New Generation Of Entrepreneurial Women Join Alice’s Garage

Tuesday, 14 December 2021

The Andrews Labor Government is backing women entrepreneurs by investing early-stage capital in a number of startups through the first round of LaunchVic’s Alice Anderson Fund.

Named in honour of the founder of Australia’s first all-woman motor garage and repair workshop, which opened in Kew in 1919, the $10 million fund co-invests in businesses founded by women including the team behind a wearable breast pump, a sustainable outdoor clothing label and a social fitness app.

The Fund’s inaugural round has delivered $727,167 in direct investments – along with more than $2.3 million in co-contributions from private investors – to businesses established by female entrepreneurs.

Portfolio companies include:

• Milkdrop: an ultra-soft breast cushion set to change the pumping experience forever

• TalkiPlay: bringing kids toys to life through talking and singing games to reinforce speech and language

• Team Timbuktu: a sustainable outdoor clothing brand using recycled fabrics

• Steppen: a social fitness network for Generation Z backed by Afterpay Co-Founder Anthony Eisen

• mtime: matching parents with vetted and trained ‘Moncierges’ for errands, chores, cleaning and babysitting

The initiative is helping women-led business overcome funding hurdles – a 2019 study revealed only 19 of 104 Victorian startups that received angel or venture capital investment had a woman as founder.

The Fund co-invests between $50,000 and $300,000 – on a ratio of 1:3 with private investors – in early-stage deals to increase the funding pool available to Victorian women looking to grow their business.

Applications remain open to early-stage investors looking to back women-led startups.

An Investment Committee chaired by Susan Oliver AM meets monthly to review deals.

The Fund is set to support up to 60 women-led startups by 2024.

For more information, and to apply, visit www.launchvic.org/aliceandersonfund.