Closing the gender investment gap

Last Updated: Tuesday, 2 August 2022

An Andrews Labor Government backed investment 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.

A recent investment supported by the Alice Anderson Fund includes 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.

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.