LaunchVic’s Alice Anderson Fund is now a quarter of the way through its ambitious plan to support 60 women-led startups by 2024, just a year after launch.
Since its launch in July 2021, the sidecar fund co-investments have between $50,000 and $300,000, for a combined $2.5 million, have gone to 11 early-stage startups, leveraging a further $10 million from private investors.
LaunchVic CEO Dr. Kate Cornick told the Startup Daily show that five more startups are supported by the fund, but have not yet been announced. That brings the total to 16, a quarter of the total number it wants to support.
“Victoria faces an annual shortfall of an estimated $100 million in early-stage investment, and this statistic disproportionately affects women,” she said.
We are proud to have supported 11 women-led startups and released more than $12.5 million in capital in the Alice Anderson fund’s first year. We are on a mission to close the gender investment gap even further between now and 2024, aiming to support nearly another 50 women-led startups in the earliest stages, giving them every chance to succeed.”
The startups supported by the fund have created more than 120 jobs in the past year and 75% have gone to women or non-binary people. At board level, 19 women were hired against 13 men.
The $10 million Victorian government-backed fund chaired by Susan Oliver and named after the founder of Australia’s first women-only auto garage in the 1920s, continues Anderson’s legacy in a new generation of ambitious women, Innovation, Medical Research and the That said Minister of Digital Economy Jaala Pulford.
“This fund is about empowering women to build their own business communities – so they don’t have to feel like they have to fight for their own place in the startup industry,” she said.
Recent investments include Telecare, a healthtech company co-founded by Lina Xu, which recently closed a $2.2 million seed funding round led by Australian Medical Angels.
Telecare is building Australia’s largest virtual clinic and has already delivered more than 40,000 virtual medical consultations.
Age Up Health, which offers home care packages to help the elderly stay at home, and includes Skalata Ventures among its donors, was also supported by the fund.
Biochemist and beauty entrepreneur Natassia Nicolao was also supported in the launch of Conserving Beauty, Australia’s first waterless beauty brand, now available at major cosmetics retailers.
The Alice Anderson Fund contributes to venture capital funding to support early stage startups, with the involved VCs bringing the startup to the fund for an additional $1 for every $3 of venture funding.