RIVER CITY LABS CLOSES ACCELERATOR FUNDING DEAL
Written on the 2 October 2015
STARTUP hub and co-working community River City Labs has successfully raised and closed an investment fund totalling $150,000 for its inaugural River City Labs Accelerator program, powered by muru-D.
The program, designed to foster early stage entrepreneurial activity, provides five startups with a 14-week residency at River City Labs, $20,000 of seed investment funding and a further $20,000 upon completion of traction targets.
Twelve local investors contributed to the fund, including several mentors and advisors from the accelerator program, as well as angel investors and investment fund managers Black Sheep Capital and Blue Sky Venture Capital.
Entrepreneur in residence for the program, Aaron Birkby, says enthusiasm in the program has been overwhelming.
"The interest shown in the investment fund was incredible, with new investors wanting to come on board even after the funding round had closed," says Birkby.
"It has allowed us to activate new, invaluable relationships with angel investors and will give us the opportunity to further collaborate with Blue Sky Funds as they've now volunteered their services to manage the fund.
"I have no doubt that incentivising investment for future programs will be even easier as the Brisbane ecosystem continues to grow from strength to strength."
Founder of River City Labs, and one of the fund's investors, Steve Baxter (pictured), believes the early success of the program bodes well for entrepreneurs across the region.
"This is an encouraging sign for both the community here at River City Labs and the wider Brisbane start-up scene," Baxter says.
"The success of this capital raise over such a short period of time is testament to the quality of the five startups - I have high expectations for all the teams involved in the accelerator program and am looking forward to seeing what level they are at following its completion."