LaunchVic celebrates one year of its Alice Anderson Fund for woman-led startups
The Victorian Government-backed Alice Anderson Fund for women-led startups is celebrating one-year helping local entreprenuers unlocking millions in capital.
Minister for Innovation, Medical Research and the Digital Economy Jaala Pulford joined LaunchVic and the recipients of the Alice Anderson Fund overnight to celebrate its achievements so far and drive forward its goal of backing 60 women-led startups by 2024.
Since launching in July 2021, the Fund has supported 11 women-led startups unlock more than $12.5 million of capital, delivered close to $2.5 million in direct investments and helped to attract a further $10 million from private investors.
Named after the founder of Australia’s first all-women motor garage in the 1920s, LaunchVic’s $10 million Alice Anderson Fund co-invests between $50,000 and $300,000 in early-stage startups founded and led by Victorian women.
Victoria’s startup industry is growing rapidly, more than doubling in value in the past year to $23.6 billion. Supporting Victorian startups by increasing competitiveness and attracting national and international investors is a strategic priority.
Minister Pulford, said, “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 own place in the start-up industry.”
“The legacy of Alice Anderson lives on through these 11 ambitious founders, as we mark this special milestone.”
Dr Kate Cornick (pictured), CEO of LaunchVic, added, “Victoria is facing an estimated $100 million annual shortfall in early-stage investment, and this stat disproportionately affects women. We’re proud that in the first year of the Alice Anderson fund, we’ve supported 11 women-led startups and unlocked more than $12.5 million of capital. We’re on a mission to close the gender investment gap even further between now and 2024, with a goal to back in close to another 50 women-led startups at their earliest stages, so they have every opportunity to succeed.”
Startups from the Alice Anderson Fund have created more than 120 jobs in the past year.
For more information about the Alice Anderson Fund, visit launchvic.org/alice-anderson-fund.