Nicola Forrest backs Antler's US$45.3M fund with a $20.9M push for women founders
What's the deal? Nicola Forrest's CoaxialDealroom has a profile for this one. Try Dealroom → Foundation has committed up to US$19.4M to a partnership with AntlerDealroom has a profile for this one. Try Dealroom →, anchoring the venture capital firm's third Australian fund. Antler Australia Fund III is targeting a minimum of US$45.3M (≈$48.7 million).
How it breaks down: Coaxial is committing US$12.9M through the Early Stage Venture Capital Limited Partnership (ESVCLP) program, on the same terms as other limited partners. The fund backs both male and female founders.
The remaining US$6.47M is earmarked for women founders through grants, co-investments, and operating costs. That includes US$647.1K over four years to expand Antler's team capacity to find and support female founders, general partner Michael Kron said.
What's the endgame? The initiative, branded Momentum powered by Coaxial, delivers cash at two points where startups often run short. Eligible women-founded companies receive a US$38.8K grant at Antler's initial investment, and a second US$38.8K grant at the next funding milestone, once an external investor steps in to lead the round.
The grants do not dilute ownership, as the funding sits separate from Antler's equity investments. For the follow-on round, Coaxial pre-commits 15% alongside Antler's existing 33%, together covering 48% before the incoming investor contributes.
The signal: Targeted capital for women founders remains a persistent gap in early-stage funding, and the structure here — non-dilutive grants plus pre-committed follow-on backing — aims to close it without reshaping standard fund economics.
Read more: alpha-maven.com
Image credit: wocintechchat.com
