An Andrews Labor Government backed investment Alice Anderson fund for women-led startups is celebrating one-year helping local entreprenuers unlocking millions in capital.
How effective has the Alice Anderson Fund been so far?
Since launching in July 2021, the Fund has supported 11 women-led startups unlock more than $12.5m of capital, delivered close to $2.5m in direct investments and helped to attract a further $10m from private investors. Named after the founder of Australia’s first all-women motor garage in the 1920s, LaunchVic’s $10m Alice Anderson Fund co-invests between $50,000 and $300,000 in early-stage startups founded and led by Victorian women.
A recent investment by the Alice Anderson Fund includes Telecare, a HealthTech firm co-founded by Lina Xu which closed a $2.2m seed funding led by Australian Medical Angels.
The HealthTech company, Telecare is building Australia’s largest virtual clinic and has delivered more than 40,000 virtual medical consultations to date. Another co-investment from the Fund has helped biochemist and beauty entrepreneur Natassia Nicolao launch Conserving Beauty Australia’s first waterless beauty brand, now stocked at major cosmetic retailers.
Victoria’s startup industry is growing rapidly, more than doubling in value in the past one year to a total valuation of $23.6 billion. Supporting Victorian startups by increasing competitiveness and attracting national and international investors is a strategic priority, highlighted in the Labor Government’s Innovation Statement released in November 2021.
What were the executives’ thoughts on the milestone?
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.
Minister for Innovation, Medical Research and the Digital Economy Jaala 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. LaunchVic is working to close the gender investment gap by backing women-founded businesses at their earliest stages, so they have every opportunity to succeed in entrepreneurship,” said LaunchVic Chief Executive Officer, Dr Kate Cornick.
For more information about the Alice Anderson Fund, visit the website.