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$30m invested into Australian tech start-ups
Lighter Capital has secured a $30 million fund from the Victorian government to invest in Australian tech start-ups in a move to help grow Australian businesses.
Lauren Croft
Firm: Baker McKenzie (Lighter Capital).
Value: $30 million.
Area: Venture capital.
Key players: The Baker McKenzie team was led by Alastair Gourlay, with assistance from Josh Donald, Dean Bao and Lara Ilic.
Deal significance: Lighter Capital, a US-headquartered leading provider of non-dilutive financing to tech start-ups, has been appointed by the Victorian government to deliver the Victorian Venture Growth Fund. This $30 million funding comprises $10 million from the Victorian government, matched by $20 million of private capital from existing firm client iPartners.
Lead partner Mr Gourlay stated: “This is a great outcome for our clients Lighter Capital and iPartners, and the start-up fintech community in Australia, in attracting interest from government through co-investment coupled with high quality institutional investors to expand their business and increase their workforce.”
Melissa Widner, chief executive of Lighter Capital, explained that “Lighter Capital’s revenue-based financing provides startups with non-dilutive growth capital and valuable connections”.
“Lighter takes no equity or warrants and does not require companies to give up any control. Our mission is to help founders grow their companies on their terms,” she said.
Tim Pallas, Victorian Minister for Economic Development, commented: “We’ve seen how startups can rapidly grow from one or two people to employing hundreds of people – so supporting the growth of companies like these will create jobs for Victorians. The Venture Growth Fund addresses a gap in the market where technology-focused startups are often considered too risky to finance.”
Lauren Croft
Lauren is a journalist at Lawyers Weekly and graduated with a Bachelor of Journalism from Macleay College. Prior to joining Lawyers Weekly, she worked as a trade journalist for media and travel industry publications and Travel Weekly. Originally born in England, Lauren enjoys trying new bars and restaurants, attending music festivals and travelling. She is also a keen snowboarder and pre-pandemic, spent a season living in a French ski resort.
