Female entrepreneurs represent one of the largest untapped opportunities in Australia’s innovation economy, yet female only teams receive just two per cent of venture capital funding nationwide. To address this entrenched gender gap, Minderoo Foundation has partnered with leading startup accelerator Startmate. Minderoo has committed up to AUD $8 million over four years to expand Startmate’s reach and increase capital available to women building high growth companies.
Strategic Investment to Close the Funding Gap
Minderoo Foundation has already invested AUD $2 million in the Startmate Accelerator Fund, with a total commitment of AUD $8 million over four years. This deliberate strategy aims to strengthen the pipeline for women entrepreneurs from early inspiration through to institutional backing. Research shows female-founded teams are consistently underfunded globally despite delivering strong performance and often outperforming their male peers.
Proven Returns from Women-Led Startups
Studies by Boston Consulting Group and Kaufman Fellows found companies established and led by women achieve higher returns on investments. Separate research over a ten year period by First Round and Female Founders Fund discovered that female founded companies performed better and burned through less capital than all male teams. Startmate CEO Phoebe Pincus noted that the gender gap in fundraising begins much earlier in the pipeline, not just at the point of investment.
Startmate’s Track Record and Pipeline Impact
Since 2019, 43 per cent of companies backed by Startmate have at least one female co-founder, significantly ahead of the industry average of 24 per cent. In the most recent Winter 2025 cohort, 54 per cent of startups included at least one woman in the founding team. Startmate has supported more than 880 women since inception to participate as founders, employees and angel investors.
Standout Founders and Real World Impact
Remy Tucker founded On The House after witnessing period inequity as a student midwife, installing free feminine product dispensers across public venues. Since completing the Startmate program, On The House has raised a 1.7 million dollar seed round, built a team of five and is rolling out 55 machines across major Australian cities. Tucker said Startmate gave her the network, momentum and motivation she needed as a newcomer to the startup ecosystem.
Broader Commitment to Women’s Economic Empowerment
Minderoo Foundation has made additional strategic investments beyond Startmate, including Australia’s first women led venture capital fund, Scale Venture Fund 1. It also invested in the Women’s Livelihood Bond 7, expected to benefit over 900,000 women across India, Indonesia, the Philippines and Sri Lanka. A 100 million dollar investment into Future Generation Women applies a gender lens to portfolio management while supporting not for profits improving women’s lives.
The partnership between Minderoo Foundation and Startmate represents a targeted effort to rebalance venture capital flows and unlock the potential of female entrepreneurs in Australia. By combining capital with community building and a proven accelerator model, the initiative aims to inspire more women into the startup ecosystem and ensure they have access to the networks and funding needed to build generational companies. With a portfolio valuation exceeding 4.5 billion dollars and top quartile fund performance, Startmate is positioned to help close the gender gap and deliver strong returns.