Up to 10 female venture capitalists will be trained up in a new state-backed initiative to widen the opportunities from Queensland’s $130 million startup funding drive. Brisbane based and Silicon Valley-linked 77 Partners will lead the new initiative, announced on Monday.
The Queensland Investment Corporation (QIC) is backing the new program with the Queensland Venture Capital Development Fund, a $150 million pot that also lures VCs to the state and funds startup accelerators.
The new funding will allow 77 partners to support up to 10 female candidates, with a target of participants reaching an associate level — a VC role that typically comes with responsibilities like sourcing deals and performing due diligence — and one participant joining the firm.
“Approximately one in four members of early-stage VC investment teams in Queensland are women, and that drops to one in 10 at the general partner level,” QIC private equity senior associate Matiela Baker said.
“We recognise the gender gap is a very real challenge and there is work to be done. Particularly as Queensland’s VC ecosystem continues to grow from strength to strength, it’s important for us to see that growth create opportunities for everyone.”
The Miles government has lured nine VC firms to establish or expand in the state with a $130 million Venture Capital Development Fund (VCDF), which is understood to be considering more deals.
The VCDF offers matched funding to the firms, which are required to invest 1.25 times the QVCDF contribution into local startups.
The $130 million fund includes $30 million for startup accelerators to build a pipeline of investment ready startups as well as funding for industry development, including workshops.
The development portion of the VCDF is funding the new 77 Partners initiative, which will be delivered over three months and target postgraduate business students. It will comprise active VC development, partner level mentorship, and lessons from early-stage VC firms, according to the QIC.
The program is modelled on the Haas Venture Fellows in Silicon Valley, which places and connects the US university’s students in the VC industry.
The Brisbane based VC will be supported by strategic partner Bee partners, based in Silicon Valley. It is offering the training for free and will negotiate a venture capital associate position with a least one participant by the end of the program.
77 Partners is also delivering one of the VCDF backed startup accelerators, announced earlier this year.
“However, as a VC firm, we also recognise the value of organisational diversity and are committed to growing female representation in our own investment team,” 77 Partners founder and managing partner Brent Watts said.
“By actively supporting the development of more female venture capital investors in Queensland, the 77 Venture Fellows program is key to this.”
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