Alice Anderson Fund is sponsored by LaunchVic (Victorian Government). A $10 million sidecar fund supporting women-led startups in Victoria. The fund co-invests in early-stage deals put forward by investors to increase the funding pool available to Victorian women.

Alice Anderson Fund | Women’s Startup Investment | LaunchVic Investment for Women Founders The Alice Anderson Fund is LaunchVic’s $10 million sidecar fund supporting women-led startups, named after the founder of Australia’s first all-woman motor garage in the 1920s. The Alice Anderson Fund co-invests between $50,000 and $300,000 in early-stage deals put forward by investors to increase the funding pool available to Victorian women.

LaunchVic’s investment is structured so that only 85c in the dollar is taken as equity; the rest is provided as a non-dilutive grant to the startup. This gives our women-led startups an extra upside. A sidecar fund co-invests in deals put forward by other investors (including angels , Family Offices or VCs ), relying on their due diligence and expertise rather than requiring a direct application from the startup.

The Alice Anderson Fund co-invests at a 3:1 ratio, meaning that for every dollar we invest, private sector investors must contribute three dollars. This approach allows our fund to “ride along” with private sector investors, providing additional capital to the startup to help expedite the closing of the funding round.

Applications for co-investment are open to local and international investors with promising women-led startups in their pipeline. Applications are accepted on a rolling basis and reviewed at upcoming Investment Committee (IC) meetings. Our next IC meeting will take place in May 2026.

To be considered at this meeting, please submit your application by 11:59pm on Tuesday 14 April 2026. Prior to applying, please ensure you have reviewed the application guidelines to fastrack your submission. You can also read our FAQs for more information.

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au/ Founding Chairman, Scale Investors How do you define a woman-led business?

Woman-led means the startup meets either of the following criteria: 1) At least 50% of the entity is owned by one or more women (prior to any investment by the Alice Anderson Fund and excludes any private investment); OR At least 30% of the entity is owned by one or more women (prior to any investment by the Alice Anderson Fund and excludes any private investment); The entity has at least one woman as CEO/COO/CTO (President/Vice President) or equivalent level (within 100 days before and after the investment), and Where there is a Board of Directors, at least 30% of the Board of Directors (or similar governance group) are women (within 100 days both before and after the investment).

How do you define a startup? LaunchVic defines startups as young technology-based businesses that use innovation to scale rapidly and capture global markets.

Examples of technology include: software / app, artificial intelligence (AI), blockchain, advanced manufacturing & robotics, Internet of Things (IoT), big data analytics, augmented / virtual reality, 3D printing, advanced materials, genomics & life sciences (including BioTech & MedTech) and autonomous vehicles. How do you define Victoran-based?

LaunchVic defines Victorian-based as the startup must have at least 50% of its assets and employees located in Victoria and the business must be registered in Victoria. The founder(s) that meet the criteria for “woman-owned and led” are persons that have a primary residence in Victoria. Only investors can apply to the Fund on behalf of the startup they are investing in.

It does not need to be the lead investor who applies to the Fund, however, the application form does require investors to detail their experience investing in early-stage startups. The fund is open to local and international Angel Networks, Early-Stage VCs and individual investors who must meet the criteria of a sophisticated investor or hold a valid AFSL license, and operate independently from the startup.

The following applicants are ineligible to apply: Applications from Startups seeking investment. Applications from investors into small or medium enterprises (as opposed to startups) Applications from investors into later-stage startups or scaleups. Applications from related parties.

Related Parties include spouse, child, parent, grandparent, brother, sister, uncle, aunt, nephew, niece, lineal descendent or adopted child. If a relationship exists where services are provided in lieu of equity this is also considered to be a related party. Any funding provided by a public fund or grant also must be declared.

The Alice Anderson Fund will not co-invest on the funding provided by related parties or by public funds or grants Applications from funds utilising only public funding. The Alice Anderson Fund may co-invest in rounds that include funding from public funds but the application must be made by a private sector investor and the Alice Anderson Fund will only leverage investment provided by private investors.

How will the Alice Anderson Fund determine eligibility in regard to the ‘women-led’ criteria when the founder shares are held in a trust structure? If the women founder’s shares are held in a Trust structure, the Founder Trust and the Company will be required to make representations and warranties through a side letter to ensure the eligibility criteria are clearly met.

What type of investments will be ineligible for the Alice Anderson Fund co-investment?

The Alice Anderson Fund will not co-invest on the following: In-kind service contributions Funding provided as part of an entry to an accelerator program Funding provided by public funds Related party investments The Alice Anderson Fund may still participate in rounds that include funding from related parties, public funds or grants, but the application must be made by a private sector investor and the Alice Anderson Fund will only co-invest on the investments provided by private investors.

