Brisbane, 1 October, 2015: Startup hub and coworking community River City Labs has today announced it has successfully raised and closed an investment fund totalling $150K, to sit behind its inaugural, three-month ‘River City Labs Accelerator’ program, powered by muru-D.
Twelve local investors have 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, said: “The interest shown in the investment fund was incredible, with new investors wanting to come on board even after the funding round had closed. 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,” Mr Birkby added.
Founder of River City Labs, and one of the fund’s investors, Steve Baxter, said: “What an encouraging sign for both the community here at River City Labs and the wider Brisbane startup scene. 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 the completion of the program.”
The five startups participating in the ‘River City Labs Accelerator’ program are:
· ProcessPA – Softwareasaservice that takes all the anxiety and time out of your minutes, motions and meetings for School Parent Bodies and Incorporated Associations.
· GreenSocks – The easiest way to get your lawn mowed by people who want to make money, mowing lawns.
· Outbound – Provides a simple, efficient and safe social network for travellers to connect.
· ParkFit – The mobile app that helps you discover nearby crowd-sourced and publicly available workout structures, making it easy to workout outdoors for free.
· Puntaa – A peer-to-peer social betting platform, allowing custom bets between friends on anything, social sharing of those bets, and bets to be paid out, all on mobile.
Each startup began their 14-week residency at River City Labs earlier in September, receiving $20,000 of seed investment funding upon their commencement ($10,000 each from River City Labs fund and muru-D). Those teams that meet their traction targets following the completion of their residency will receive a further $20,000 in funding from the River City Labs fund.
For more information head to: http://accelerator.rivercitylabs.net/
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Laura Blue, Launch Group
About River City Labs
River City Labs is Brisbane’s premier co-working community and central clubhouse for tech startups. They are a not-for-profit organisation aimed at fostering Queensland’s startup ecosystem.
Current membership sits at over 100 members ranging from early stage startups and founders to established startups and entrepreneurs who have successfully raised capital in the last 18 months.
River City Labs focuses on providing the right environment for entrepreneurs to make valuable contacts while learning from peers, mentors and industry experts helping them to connect, work and grow.
muru-D is a startup accelerator backed by Telstra that provides support for the best tech entrepreneurial talent in the Asian Pacific region. By providing mentoring, tailored acceleration services and investment to early stage startups, muru-D’s goal is to help Australia and South East Asia become a centre of digital business.