Earlier this year, RAC’s BetterLabs Ventures announced an AUD 20 million expansion of its seed fund, making it the largest of its kind in Western Australia (WA). Part of ICMIF member RAC’s strategic innovation function, BetterLabs launched AUD 3 million in seed funding in September 2018 to support start-up founders on their growth journeys.
RAC Group CEO Rob Slocombe said there had been an overwhelmingly positive response to the initial seed fund, with over 150 applications received in its first 12 months. “BetterLabs has received an incredible amount of interest since it began and we’ve been fortunate to be able to support and partner with some of WA’s most innovative start-ups,” Mr Slocombe said. “By expanding the investment fund to AUD 23 million we aim to provide new opportunities for start-ups to make a positive impact in WA.”
The expanded fund will continue to invest in innovation that benefits WA and will now include Series A/B rounds with investments expected to be in the AUD 300k-3 million range. Derek Gerrard, BetterLabs’s Entrepreneur-In-Residence (EIR), will continue to lead the fund.
“It has been great to see the positive response over the last 12 months and four investments are now underway,” Mr Gerrard said. “We are very excited with this announcement and the expansion of the fund into Series A/B rounds which is great news for the WA and broader Australian start-up ecosystem.”
BetterLabs will continue to build a portfolio across its Emerging Innovation Domains:
- Clean Tech: Technology that enables sustainable living and commuting specifically around energy, waste and water
- Member Community: Innovation that generates deeper connections, fosters collaboration and builds meaningful community
- Third Age: Opportunities that support the transition of the aging population into their next stage of life
- Life, Work & Money: Technology that supports the new ways we will design life and structure our work and money
- Mobility of the Future: Innovation that supports the new ways we will get around
- Next Gen Insurance: Technology that supports the new models of insurance
For more information on the fund, visit www.betterlabsventures.com.au