Alice Anderson Fund | Women’s Startup Investment | LaunchVic

Key benefits

for founders

Join Alice’s modern day garage.

The Alice Anderson Fund offers a blended source of capital to startups, with 85% of the total co-investment amount taken as equity and 15% provided as a non-dilutive grant. Women founders are less diluted, which means more ownership and control of the company stays in women founder’s hands


Portfolio Support

Portfolio companies are invited to exclusive portfolio events and professional development opportunities. These provide valuable opportunities to share learnings with other early-stage entrepreneurs and gain insights from industry experts. In addition, LaunchVic will support portfolio companies by leveraging its extensive networks of startup mentors, investor groups, and support programs, where appropriate.


Global Connections

LaunchVic works closely with Global Victoria, the Victorian Government’s trade facilitation and promotion agency. Together, we provide portfolio companies with a network of experts who can support businesses looking to expand internationally.


Advice for navigating government

LaunchVic leverages its networks with the Victorian Government, to connect portfolio companies with key stakeholders, including potential customers where appropriate.

Interested? Check your eligibility.

For Investors

Reputable co-investor for any cap table

The Alice Anderson Fund provides investment of up to $300,000, as a single investor, helping women-led startups achieve their fund-raising activities through a quick and easy application process. We make investment decisions quickly and work with founders and investors to close rounds as quickly as possible.


Passive investor approach

The Alice Anderson Fund takes a passive investor role on the cap table. The Fund prefers to let private-investors and founders negotiate the terms, and does not require a Board seat.


Favourable Blended Capital

Alice Anderson Fund offers a blended source of capital to startups, with 85% of the total co-investment amount taken as equity and 15% provided as a non-dilutive grant.

The blended capital approach provides more funding to startups while minimising dilution to investors’ and founders’ holdings.


Increased credibility

Having reputable and well-known investors, such as the Alice Anderson Fund, on a cap table can increase the company’s credibility and attractiveness to other investors, customers, and partners.


Portfolio Support

Alice Anderson Fund and LaunchVic’s supports portfolio companies, including through exclusive portfolio events and professional development opportunities, as well as leveraging our extensive networks, where appropriate.

Apply for Co-Investment

Join Alice’s modern day garage.

The Alice Anderson Fund offers a blended source of capital to startups, with 85% of the total co-investment amount taken as equity and 15% provided as a non-dilutive grant. Women founders are less diluted, which means more ownership and control of the company stays in women founder’s hands


Portfolio Support

Portfolio companies are invited to exclusive portfolio events and professional development opportunities. These provide valuable opportunities to share learnings with other early-stage entrepreneurs and gain insights from industry experts. In addition, LaunchVic will support portfolio companies by leveraging its extensive networks of startup mentors, investor groups, and support programs, where appropriate.


Global Connections

LaunchVic works closely with Global Victoria, the Victorian Government’s trade facilitation and promotion agency. Together, we provide portfolio companies with a network of experts who can support businesses looking to expand internationally.


Advice for navigating government

LaunchVic leverages its networks with the Victorian Government, to connect portfolio companies with key stakeholders, including potential customers where appropriate.

Interested? Check your eligibility.

Reputable co-investor for any cap table

The Alice Anderson Fund provides investment of up to $300,000, as a single investor, helping women-led startups achieve their fund-raising activities through a quick and easy application process. We make investment decisions quickly and work with founders and investors to close rounds as quickly as possible.


Passive investor approach

The Alice Anderson Fund takes a passive investor role on the cap table. The Fund prefers to let private-investors and founders negotiate the terms, and does not require a Board seat.


Favourable Blended Capital

Alice Anderson Fund offers a blended source of capital to startups, with 85% of the total co-investment amount taken as equity and 15% provided as a non-dilutive grant.

The blended capital approach provides more funding to startups while minimising dilution to investors’ and founders’ holdings.


Increased credibility

Having reputable and well-known investors, such as the Alice Anderson Fund, on a cap table can increase the company’s credibility and attractiveness to other investors, customers, and partners.


