Startmate Seed Fund To Incubate Australia Startups
By Anna Johnson on August 23rd, 2010Startmate has launched as an Australian based seed fund and incubation program aimed at funding and mentoring a small number of Australian technology startup companies.
Launched by a group of Australian technology investors and entrepreneurs, Startmate is modeled on such programs as the U.S. based Y-Combinator and TechStars.
Startmate will begin inviting applications in October 2010 for its first program, to be held in Sydney in the first quarter of 2011.
During the 3-month program, five startups will each get AUD $25,000 in seed funding (in return for an undisclosed amount of equity), mentoring from more than 20 successful company founders, and a two-week trip to Silicon Valley. The startups will be able to participate in two demo days at the end of the program – one in Sydney and one in Silicon Valley – where they’ll be able to present their companies to early stage investors.
