BetterLabs Venture Fund portfolio increases to 22 startups after new investments
Key Insights:
- BetterLabs is backed by the RAC
- The fund has invested more than $2.5 million across eight companies during the past six months
RAC’sPerth-based BetterLabs Venture Fund is continuing to support and develop Australian startup businesses by investing more that $2.5 million in eight companies over the last six months.
BetterLabs recent investments
- Innovation Design Entrepreneurs Academy, a Perth-based academy who works with global and local networks to arrange alternative pathways to universities and employment options for Year 11 and 12 students.
- Upcover, an online business insurance provider for startups and the gig economy.
- Continued partnership with Spacecubed by issuing the 2022 Plus Eight accelerator initiative, a program that supports local startups grow domestically and globally.
Stadium food delivery app Snackr has also secured a $915,000 seed funding supported by BetterLabs and several other investors, including Spacecubed.
Snackr chief executive officer and Plus Eight accelerator program graduate Matthew Lim said BetterLabs was the steppingstone to scale the company globally.
“Having gone through the Plus Eight program, we have an intimate understanding of the knowledge, experience and opportunities that come with an investment from BetterLabs,” Mr Lim said.
“From a very early stage, they have believed in Snackr and our founder team, and we’re thrilled to continue our relationship and have them on this exciting journey with us.”
As part of RAC’s strategic innovation function, BetterLabs also made secondary investments into Gathered Here, an end-of-life services business, and The Volte, a growing designer dress-for-hire business.
RAC general manager of strategic innovation James Edwards said BetterLabs has supported small businesses through the COVID-19 pandemic and is now seeing escalated growth as restrictions begin to ease.
“With 22 investments and over $12 million deployed, the BetterLabs fund is diversified and becoming an excellent portfolio of scalable companies and innovative founders,” Mr Edwards said.
We have seen a significant growth for our companies as the pandemic becomes less restrictive, and we are eager to see what the next 12 months have in store. Even though our portfolio has grown, we are actively looking for the next great business in WA and beyond.
– James Edwards, RAC
Original article date: 30 June 2022