How do you define related party investments? Related Parties include spouse, child, parent, grandparent, brother, sister, uncle, aunt, nephew, niece, lineal descendent or adopted child. If a relationship exists where services are provided in lieu of equity this is also considered to be a related party.

Any funding provided by a public fund or grant also must be declared. The Alice Anderson Fund will not co-invest on the funding provided by related parties or by public funds or grants. What type of investment instruments do you accept?

The Alice Anderson Fund will co-invest with private investors in priced rounds or via a SAFE Note or Convertible note Can the founder personally invest in the startup? Funding that founders put into the business is not considered by the Investment Committee. The Alice Anderson Fund will also not co-invest with related party investors.

This means, the Fund will not co-invest with any spouse, child, parent, grandparent, brother, sister, uncle, aunt, nephew, niece, lineal descendent or adopted child (or spouse of the aforementioned) of the founders. If the investment round includes co-investment from both related and non related investors, the Alice Anderson Fund will only co-invest on the amount raised from the non-related investors.

I am eligible for both the Alice Anderson Fund and the Hugh Victor McKay Fund – can I apply for co-investment from both funds for the same funding round? No. Applicants need to decide whether to apply for funding from the Hugh Victor McKay Fund or the Alice Anderson Fund, as funding from both entities is not possible in the same investment round. How is Employee Share Option Plan (ESOP) taken into account?

The Alice Anderson Fund will deem ESOP to be on a fully diluted basis (as if the ESOP is diluted at the time of the application). I'm a founder, how can I access the Fund? Investors apply on a founder’s behalf for this opportunity, so we recommend engaging with an angel group or VC Fund to access the fund.

You can find a full list of investors over at dealroom. launchvic. org Do you provide follow-on funding?

Investee companies that received initial funding between $50,000 and $250,000 are eligible to apply for follow-on funding (within the investment time period of the fund and dependent on funding available) up to a total investment of $300,000. However, there should be no expectation that a follow-on application will be approved and it will continue to be determined on a case-by-case basis.

What terms does the Alice Anderson Fund look for in investment documentation? We have outlined some of the key terms we look out for in our investment playbook linked above. Can Retrospective funding be included in the application?

No. Applications must be for a current investment opportunity. We won’t take into consideration amounts that have already been raised and banked with the startup. As an investor do I need to apply for each new relevant startup?

Yes. If you have previously applied and are submitting an application for a new Investee Company from the same Investing Entity please email investments@launchvic. org to let us know and we will send you a shorter application form, for Investee Company and Deal Information only.

The application form asks for due diligence to be provided. What due diligence is required? Due diligence must be provided in the form of a deal memo outlinin g the investor’s due diligence findings in relation to the Startup.

At a minimum the deal memo must include the following: An assessment of the market opportunity, an overview of the traction the startup has had so far, the reasons for investing, an overview of the competitive landscape, use of funds (and runway the funds will provide), key risks and opportunities that have been identified.

As the Alice Anderson Fund operates as a side car structure, the Investment Committee are relying on leveraging thorough due diligence process of private investors to inform their investment decision. If you are not the lead investor and you are relying on the due diligence conducted by the lead investor, please upload the deal memo outlining findings of the due diligence conducted by the lead investor.

The Investment Committee will not be able to make a decision on any application without a thorough deal memo being provided. Does the investment round need to have been finalised before an application is submitted? The investment round does not need to have been completely finalised before an application is submitted.

The application form asks for the minimum and maximum round size to be provided. In order for eligible applications to be approved, startups need to have raised the minimum required for Alice Anderson Fund investment ($150k) and an indication must be provided of what has been raised to date. The terms of the investment must be included in the application.

If an application is successful, at a minimum, the Alice Anderson Fund will co-invest at a 3:1 ratio on the amount raised at the point of application. The final investment amount is at the discretion of the IC. Typically, investments need to be finalised within three – six months from the date of application.

How long will it take to process my application? The Investment Committee meets monthly to assess applications. Once the Investment Committee meeting is complete, LaunchVic will contact you with an outcome within 48 hours.

If you have any questions about this timeframe, please reach out to our team at investments@launchvic. org . If the investment is approved, what are next steps?

Once the investment is approved by the Investment Committee, LaunchVic will need to see evidence of all investment documentation and co-investment amounts from all investors in the round prior to finalising the investment. LaunchVic will also require a grant agreement be signed for the non-dilutive grant component of the investment. Which best describes you (pick one)?

I am wanting to launch a startup I provide services to startups Yes, I want to hear about other ecosystem news and events from LaunchVic.