The Alice Anderson Fund

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;  OR
• 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.

LaunchVic defines startups as young technology-based businesses that use innovation to scale rapidly and capture global markets. Examples of technology include: software / app, artificial intelligence (AI), blockchain, advanced manufacturing & robotics, Internet of Things (IoT), big data analytics, augmented / virtual reality, 3D printing, advanced materials, genomics & life sciences (including BioTech & MedTech) and autonomous vehicles.

LaunchVic defines Victorian-based as the startup must have at least 50% of its assets and employees located in Victoria. The founder that meets the criteria for ‘woman-owned and led’ must be a person that has a primary residence in Victoria.

Only investors can apply to the Fund on behalf of the startup they are investing in. It does not need to be the lead investor who applies to the Fund, however the application form does require investors to detail their experience investing in early stage startups. The fund is open to local and international Angel Networks, Early-Stage VCs and individual investors who must meet the criteria of a sophisticated investor or hold a valid AFSL license, and operate independently from the startup.

If the women founder’s shares are held in a Trust structure, the Founder Trust and the Company will be required to make representations and warranties through a side letter to ensure the eligibility criteria are clearly met.

Grant funding, in-kind service contributions, funding provided as part of an entry to an accelerator program, and related party investments are not eligible for The Alice Anderson Fund co-investment.

The Alice Anderson Fund will co-invest with private investors in priced rounds or via a SAFE Note or Convertible note

Funding that founders put into the business is not considered by the Investment Committee. The Alice Anderson Fund will also not co-invest with related party investors. This means, the Fund will not co-invest with any spouse, child, parent, grandparent, brother, sister, uncle, aunt, nephew, niece, lineal descendent or adopted child (or spouse of the aforementioned) of the founders. If the investment round includes co-investment from both related and non related investors, the Alice Anderson Fund will only co-invest on the amount raised from the non-related investors.

Investors apply on a founder’s behalf for this opportunity, so we recommend engaging with an angel group or VC Fund to access the fund. You can find a full list of investors over at findingstartups.launchvic.org.

We have outlined some of the key terms we look out for in our investment playbook linked above.

No. Applications must be for a current investment opportunity. We won’t take into consideration amounts that have already been raised and banked with the startup.

Yes. If you have previously applied and are submitting an application for a new Investee Company from the same Investing Entity please email investments@launchvic.org to let us know and we will send you a shorter application form, for Investee Company and Deal Information only.

At a minimum due diligence must include the following: An assessment of the market opportunity, an overview of the traction the startup has had so far, the reasons for investing, an overview of the competitive landscape, use of funds (and runway the funds will provide), key risks and opportunities that have been identified, As the Alice Anderson Fund operates as a side car structure, the Investment Committee are relying on leveraging thorough due diligence of private investors to inform their investment decision. If you are not the lead investor and you are relying on the due diligence conducted by the lead investor, please upload the findings of the due diligence conducted by the lead investor. The Investment Committee will not be able to make a decision on any application without thorough due diligence being provided.

The investment round does not need to have been completely finalised before an application is submitted. The Alice Anderson Fund is able to pre-approve eligible applications prior to the investment round being finalised. This will enable founders to leverage Alice Anderson Fund support in conversations with other investors. In order for eligible applications to be pre-approved, they need to: – Have raised the minimum required for Alice Anderson Fund Investment ($150,000) – Give an indication of the expected size of the round – Complete the round within a six-month period of applying for Alice Anderson Fund and terms of investment pre-approved must stay the same.

Once the investment is approved by the Investment Committee, LaunchVic will need to see evidence of all investment documentation and co-investment amounts from all investors in the round prior to finalising the investment. LaunchVic will also require a grant agreement be signed for the non-dilutive grant component of the investment.