Published on the 21/06/2017 | Written by Newsdesk
‘Melbourne 500’ set up to boost Australian innovation…
Venture capital seed fund 500 Startups has kicked off operations in Melbourne, together with LaunchVic, and is set to accept up to 25 startups from Australia and across APAC. The chosen few will benefit from mentorship and expertise delivered by the same team running its program in Silicon Valley, said the organisation in a statement.
Former Eventbrite Australia MD Rachael Neumann has been appointed to lead Melbourne 500’s local efforts here in Australia; Neumann is also a mentor and partner at Startmate. “The Australian startup scene is still relatively young, but has so many of the right raw ingredients already in place. 500 is hoping to do its part to help the ecosystem reach its full potential by sharing expertise and best practices from around the world for both founders and investors alike,” she said.
500 Startups is an initiative kicked off by Dave McClure and Christine Tsai in 2010. While 500 may seem like a lot of startups, by 2015 the seed fund had surpassed that number by a wide margin, having invested in over 1200 of them. Some of the better-known names among those startups are Twilio, TalkDesk, SlideShare and MakerBot.
McClure is a long-time angel investor, regarded as a ‘super angel’; he won’t just be operating out of Silicon Valley either, as the company’s statement said he ‘will be engaging directly with local startups, investors, and corporates to demonstrate the value that 500 Melbourne will bring to the ecosystem and the potential that 500 Startups sees in Australia’.
“The Australian ecosystem is at an inflection point, with more venture funding available than ever before and government championing an innovation agenda that legitimises and supports startups. 500 Startups is already involved in the Australian tech community, having invested in 20 local companies like Upguard, Canva, HappyCo, and most recently, Gilmour Space Technologies,” McClure said.
The first startup to be inducted into the Melbourne 500 acceleration program is expected in ‘late 2017’; ultimately, said the organisation, it aims to invest in these early stage businesses and work alongside Australian angel and VC investors.
It noted that mentors and speakers from the 500 Startups program in the US will deliver the Melbourne program, giving startups an international advantage in the local market. A program of events will also be run throughout the year, including pitch coaching sessions and education programs for both founders and potential investors.
Having received funding from quango LaunchVic – which has invested $11.6m in 26 projects to date – 500 Startups said it is already forging ties with the local startup community, announcing relationships with Neumann’s Startmate, and the Melbourne Accelerator Program.
LaunchVic CEO, Kate Cornick, commented: “The expertise and guidance of international experts will help develop and grow our local ecosystem, providing opportunities for founders and entrepreneurs from across Australia and APAC to fulfil their potential and build international success stories.”
Applications to become one of the startups to benefit from 500 Melbourne’s program are open.
[Following the subsequent sexual misconduct confessions from Dave McClure the 500 Startups program is under review]
