FMCG business incubator Seedlab Australia has secured an additional $7 million in funding from Woolworths Group, enabling it to continue its mission of supporting small businesses in Australia and New Zealand for the next three years.
The additional funding will enable Seedlab Australia to extend the program’s reach and impact by producing innovative, value-added food, non-alcoholic beverages, and more sustainable personal and home care products.
Seedlab Australia CEO and Co-Founder, Dr. Hazel MacTavish-West emphasised the significant impact of Woolworths’ extended funding and support for new, emerging and existing FMCG businesses.
“We are thrilled that Woolworths continues to see the immense value in our program. This three-year commitment is a game-changer for approximately 500 business founders across Australia and New Zealand. The support from Woolworths has been more than financial; their team has actively helped demystify the complex processes involved in pitching to, and supplying the major retailer,” MacTavish-West, pictured above left, said.
“Together we have deconstructed the processes for pitching to, supplying into and working with national supermarkets and specialty retailers for our participants, which has already seen over 100 small suppliers cumulatively invest $26million into their businesses, expand their production by over 210 per cent, and create 140 new FTE jobs,” she added.
Since its inception in 2021, Seedlab Australia has supported over 400 businesses., with the incubator’s Bootcamp and Cultivate programs having educated entrepreneurs through tailored curricula, masterclasses, and access to industry experts, providing invaluable information and real-world examples to turn their FMCG business dreams into reality. The 2024 Outcomes and Impact Report also revealed that 66 per cent of Bootcamp participants and 74 per cent of Cultivate participants were women-led businesses and that they have supported over 27 First Nations businesses.
Woolworths’ Chief Commercial Officer, Paul Harker announced that existing small suppliers to Woolworths will also benefit from incubator Seedlab programs, expertise and intel.
“We have seen great success in backing Seedlab Australia, who have supported over 390 businesses to become pitch and retail-ready. I’m pleased to announce we are expanding our partnership to include existing small suppliers to Woolworths. From July 2024, any new small business, as defined by the Small Business Identification tool and supplying value-added products to us, will be offered a place in the Seedlab program.
“This means that not only do they receive support from our Woolworths team, but they will have full access to Seedlab resources to help set them up for success in their first year of supplying Woolworths,” said Harker.
