After first announcing it in the state budget back in November 2020, the Victorian government has revealed more details about its $10 million Women’s Angel Sidecar Fund, which is named after a local tech icon and will be open for applications from July.
In 2019, of the 104 Victorian startups that secured angel or VC investment, just 19 were led by women, a statement from the state’s startup agency, LaunchVic, said.
Operating as a so-called ‘sidecar’ fund, the scheme will see the state government take part in early-stage startup funding rounds. Their investment will make up a third of the total round, with private sector investors making up the difference.