Applications are now open for a new Victorian startup grant – Alice Anderson Fund – aimed at supporting female-led startups across Victoria. Capital will be provided to help scale up to 60 early-stage ventures. The fund is named after Alice Anderson, a Victorian-based founder who started Australia’s first all-female motor garage in Kew in 1919. The fund is being led by LaunchVic with a co-investment from the government of between $50,000 and $300,000.
Currently the number of female-owned and led startups are low, with the new fund targeted to address the significant gap between male and female led Victorian startups. According to LaunchVic out of the 104 Victorian startups who received angel or VC investment in 2019, just 19 had a woman founder. Jaala Pulford – the Victorian Minister for Innovation, Medical Research, and the Digital Economy – said that the fund will help to even the playing field and ensure that female entrepreneurs have equal access to the early-stage funding they need to scale their startups.
The Criteria
Eligible startups must be 50 per cent owned and operated by a least one woman, or have a 30 percent ownership stake by women, including one woman in an executive role. An executive role could include a Chief Executive Officer or Chief Technology Officer. If your startup has a board, it must have representation of at least 30 per cent women.
Eligible startups must not be involved in tobacco or tobacco-related products, cluster munitions and other controversial weapons, thermal coal, gambling, uranium, unregulated animal testing, live cattle exports, or hydraulic fracking. Finally, to qualify for the grant your startup must have at least 50% of its assets and employees located in Victoria.
How You Can Access the Fund
Investors such as angel investors or venture capitalists (VCs) will apply for the grant on a founder’s behalf. Victorian startups can connect with investors through networks such as Melbourne Angels, Blackbird Ventures and Square Peg Capital. If you are interested in applying for the grant you can do so by accessing the link.
Need Help?
At Allied Legal not only can we connect your startup to investment and funding opportunities, but we can assist you with the process too! If want to learn more about how we can help, contact one of our commercial lawyers on 03 8691 3111 or send us an email at hello@alliedlegal.com.au.
