LaunchVic’s Alice Anderson Fund is a quarter of its ambitious plan to support 60 women-led startups by 2024, a year after its launch.
Since its launch in July 2021, the side car fund mutual investment between $50,000 and $300,000, for a total of $2.5 million, went to 11 first-time starters; An additional $10 million from private investors.
LaunchVic CEO Dr. Kate Cornick told the Startup Daily Show that five more startups are being backed by the fund, but it has yet to be announced. That takes the total to 16, about a quarter of the total number needed to support.
“Victoria has an estimated $100 million annual shortfall in early stage investment, and this statistic is disproportionately affected by women,” she said.
We are proud to have supported 11 women-led startups and raised more than $12.5 million in capital in the Alice Anderson Fund’s first year. We’re on a mission to close the gender investment gap between now and 2024, with nearly 50 women-led startups aiming to bring success back to their early stages.
The startups are supported by the fund. They created more than 120 jobs last year, 75% of which went to women or non-binary people. At the executive level, 19 women were employed against 13 men.
A $10 million Victorian government-backed fund, chaired by Susan Oliver, and named after Australia’s first all-female motor garage founder in the 1920s, Anderson’s legacy is underpinned by new ambitious women, innovation, medical research and digital economy minister Jaala Pulford.
“This fund is about empowering women as they build their own business communities – so they don’t have to feel like they have to fight for their place in the startup industry,” she said.
Rcent investments include Telecare, the healthtech company founded by Lina Xu, which recently closed a $2.2 million seed funding round led by Australia’s Medical Angels.
Telecare is building Australia’s largest virtual clinic and has delivered over 40,000 virtual medical consultations.
Age Up Health, which offers home care packages to help seniors stay at home and counts Scalata Ventures among its sponsors, was also supported by the fund.
Biochemist and beauty entrepreneur Natasia Nicolao has been backed to launch Australia’s first waterless beauty brand, Conserving Beauty, which is now available at major cosmetics retailers.
Alice Andersen Fund adds support to early-stage startups, with VCs bringing startups to the fund for an additional $1 for every $3 in venture funding.
More here.
