Women in the startup sector are a step closer to having their business dreams realised, with applications opening for a new fund which will drive early-stage investment.
The Andrews Labor Government’s Alice Anderson Fund will co-invest $10 million in early-stage capital for up to 60 women-led startups, an official press release said.
With every dollar of Government funding to be matched by three dollars of private investment, the Fund could unlock up to $40 million to drive early-stage startups. Led by startup agency LaunchVic, the Fund will see the Government co-invest between $50,000 and $300,000 for new businesses.
The initiative will help women-led business overcome funding hurdles—a 2019 study revealed only 19 of 104 Victorian startups that received angel or venture capitalist investment had a woman as founder.
The Fund is open to local and international angel networks, early-stage venture capitalists focused on seed investments, family offices and individuals.
Nominated startups for co-investment must be 50 per cent owned by at least one woman, or have a 30 per cent ownership stake by women, including one woman in an executive role. If there is a board, it must have representation of at least 30 per cent women.
The Fund is named in honour of Alice Anderson, a pioneering Victorian mechanic and entrepreneur who founded Australia’s first all-women motor garage in Kew in 1919.
Investors can review the application guidelines and apply to the Fund by visiting launchvic.org/general/angel-