500 Startups opens Australia office

Government-backed accelerator LaunchVic has committed A$2.9 million ($2.2 million) to the expansion effort.  It will support the establishment of a program aiming to bridge the local ecosystem with 500’s Silicon Valley and global network.

The new office will run an accelerator, known as 500 Melbourne, accepting 20-25 start-ups a year from Australia and Asia Pacific. It will invest alongside angel and VC investors from the local market, host pitch coaching sessions, conduct customer acquisition and growth marketing, and provide tech investor education programs. 

"500 Startups is one of the best accelerator programs in the world and that's why we’re bringing them to Victoria,” Small Business and Innovation Minister Philip Dalidakis said in a statement. “This will open up many opportunities for our local start-ups and see many others from across Australia and internationally come here to be part of it."

Support for 500 Melbourne comes from Victoria’s A$60 million start-up fund, which has invested A$11.4 million in regional entrepreneurs since last year. The state is said to lead the country in start-up growth with more than 15,000 new businesses created in the last financial year alone. 

500 Startups has invested in 20 Australian companies to date, including online design services company Carva, IT company HappyCo and internet-of-things developer Ninja Blocks, which has reportedly gone out of business due to a lack of funds. It was also an early backer of cybersecurity technology provider UpGuard, which recently received a $17 million round led by Square Peg Capital.

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