Victoria’s Alice Anderson Fund backs Lift Women

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Lift Women is the first country-specific crowdfunding platform for women. LaunchVic’s Alice Anderson Fund sidecar VC has invested in the Alice Anderson Fund.

The Alice Anderson Fund invests alongside other venture funds. Lift Woman attracted the support of two executives from major insurance companies including Gordon Watson, CEO, AXA Asia. This was part of plans for strengthening fintech’s growth in Australia and the rest of the world. The amount of the investment was not disclosed.

Lift Woman was founded by Irene Tsang 12 months ago as a CSF platform to connect female founders and investors. This is part of a larger focus on increasing access to capital for women.

A Deloitte study, which was commissioned by SBE Australia for its women-focused SBE Australia, found that funding for female-founded companies fell from 3.8% in 2017 to 0.7% in FY22.

Tsang stated that Lift Women is part the solution. It allows female founders to access equity-free and unburden debt-free capital to launch their business ventures.

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She said, “It also provides founders an all-in-one marketplace to validate product-market match, prove traction and grow their customer base, increasing brand visibility.”

“Gender equality and women empowerment are good for society and the economy. The gender balance in the world is far from balanced. Entrepreneurial life is dominated by women. Only 22% are Australian women who have founded a startup. Globally, more than six million crowdfunding projects were launched in 2020, but only 30% of them were women-focused. Lift Women is my attempt to change this.

Lift Women startups are currently looking for funding. Wylde is a marketplace for plants. Suitable is a guide for sexual consent for male teens using Gamification. Yilum offers a range ethically and sustainably sourced camping gear from Indigenous Victorians of the Taungurung Nation.

Dr Kate Cornick, CEO of LaunchVic, stated that they are thrilled to support Lift Women’s Victoria fund of $10 million for women-led startups.

She said, “We share Irene’s passion for closing gender investment gaps in the early-stage markets and look forward to watching the Lift Women community grow.”

He said, “Irene and her team have done a tremendous job and I am thrilled to be able contribute to their journey to empower women all over the world.”

Tsang cites McKinsey Global Institute estimates which show that women would be fully integrated into the economy by 2025, as one of her motivations for Lift Women.

She stated that we must invest in female entrepreneurs not only to benefit one generation but also to provide role models and support for the next.

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