The Victorian Government is committed to assisting female entrepreneurs, and has released more details about its $10 million Women’s Angel Sidecar Fund.

The scheme will see the state government take part in early-stage startup funding rounds for businesses including salons. Their investment will make up a third of the total round, with private sector investors making up the difference.

That means up to $30 million in funding could potentially be released for investment into women-led startups.

The fund has been dubbed The Alice Anderson Fund, after the woman who opened the first all-women garage in Australia, in Kew, back in 1919.

“Victoria has many modern-day Alice Andersons and we’ll continue to back their innovation, excellence, vision and commitment,” Victorian Minister for Women Gabrielle Williams said in a statement.

Minister for Innovation Jaala Pulford suggested the new fund will serve to level the playing field for local startups, ensuring more women-led startups can secure access to early-stage funding.

“At all stages of the startup life cycle, women-founded firms are a significant minority,” she said. “This is a pivotal time to support women entrepreneurs to drive economic growth and create new jobs.”

Providing investments of between $50,000 and $300,000, it is expected that the fund will back between 40 and 40 startups over three years.

Ti be eligible for the funding, a business must be 50% owned by women, or if there is a 30% ownership stake by women and at least one woman in an executive role.

Applications open in July.

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