Portfolio Support

Alice Anderson Fund and LaunchVic’s supports portfolio companies, including through exclusive portfolio events and professional development opportunities, as well as leveraging our extensive networks, where appropriate.

Apply for Co-Investment

Portfolio Companies

Rhianna Knight

Amble

A direct to consumer sustainable outdoors brand, reimagining the dated $12B outdoors industry.

Rhianna Knight

Amble

Rhianna Knight, Founder and Director

A direct to consumer sustainable outdoors brand, reimagining the dated $12B outdoors industry. https://ambleoutdoors.com.au/

Connect with me on LinkedIn

Sarah Agboola

mtime

A platform matching busy parents with vetted and trained ‘Moncierges’ who can do errands, chores, cleaning and babysit.

Sarah Agboola

mtime

Sarah Agboola, Founder and CEO

A platform matching busy parents with vetted and trained ‘Moncierges’ who can do errands, chores, cleaning and babysit. 

Connect with me on LinkedIn

Cara Davies

Steppen

A social fitness network for Generation Z.

Cara Davies

Steppen

Cara Davies, Co-Founder

A social fitness network for Generation Z.

Connect with me on LinkedIn

Dr Annie McAuley

TalkiPlay

Handheld devices bringing ordinary everyday objects to life for kids so that toys talk, sing and play games to reinforce speech and language.   

Dr Annie McAuley

TalkiPlay

Handheld devices bringing ordinary everyday objects to life for kids so that toys talk, sing and play games to reinforce speech and language. 
 

Connect with me on LinkedIn

Lina Xu

Telecare

A Victorian HealthTech building Australia’s largest virtual clinic

Lina Xu

Telecare

A Victorian HealthTech building Australia’s largest virtual clinic

Connect with me on LinkedIn

Dr Fiona Brownfoot

Kali Healthcare

A pregnancy wearable that allows remote scanning for telehealth appointments.

Dr Fiona Brownfoot

Kali Healthcare

Associate Professor Fiona Brownfoot

A pregnancy wearable that allows remote scanning for telehealth appointments https://www.kalihealthcare.com/about/

Connect with me on LinkedIn

Vicky Featherston

HAL Systems

AI climate control combining energy savings with comfort.

Vicky Featherston

HAL Systems

Vicky Featherston

AI climate control combining energy savings with comfort

Connect with me on LinkedIn

Application Guidelines

Application Guidelines
Investment Playbook

FAQs

Our Impact

Gender Diversity Metrics Ending December 2023

CategoryAll Female identifyingMixed teamAll male identifying
% $ invested*67.98%32.02%0.00%
% deals done*62.50%37.50%0.00%
Number of deals screened60.94%39.06%0.00%
Number of deals progressed65.79%34.21%0.00%

Eligibility

How do you define a woman-led business?

Woman-led means the startup meets either of the following criteria:

1) At least 50% of the entity is owned by one or more women (prior to any investment by the Alice Anderson Fund and excludes any private investment); OR

2) All of the following:

  • At least 30% of the entity is owned by one or more women (prior to any investment by the Alice Anderson Fund and excludes any private investment);
  • The entity has at least one woman as CEO/COO/CTO (President/Vice President) or equivalent level (within 100 days before and after the investment), and
  • Where there is a Board of Directors, at least 30% of the Board of Directors (or similar governance group) are women (within 100 days both before and after the investment).

How do you define a startup?

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.

How do you define Victoran-based?

LaunchVic defines Victorian-based as the startup must have at least 50% of its assets and employees located in Victoria and the business must be registered in Victoria. The founder(s) that meet the criteria for “woman-owned and led” are persons that have a primary residence in Victoria.

Who can apply?

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.

The following applicants are ineligible to apply:

  • Applications from Startups seeking investment.
  • Applications from investors into small or medium enterprises (as opposed to startups)
  • Applications from investors into later-stage startups or scaleups.
  • Applications from related parties. Related Parties include spouse, child, parent, grandparent, brother, sister, uncle, aunt, nephew, niece, lineal descendent or adopted child. If a relationship exists where services are provided in lieu of equity this is also considered to be a related party. Any funding provided by a public fund or grant also must be declared. The Alice Anderson Fund will not co-invest on the funding provided by related parties or by public funds or grants
  • Applications from funds utilising only public funding. The Alice Anderson Fund may co-invest in rounds that include funding from public funds but the application must be made by a private sector investor and the Alice Anderson Fund will only leverage investment provided by private investors.

