AIRTREE TO DOUBLE INVESTOR PROGRAM
TOP Australian venture capital firm AirTree is significantly expanding its angel investing program, announcing it will more than double its “Explorer” intake in a bid to push participation across rural areas.
The Explorer program, which AirTree has run since 2019, will kick off in February and increase in size from 40 to 100, according to co-founder and partner Craig Blair, who said local entrepreneurship remains at all-time highs despite the tech downturn.
The program will be made up of fortnightly workshops, community events and pitch nights. It’s free for participants, and AirTree writes cheques on an Explorer’s behalf when they refer deals that the fund also invests in. Angel investors provide capital to very early stage start-ups in exchange for equity.
“It’s great we’re now seeing innovation hubs pop up in outer suburbs and regional areas, and I’m excited by the potential we have to better support the incredible ideas and talent that’s right here in our backyard,” he said.
AirTree’s community and programs manager Jessica Walker said systemic barriers are still preventing underrepresented groups from becoming angel investors.
“We’re conscious the vast majority ... of angel investors ... are based in Sydney and Melbourne metro areas,” she said. “Unfortunately, this isn’t an isolated trend. The majority of venture capital ... goes disproportionately to businesses based in metro cities. This is a huge-missed opportunity, not only for us as investors, but also for the future of Australia’s tech ecosystem.”