Women entrepreneurs have been given the golden opportunity to raise up to $ 300,000 in funding for their new entrepreneurial ventures from the Victoria government.
The $ 10 million new Alice Anderson Fund applications have now been open for female entrepreneurs.
Early-Stage Funding To Women Led Startups
The fund is led by LaunchVic and aims to address the chronic shortage of investments in women-initiated startups.
LaunchVic CEO Dr Kate Cornick said: “The Fund is part of LaunchVic’s mission to promote early investment and to create successful start-ups and high-value jobs in the ecosystem.”
Who Are The Investors?
The Alice Anderson Fund will work together to invest $10 million in initial funding over a three-year period as a separate investment fund.
The Victorian government will also join in to invest between $ 50,000 and $ 300,000 in between 40 and 60 women-led initiatives.
With each government subsidy equating to 3x of private investment, the Fund could open up to $ 40 million to assist women entrepreneurs in business early.
Promoting Equity
Minister for Innovative Sciences, Medical Research and Digital Economics Jaala Pulford said that a 2019 study only revealed 19 of the 104 Victorian initiatives received an angel or VC investment with a woman as a founder.
“We support women-led initiatives by ensuring that more money is available in their businesses to gain power and grow faster,” she said.
“Now is the time for investors to put to use our money together and put a new generation of women entrepreneurs in the driver’s seat.”
The Criteria To Win Funding
The Fund is open to local and international startups by women, with first-stage entrepreneurs focusing on seed investment, family offices and individuals.
Selected start-up investments should be at least 50% owned by one woman, or have a 30% female share ownership, including one woman in a senior management or executive-like position.
If there is a board, it should have at least 30% women representation.
The Fund is named in honor of an exceptional women from Victoria who have exceeded public expectations more than a century ago. Alice Anderson was a teenager when she opened Australia’s first women’s garage from her workshop in Kew in 1919.
Further details can be obtained from the launchvic.org website. Don’t forget to have a look there.
