Funding boost for new generation of female entrepreneurs

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The Victorian government has committed further investment in female entrepreneurs through providing early-stage capital in LaunchVic’s Alice Anderson Fund.

Named in honour of the founder of Australia’s first all-woman motor garage and repair workshop, which opened in Kew in 1919, the $10 million fund co-invests in businesses founded by women. Its inaugural round has delivered $727,167 in direct investments – along with more than $2.3 million in co-contributions from private investors – to businesses established by female entrepreneurs.

A 2019 study revealed only 19 of 104 Victorian start-ups that received angel or venture capital investment had a woman as founder, with this funding designed to help bridge the funding gap for female entrepreneurs. It co-invests between $50,000 and $300,000 – on a ratio of 1:3 with private investors – in early-stage deals to increase the funding pool available to Victorian women looking to grow their business.

The first start-ups to benefit from the scheme are:

  • Milkdrop: an ultra-soft breast cushion designed to improve the pumping experience
  • TalkiPlay: a venture that brings kids’ toys to life through talking and singing games to reinforce speech and language
  • Team Timbuktu: a sustainable outdoor clothing brand using recycled fabrics
  • Steppen: a social fitness network for Generation Z
  • mtime:  a platform that matches parents with vetted and trained helpers for errands, chores, cleaning and babysitting

“I’m blown away by the ideas these women have and am beyond excited to support them by removing barriers in accessing early-stage capital to scale up, this fund will ensure women entrepreneurs have every opportunity they need to succeed,” Minister for Innovation, Medical Research and the Digital Economy, Jaala Pulford, said. And LaunchVic CEO Dr Kate Cornick highlighted the fact that The Alice Anderson Fund’s inaugural investments showcase the calibre of women-led startups in Victoria and the investors backing them.

“I am thrilled to my core to have the Alice Anderson Fund joining mtime as an investor and I’m equally excited that these funds will accelerate outcomes for our shared passion for creating real job opportunities for Victorians, especially women who are new or returning to the workforce or of migrant and refugee background,” Sarah Agboola, founder of mtime, one of the fund’s recipients, said.”

Applications remain open to early-stage investors looking to back women-led startups. An Investment Committee chaired by Susan Oliver AM meets monthly to review deals. The Fund is set to support up to 60 women-led startups by 2024.