Antler , a global startup generator and early-stage VC fund, has invested $100,000 in pre-seed funding in 12 startups generated in its inaugural program.
The startup generator revealed 12 of the 31 teams, formed over the last two months, secured investment and will continue in the program for an additional four months.
The investment committee (IC) which voted on the startups consisted of eight venture capital experts from both Antler and the local ecosystem, including Antler Australia and New Zealand Managing Partner Bede Moore, Antler Australia and New Zealand Partner Anthony Millet, Antler co-founder and CEO Magnus Grimeland, and Antler co-founder and COO Fridtjof Berge.
Antler’s investment in the startups is based on a company valuation of just over $1million and is in exchange for 10% equity in the business. As part of the investment, Antler does not seek board seats, and founders are inducted into the global Antler alumni, which they can access for the future of their careers.
The program, the first of its kind in Australia, started in June with 70 individuals from a range of technical and commercial backgrounds.
Of the 12 portfolio companies Antler has invested in, 50% have at least one female co-founder on the founding team.
Other interesting statistics about portfolio companies:
- 93% of the co-founders met at Antler
- 67% of the teams built a business off the back of an idea they brought into the program
- 17% of the founders have an MBA or PHD
- 21% of the founders have previously founded a company generating more than $1m in revenue
- All of the startups have at least one co-founder born overseas
The 31 teams, consisting of between 1-3 founders, had 12 minutes to pitch their business
model to the IC, followed by a 15-minute Q&A with the panel.
Teams were assessed on their team, team-product fit, product-market fit, the size of the problem their business is solving, viability and scalability.
“This experience has been remarkable. In just eight weeks, these individuals have found their co-founders, identified a problem to solve, validated their solution and built a business model. Not only that, many of these teams have already started on their MVP, made first hires and secured customers,” says Antler, Australia and New Zealand Managing Partner, Bede Moore.
“The grit and determination these founders have shown has been inspiring, and we’re looking forward to continuing the work with these amazing teams over the next four months, and help prepare them for Demo Day in November.
“Those who didn’t gain investment should also be fiercely proud of what they have achieved. We’ll be working with these teams over the next week, helping them transition into the next phase of their journey, whether that be to join a team which did gain investment, continue on with their idea outside of Antler, or to pursue other opportunities.”
Antler will now help these teams to continue to grow and scale their companies, providing access to its global network of experts to advise the founders along the way.
In November, the portfolio companies will pitch their startups on stage at Antler’s Demo Day to an audience of up to 500 local and international investors for external seed funding. In previous international cohorts, some teams have secured between $250,000 to $1.5million in external seed funding off the back of this event.
Antler Australia will launch its second Sydney program in January 2020.