and continue supporting the ambitious founders who are building Australia’s future”.
Batko will be cheering from the sidelines – and no doubt a little more relaxed as a spectator on Demo Days.
“Startmate is an incredible place – the culture, the people, the community, the 300+ founder alumni, it is such a special place in Australia. I’m super proud of everything we’ve achieved at Startmate, and equally excited for its future under Phoebe’s leadership,” he said.
This article was first published by Startup Daily.
