Cannon-Brookes’ Startmate cybersecurity bet pays dividends

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A venture capital fund aimed at writing founders their first cheque has delivered a windfall to its Rich Lister backers, including Mike Cannon-Brookes and Scott Farquhar, a decade after it put $35,000 into a cybersecurity start-up.

Startmate has given investors in its 2013 fund back six times their money after its bet on Bugcrowd, a crowdsourced security platform, turned into a $2.1 million payday.

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