Australia's UOW launches $9m seed fund

The fund - which forms part of the UOW's iAccelerate start-up incubator - will be managed by Artesian Venture Partners, according to a release. All start-ups accepted into the iAccelerate program will be able to apply for seed funding from the fund, with successful candidates receiving A$40,000 for a 10% stake.

Funded start-ups will also have access to iAccelerate Start, a co-working space which offers education, business support and mentoring.

The university has another program, iAccelerate Advanced, that focuses on turning more advanced start-ups into global companies. Companies entering this program will receive up to $200,000 in funding for up to 20% in equity. The iAccelerate Centre at UOW's Innovation Campus will provide space for more than 280 entrepreneurs.

"Historically, early-stage venture funding in Australia has been difficult to source. Despite Australia having a GDP of about 10%of the US, Australian venture capital funding over the past 10 years is only 1% of the amount raised by the US," said Elizabeth Eastland, CEO of iAccelerate and director of innovation and commercial research at UOW.

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• Topics
• Australasia
• Early-stage
• Australia
• Venture