The Victorian Government will inject an additional A$10 million into the Alice Anderson Fund, doubling its total commitment to A$20 million and extending support for startups founded or led by women. The co-investment vehicle, administered by Innovation Victoria through LaunchVic, has already backed 46 Victorian companies and helped attract more than A$64 million in private capital since 2021. The new allocation continues a sidecar model that follows private investor leads rather than selecting deals independently.
How the Sidecar Fund Works
The Alice Anderson Fund is not a direct grant program, and founders cannot apply on their own. Instead, eligible private investors such as venture capital funds and angel groups present Pre-Seed and Seed deals to Innovation Victoria for co-investment. The fund typically contributes between A$50,000 and A$300,000 per deal, operating on roughly a 3:1 matching ratio that requires private investors to put in three dollars for every government dollar.
Closing the Gender Funding Gap
The expansion responds to a persistent imbalance in Australian venture capital, where all-women founding teams receive only 2% of total funding, according to Cut Through Ventures. Victoria reports that 45% of its startups have at least one female founder, yet investment outcomes remain heavily skewed toward male-led teams. The state government argues that the fund narrows this gap by providing capital, networks, and support to ambitious women entrepreneurs.
Track Record and Portfolio Companies
Since 2021, the fund has backed 46 companies founded by Victorian women, leveraging more than A$64 million in co-investment from angel investors, family offices, and venture capital firms. Notable portfolio outcomes include healthtech startup Telecare, later acquired by New York Stock Exchange-listed Teladoc, and Smileyscope, which uses VR technology to reduce pain and anxiety during medical procedures. Recent investments include community management software company Butter, critical minerals tracking platform Spektrum, and inhaled medicine delivery developer Misti.
Government and Industry Support
Minister for Economic Development Anthony Carbines said the government is backing women in business to turn bold ideas into thriving startups. Innovation Victoria CEO Rod Bristow stated that access to capital is central to building the state's innovation sector and that the fund will support the next generation of Victorian entrepreneurs. Smileyscope President Dr Evelyn Chan noted that early backing from the fund was instrumental in helping her company grow into a global healthcare business.
Eligibility Requirements
To qualify, a startup must be registered in Victoria with at least half of its assets and employees based in the state. It must also have raised a minimum of A$150,000 in private capital before the fund considers a top-up. Companies can meet ownership criteria through at least 50% female ownership, or at least 30% female ownership combined with a woman in a senior leadership role such as CEO, COO, or CTO.
What the Expansion Means for Founders
Founders cannot apply directly, so the expanded pool will depend on private investors bringing eligible women-led deals to Innovation Victoria. The fund's gender-focused criteria are industry-agnostic, meaning software, healthtech, deep technology, and other sectors can all qualify if ownership and leadership tests are met. For early-stage founders, the added capital offers a way to extend runway while benefiting from validation by professional investors.
The A$10 million top-up signals Victoria's intention to maintain a dedicated capital pathway for women-led startups at a time when private funding remains uneven. If the fund continues its current leverage ratio, the new capital could help unlock tens of millions more in private co-investment. The initiative, named after Australia's first all-women garage operator, remains a targeted but meaningful tool for supporting female founders across diverse industries.