The Alice Anderson Fund

Named after the founder of Australia’s first all-woman motor garage in the 1920s, the Alice Anderson Fund is a $10 million angel sidecar fund supporting women-led startups.

Our fund co-invests between $50,000 and $300,000 in early-stage deals put forward by investors to increase the funding pool available to Victorian women. Our investment is structured so that only 85c in the dollar is taken as equity; the rest is provided as a non-dilutive grant to the startup. This gives our women-led startups an extra upside.

With every dollar matched by three dollars of private investment, the Alice Fund will unlock close to $40 million for women founders by 2024.

Who can apply?

Applications for co-investment are open to local and international investors with promising women-led startups in their pipeline.

Prior to applying, please ensure you have reviewed the application guidelines below to fastrack your submission. You can also jump to our FAQs here.

If you're a Founder seeking investment we recommend engaging with an angel network or VC firm to access the fund. Start your search over at, or check out the list of angel groups supported by LaunchVic over here.

If you are currently raising investment and have a question about the fund, please contact

Portfolio Companies

Investment Committee

The Investment Committee meets monthly to assess applications. The next meeting dates are:

  • 13 September
  • 18 October
  • 13 December

Please ensure you have submitted your application 10 business days prior to these dates to be considered.


  • Ownership of a startup can exist in many different forms. Recognising this, the eligibility criteria for startups follows two pathways.  * The startup is 50 per cent owned by at least one woman, prior to any investment;  OR * There is a 30 per cent ownership stake by women; including one woman in an executive role such as the CEO or CTO, and if there is a Board, it must have representation of at least 30 per cent women.

  • The Investment Committee meets monthly to assess applications. The next meeting dates are September 13th, October 18th, December 13th. Please ensure you have submitted your application 10 business days prior to these dates to be considered. Once the Investment Committee meeting is complete, LaunchVic will contact you with an outcome within 48 hours. If you have any questions about this timeframe, please reach out to our team at

  • LaunchVic defines startups as young technology-based businesses that use innovation to scale rapidly and capture global markets. Examples of technology include: software / app, artificial intelligence (AI), blockchain, advanced manufacturing & robotics, Internet of Things (IoT), big data analytics, augmented / virtual reality, 3D printing, advanced materials, genomics & life sciences (including BioTech & MedTech) and autonomous vehicles.

  • LaunchVic defines Victorian-based as the startup must have at least 50% of its assets and employees located in Victoria. The founder that meets the criteria for ‘woman-owned and led’ must be a person that has a primary residence in Victoria.

  • For investments over $100,000, our investment is structured so that only 85c in the dollar is taken as equity, and the rest will be given as a non-dilutive grant to the startup. Investee companies that receive initial funding between $50,000 and $100,000 will be eligible to apply for follow-on funding (within the investment time period of the fund and dependent on funding available) up to a total investment of $300,000. No other follow-on funding will be available.

  • No. Applications must be for a current investment opportunity. We won’t take into consideration amounts that have already been raised and banked with the startup.

  • Funding that founders put into the business is not considered by the Investment Committee. The Alice Anderson Fund will also not co-invest with related party investors. This means, the Fund will not co-invest with any spouse, child, parent, grandparent, brother, sister, uncle, aunt, nephew, niece, lineal descendent or adopted child (or spouse of the aforementioned) of the founders. If the investment round includes co-investment from both related and non related investors, the Alice Anderson Fund will only co-invest on the amount raised from the non-related investors.

  • Only investors can apply to the Fund on behalf of the startup they are investing in. It does not need to be the lead investor who applies to the Fund, however the application form does require investors to detail their experience investing in early stage startups. The fund is open to local and international Angel Networks, Early-Stage VCs and individual investors who must meet the criteria of a sophisticated investor or hold a valid AFSL license, and operate independently from the startup.

  • Yes. If you have previously applied and are submitting an application for a new Investee Company from the same Investing Entity please email to let us know and we will send you a shorter application form, for Investee Company and Deal Information only.

  • At a minimum due diligence must include the following: An assessment of the market opportunity, an overview of the traction the startup has had so far, the reasons for investing, an overview of the competitive landscape, use of funds (and runway the funds will provide), key risks and opportunities that have been identified, As the Alice Anderson Fund operates as a side car structure, the Investment Committee are relying on leveraging thorough due diligence of private investors to inform their investment decision. If you are not the lead investor and you are relying on the due diligence conducted by the lead investor, please upload the findings of the due diligence conducted by the lead investor. The Investment Committee will not be able to make a decision on any application without thorough due diligence being provided.

  • The investment round does not need to have been completely finalised before an application is submitted. The Alice Anderson Fund is able to pre-approve eligible applications prior to the investment round being finalised. This will enable founders to leverage Alice Anderson Fund support in conversations with other investors. In order for eligible applications to be pre-approved, they need to: - Have raised the minimum required for Alice Anderson Fund Investment ($150,000) - Give an indication of the expected size of the round - Complete the round within a six-month period of applying for Alice Anderson Fund and terms of investment pre-approved must stay the same.

  • Once the investment is approved by the Investment Committee, LaunchVic will need to see evidence of all investment documentation and co-investment amounts from all investors in the round prior to finalising the investment. LaunchVic will also require a grant agreement be signed for the non-dilutive grant component of the investment.

  • The Alice Anderson Fund will co-invest with private investors in priced rounds or via a SAFE Note or Convertible note. Grant funding, in-kind contributions or funding provided as part of an entry to an accelerator program is not eligible for co-investment.

  • We have outlined some of the key terms we look out for in our investment playbook.

  • If the women founder’s shares are held in a Trust structure, the Founder Trust and the Company will be required to make representations and warranties through a side letter to ensure the eligibility criteria are clearly met.

  • Investors apply on a founder's behalf for this opportunity, so we recommend engaging with an angel group or VC Fund to access the fund. You can find a full list of investors over at

*some conditions apply – see FAQs above for further detail.

Contact Us

If you have a question regarding The Alice Anderson Fund, please contact