The Royal Automobile Club of WA’s seed capital fund BetterLabs Ventures, has tipped another $20 million into the kitty of the $3 million fund it launched in 2018.
The initial success of the fund, which received more 150 applications and made four investments – Power Ledger, Complete Home Filtration, and SpacetoCo – in its first 12 months, led the RAC to increase its support for its strategic innovation fund for startups.
RAC Group CEO Rob Slocombe said BetterLabs received “an incredible amount of interest” since its launch.
“By expanding the investment fund to $23 million we aim to provide new opportunities for start-ups to make a positive impact in WA,” he said.
The expanded fund will continue to invest in seed rounds, but now also include Series A/B rounds with investments expected to be in the $300,000 – $3 million range.
BetterLabs Entrepreneur-In-Residence Derek Gerrard will continue to lead the fund.
The focus for BetterLabs Ventures includes:
- Clean Tech: Technology that enables sustainable living and commuting specifically around energy, waste and water
- Member Community: Innovation that generates deeper connections, fosters collaboration and builds meaningful community
- Third Age: Opportunities that support the transition of the aging population into their next stage of life
- Life, Work & Money: Technology that supports the new ways we will design life and structure our work and money
- Mobility of the Future: Innovation that supports the new ways we will get around
- Next Gen Insurance: Technology that supports the new models of insurance
For more information on the fund, including how to apply, visit betterlabsventures.com.au