HOW WILL THE ALICE ANDERSON FUND DETERMINE ELIGIBILITY IN REGARD TO THE ‘WOMEN-LED’ CRITERIA WHEN THE FOUNDER SHARES ARE HELD IN A TRUST STRUCTURE?

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.

What type of investments will be ineligible for the Alice Anderson Fund co-investment?

The Alice Anderson Fund will not co-invest on the following:

  • Grant funding
  • In-kind service contributions
  • Funding provided as part of an entry to an accelerator program
  • Funding provided by public funds
  • Related party investments

The Alice Anderson Fund may still participate in rounds that include funding from related parties, public funds or grants, but the application must be made by a private sector investor and the Alice Anderson Fund will only co-invest on the investments provided by private investors.

How do you define related party investments?

Related Parties include spouse, child, parent, grandparent, brother, sister, uncle, aunt, nephew, niece, lineal descendent or adopted child. If a relationship exists where services are provided in lieu of equity this is also considered to be a related party. Any funding provided by a public fund or grant also must be declared. The Alice Anderson Fund will not co-invest on the funding provided by related parties or by public funds or grants.

What type of investment instruments do you accept?

The Alice Anderson Fund will co-invest with private investors in priced rounds or via a SAFE Note or Convertible note

Can the founder personally invest in 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.

I am eligible for both the Alice Anderson Fund and the Hugh Victor McKay Fund – can I apply for co-investment from both funds for the same funding round?

No. Applicants need to decide whether to apply for funding from the Hugh Victor McKay Fund or the Alice Anderson Fund, as funding from both entities is not possible in the same investment round.

HOW IS EMPLOYEE SHARE OPTION PLAN (ESOP) TAKEN INTO ACCOUNT?

The Alice Anderson Fund will deem ESOP to be on a fully diluted basis (as if the ESOP is diluted at the time of the application).

Applying for funding

I'M A FOUNDER, HOW CAN I ACCESS THE FUND?

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 findingstartups.launchvic.org

DO YOU PROVIDE FOLLOW-ON FUNDING?

Investee companies that received initial funding between $50,000 and $100,000 are 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.

However, there should be no expectation that the follow-on application will be approved and it will continue to be determined on a case-by-case basis

 

What terms does the Alice Anderson Fund look for in investment documentation?

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

Can Retrospective funding be included in the application?

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.

AS AN INVESTOR DO I NEED TO APPLY FOR EACH NEW RELEVANT STARTUP?

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

The application form asks for due diligence to be provided. What due diligence is required?

Due diligence must be provided in the form of a deal memo outlining the investor’s due diligence findings in relation to the Startup. At a minimum the deal memo 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 process 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 deal memo outlining 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 a thorough deal memo being provided.

 

Timing

Does the investment round need to have been finalised before an application is submitted?

The investment round does not need to have been completely finalised before an application is submitted. The application form asks for the minimum and maximum round size to be provided. In order for eligible applications to be approved, startups need to have raised the minimum required for Alice Anderson Fund investment ($150k) and an indication must be provided of what has been raised to date. The terms of the investment must be included in the application. If an application is successful, at a minimum, the Alice Anderson Fund will co-invest at a 3:1 ratio on the amount raised at the point of application.  The final investment amount is at the discretion of the IC. Typically, investments need to be finalised within three – six months from the date of application.

HOW LONG WILL IT TAKE TO PROCESS MY APPLICATION?

The Investment Committee meets monthly to assess applications.

The next cut off dates are:
27th Feb 2024
26th March 2024
23rd April 2024
21st May 2024

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 investments@launchvic.org.

If the investment is approved, what are next steps?

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.

Office Hours for women founders

Have a question about the Alice Anderson Fund?

Book in time with our Investment Manager, Michelle Vu to learn more about how the fund works, and what we look for in an application.

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