NewsOct 22, 2026, 15:58 UTC

Victoria doubles Alice Anderson Fund with fresh $7.01M for women founders

What's the deal? Victoria's government-backed Alice Anderson Fund will receive an additional US$6.47M (≈$7.01 million) from Innovation Victoria, doubling the sidecar fund that co-invests in startups founded and led by women. The top-up extends the life of the venture capital vehicle, which launched in 2021.

How it works: The fund co-invests between US$32.4K and US$194.1K in early-stage deals brought by angels, family offices, and VCs — riding along with private investors rather than taking direct applications. It backs three private dollars for every one it contributes, and structures its stake so that 15% is a non-dilutive grant to the startup.

By the numbers: Since 2021, the fund has deployed more than US$5.82M across 46 Victorian companies, attracting over US$41.4M in co-investment. "Every dollar invested through the fund had attracted almost seven dollars in co-investment," said Innovation Victoria head of funds management Olga Hogan.

Why now? The allocation lands weeks before Victoria's November state election. It also doubles Labor's original US$6.47M commitment from 2021.

What it's backing: Recent portfolio companies include Butter, a community software firm targeting adult loneliness; Spektrum, which tracks critical minerals; and Misti, developing aerosol technology for inhaled medicines. Earlier backing went to Telecare, later acquired by NYSE-listed Teladoc, and VR health startup SmileyScope.

What could go wrong? The fund's future administration is unsettled: the Victorian government has announced a merger of LaunchVic, which ran the fund, with Breakthrough Victoria.

The signal: The top-up is a targeted intervention in a persistent gap, not proof it is closing. All-women founding teams received just 2% of Australian startup capital in 2025, and in Victoria only 1% of state venture capital went to all-female teams, even as startups with at least one female founder captured 37%.