Last night the RCL Accelerator’s Demo Day and the River City Labs’ RiverPitch Finals came together for “Startup Invest”, a night that saw startup founders pitch to an audience of 250 startup enthusiasts, angel investors and VC’s.
What was more impressive however was the fact that history was made, with the first “live” investment taking place then and there, right on stage!
Alexander Dreiling of Climpchamp, a browser-based video sharing tool that eliminates the need for uploading, impressed one investor so much that he shouted out his offer to invest $100,000 USD at the end of Mr Dreiling’s presentation. This really does go to show that deal can be made anywhere and at anytime with RiverPitch.
In addition to Climpchamp’s success one of the other teams had their current investors kick in an additional $250,000 in funding after the team secured interested from one of the “Big 4” banks. That in turn has generated interest from a Sydney investment group, highlighting that RiverPitch is a great way to engage and get in front of investors across the country.
Overall, all six RiverPitch finalists delivered performances of incredible calibre as they looked to secure crucial Series A funding from the group of high-powered national and international investors.
River City Labs CEO Peta Ellis says Brisbane’s startup scene is developing each year and events like RiverPitch and Startup Invest are fast-tracking progress even further.
“Startups are growing, they’re scaling and seeking investment to fast track expansion to become globally relevant companies. It shows a lot of maturity in the ecosystem that companies are raising Series A funds. It highlights the growth in Brisbane in particular.”
River City Labs founder and Queensland Chief Entrepreneur Steve Baxter says he admires entrepreneurs because they want to “change the world.”
“Pitching in front of investors is really serious stuff. People who head off on the entrepreneurial journey risk personal bankruptcy to try and change the world and we need to respect that.”
“They don’t know if they’re right or wrong, mostly they don’t care and that’s a lot of fun to be around. It’s a bit like a fountain of youth,”Mr Baxter said.
Mark Livings, investor and a founder at The Kinetic Agency, says Brisbane needs to host events like Startup Invest as much as possible, to develop the community as a viable alternative to the startup “juggernaut” in Sydney.
He says the things he is looking for as an investor are a “potential to go to $100 million, scalability, and a great founder with lots of passion.”
James Turner of Viberent, who pitched his SaaS cloud-based rental management platform, said afterwards that RiverPitch is a great opportunity for investment-ready startups to expose their opportunity and test themselves.
“It’s important to be out of your comfort zone constantly because that’s where you’ve got to be. Whether it’s nights like this, or a meeting that’s touch-and-go, it’s important to be constantly pushed outside where of you’d usually be.”
As Clipchamp’s Alexander Dreiling walked off the stage at the end of his RiverPitch, a few investors in the front rows reached forward to shake his hand. One of these was the U.S based investor who offered Clipchamp $100,000 USD. All RiverPitch finalists were seen in rapid-fire conversations with investors after Startup Invest concluded.
RiverPitch 2018 was hosted by River City Labs and supported by McCullough Robertson and Morgans.