First Australians Capital scores $500,000 from QBE to back Indigenous startups with Seed funding

The QBE Foundation has given Indigenous-led investor First Australians Capital (FAC) a $500,000 to provide Seed funding for Indigenous startups.

The grant will form part of a seed capital pool established by FAC to fund startups and early-stage businesses run by Indigenous Australians.

FAC is an Indigenous-led organisation focused on business advisory services coupled with a social impact fund for Indigenous businesses.

Viv Bower, chair of the QBE Global Foundation, said they were “committed to creating strong, resilient and inclusive communities and we are pleased to support First Australians Capital as they work to contribute to the long-term sustainability and growth of Indigenous businesses and fill a critical financing gap.”

First Australians Capital managing partner Brian Wyborn thanked QBE for the grant.

“This partnership represents the combined interest of QBE and FAC to cultivate a future where Indigenous businesses thrive, driving sustainable growth and prosperity for future generations. Thank you, QBE, for joining us on this transformative journey toward equity and opportunity”.

Since 2016, FAC has supported more than 800 Indigenous businesses

In FY2023, supported 282 Indigenous businesses, including 82 new companies, with 31% female-led and 52% in regional and rural locations. More than 80% said they otherwise would not have had access to capital.

Last year First Australians Capital announced its new impact fund for Indigenous startups had raised $15 million, taking it halfway to a $30 million target to back Aboriginal and TSI entrepreneurs. The new “catalytic impact fund” has been backed by long-term supporter the CAGES Foundation. Other supporters include the AMP Foundation, Paul Ramsay Foundation and William Buckland Foundation.

In November US fintech Block backed FAC with a $3 milllion, with founder Jack Dorsey visiting Melbourne to support the Catalytic Impact Fund , which offers debt finance of between $100,000 and $2 million for Indigenous-led businesses creating social and environmental impact.