Melbourne angel investment network Scale Investors has chose two co-CEOs, Chelsea Newell and Samar Mcheileh, to replace departed boss Ariane Barker.
Scale invests in female-led startups and was founded in 2013 by a group of leading Melbourne businesswomen. With the backing of high net worth individuals, the organisation has backed 30 companies in that time with five exits.
Newell has been with Scale since 2018 and leads the network’s investment team, having previously spend several years in the financial services industry.
Mcheileh joined the team in April 2019 after more than a decade infinancial services experience, including a range of executive roles at JBWere. She was recently a Startmate fellow.
Scale Investors chair and co-founder Susan Oliver said the duo bring a wealth of startup experience to the role.
“I am so proud that we have attracted, nurtured and now promoted these talented professionals who for years have been passionately implementing our mission to invest in exceptional female founders,” she said.
“It is a credit to our retired CEO Ariane Barker that we can achieve a seamless and smooth transition.”
Oliver said the organisation had entrenched itself as a critical player in the Victorian and Australian innovation and entrepreneurial sectors.
“Scale was first and prescient in understanding the need for active and successful participation of women in investing and founding new innovative businesses,” she said.
“We have built an active Angel investment network and have worked with over 200 sophisticated investors mainly women, activating over $12 million of private capital in 30 investments into women-led businesses.”
Oliver said Scale had an internal rate of return of 21.5% and won exit of the year in 2019 for Trademark Vision.
“I am very proud of what we have achieved thus far and the enthusiasm in which Chelsea and Samar have taken up the opportunity to continue developing our business, the engagement of angel investors and the success of our investment portfolio,” she said.