LaunchVic commits $600,000 funding to support women in startups

More than 130 Victorian women will get the support they need to launch their startups over the next two years thanks to new funding from LaunchVic, Victoria’s startup agency.

Flying Fox Ventures and Jumpstart Studio have each received $300,000 to run pre-accelerator programs that offer women founders the advice, support and networks required to build a minimum viable product and find their first customer.

The funding comes as research by LaunchVic reveals one-third of Victorian startups now have at least one woman founder, up from 20 per cent in 2020.

But LaunchVic CEO Dr Kate Cornick said the figure was still outpaced by the growth of male-only firms, suggesting further support is needed for women-led startups at those crucial early stages.

“This funding confirms LaunchVic’s commitment to building a thriving and diverse ecosystem in Victoria,” she said.

“We’re pump priming the Victorian startup sector with the next wave of women entrepreneurs and ensuring, through additional funding for The Alice Anderson Fund, that they receive support at every stage of growth.”

Flying Fox Ventures Co-Founder Rachael Neumann said their funded pre-accelerator program would help to address the pipeline issue of women founders entering the market.

“Flying Fox Ventures recognizes that female founders face unique challenges and barriers in accessing funding and resources. By establishing a program specifically tailored to support and uplift women entrepreneurs, we aim to level the playing field, nurture talent, and unlock the untapped potential of female-led startups. Together, we can cultivate a more vibrant and prosperous innovation landscape in Australia.”

Jumpstart Studio will also launch Press Play, a pre-accelerator program supporting women in the corporate sector to transition into startup entrepreneurship. Co-Founder Sangeeta Mulchandani, a former ANZ executive, said women in senior corporate roles can often make the most successful founders.

“Women in corporate roles are the perfect fit for entrepreneurship, and I say this from personal experience,” she said.

“They possess an arsenal of technical skills, tenacity, and leadership traits, and they are already battle-hardened players in the business world. When these women step into the entrepreneurial arena, they thrive better than most other founders.”

LaunchVic also supports Victorian women-led startups through the Alice Anderson Fund, an angel sidecar fund that has unlocked more than $36 million of early-stage capital for women in just two years.