BetterLabs goes large with $23M seed fund

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// BetterLabs Ventures has expanded its seed capital fund to $23 million to become largest in the State.

In a seismic shift for startup funding in WA, RAC’s BetterLabs Ventures has announced a $20 million expansion of its seed fund, making it the largest of its kind in Western Australia.

Established in late 2018, BetterLabs has already become one of the most active early stage investors in WA, with investments in Power Ledger, Environmental Water Solutions and SpacetoCo.

RAC Group CEO Rob Slocombe acknowledged there had been an overwhelmingly positive response to its initial seed fund, with over 150 applications received in its first 12 months.

“BetterLabs has received an incredible amount of interest since it began and we’ve been fortunate to be able to support and partner with some of WA’s most innovative start-ups,” Rob said.

“By expanding the investment fund to $23 million we aim to provide new opportunities for start-ups to make a positive impact in WA.”

Rob Slocombe

The expanded fund will continue to invest in innovation that benefits WA and will now include Series A/B rounds with investments expected to be in the $300K – $3M range.

Derek Gerrard, BetterLabs’s Entrepreneur-In-Residence (EIR), will continue to lead the fund.

“It has been great to see the positive response over the last 12 months and four investments are now underway,” Derek said.

“We are very excited with this announcement and the expansion of the fund into Series A/B rounds which is great news for the WA and broader Australian start-up ecosystem.”

Derek Gerrard

BetterLabs will seek to build a portfolio across its ‘Emerging Innovation Domains’, namely:

  • 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

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For more information on the fund, including how to apply, visit www.betterlabsventures.com.au

MAIN IMAGE: Derek Gerrard speaking at a BetterLabs Ventures information session.