Angel Sidecar Fund

What is the Angel Sidecar Fund?

The Angel Sidecar is a program of The Alice Anderson Fund (TAAF) to assist women founders to raise the capital they need to grow their early stage startups and create new high value jobs.

Background

The Alice Anderson Fund is named in memory of Alice Anderson, a pioneering mechanic and entrepreneur who founded Australia’s first all-women motor garage in Kew in 1919.

At just 19 years old, Alice not only built a thriving business in a newly emerging industry, she also employed an all-women crew and ran popular classes to educate women in this new technology.

Alice was part of a generation who conceived of women’s advancement through economic and professional equality; a goal that our fund will continue to support Victorian women founders to achieve.

In 2019, 104 Victorian startups received Angel or VC investment*. Just 19 were led by women.

LaunchVic is helping grow the Victorian startup sector with the Alice Anderson Fund (TAAF), a $10 million ‘Sidecar’ fund that co-invests in women-led early-stage startups.

Objectives

The objectives of the Angel Sidecar Fund are to:

stimulate private sector investments into innovative startups led by women
help women entrepreneurs overcome the disadvantages faced in getting access to finance and support to grow their startups
enable female founders to scale-up, expand into domestic and global markets, and become self-sufficient
boost the economy through increasing the diversity of startup founders.

Funding

The Alice Anderson Fund will operate over three years, providing between $50,000 – $300,000 to 40-60 women-led startups.

Private sector investors will match the government’s contribution by a minimum of 3:1 in a ‘Sidecar’ structure designed to increase participation in angel funding rounds.

This unlocks up to $30 million in early-stage investment at a crucial time for the Victorian startup ecosystem, with an estimated $97 million annual shortfall according to research by Startup Genome.

85% of the Government’s contribution will be taken as equity, while the remaining 15% will be provided as a non-dilutive grant to ensure more of the company stays in the Founder’s hands.

Eligibility

The fund is open to local and international Angel Networks, Early-Stage VCs and individual investors. You must meet the criteria of a sophisticated investor or hold a valid AFSL license, and operate independently from the startup.

Investors are being urged to review their portfolios for promising Victorian women-led startups ahead of applications opening on 1 July 2021.

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;

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.

Timing

Applications are open to local and international investors from 1 July 2021.

More Information

Source

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