Liftwomen, the only female-focused crowdfunding platform in the Asia-Pacific (Apac) region, has raised $1.3 million in fresh capital to expand its reach as it seeks to continue empowering women entrepreneurs across Australia and Asia.
The $1.3 million raise will fund expansion into Asia, in particular Southeast Asia, Hong Kong and China and increase program capacity, through equipping founders with the tools, mentorship, and investment access needed to scale their businesses.
With women still receiving just two per cent of venture capital in Australia, Liftwomen said the raise highlights both the challenges and opportunities in supporting women-led innovation as crowdfunding remains largely untapped in the region.
It is noted that crowdfunding pledges in the US amounted to US$79 billion in 2020, compared to less than US$9 billion across Apac.
Irene Tsang, the founder of Liftwomen, said: “This $1.3 million raise is an encouraging signal that closing the gender finance gap isn’t just a good cause, it’s a huge, untapped opportunity. It will accelerate our growth and enable us to reach more women in more markets, empowering their zero-to-one entrepreneurial journey. We want to be able to support as many women as we possibly can, who may otherwise not have access to the tools necessary to grow.”
Tsang added: “As a single mother of two starting over in Australia, I’ve seen firsthand how women are often held back by unequal access to funding and opportunities. The funding gap that currently exists is not acceptable and Liftwomen is determined to change that, empowering women to succeed on their own terms.”
The $1.3 million funding round was led by a Singapore-based venture capital firm with a strong presence across Southeast Asia and supported by high-profile investors, including Maggie Zhou, former MD of Alibaba ANZ, and Gordon Watson, former chair of AXA Asia. Liftwomen also received backing from the Alice Anderson Fund, a Victorian Government initiative administered by LaunchVic in supporting Victoria-based women-led tech startups.
Douglas Hudson, managing partner, Braxton Capital Ventures, said: “We’re thrilled to back her in this mission, and help accelerate Liftwomen’s expansion across Asia, particularly Southeast Asia, where our network is strongest. Irene and her team have already done an impressive job in funding and coaching thousands of women, and this is just the beginning. Together, we are opening pathways for more women-led ventures to start and scale.”
To date, Liftwomen has helped close the US$1.2 trillion gender finance gap in East Asia and the Pacific and has been at the forefront of creating a more inclusive and equitable entrepreneurial ecosystem.
