QLD Female Founders Co-Investment Fund Updated March 2024
The QLD Female Founders Co-Investment fund is available to innovative female founded businesses engaging in or planning to engage in an early-stage capital raise.
It is targeted at Innovation Driven Enterprises that emphasises innovative solutions as a key driver of growth, competitive advantage, and value creation. With the focus on developing and commercialising new products and/or services to achieve their strategic outcomes.
Funding
The Fund provides grants from $50,000 to $200,000 (excluding GST).
The grant will be matched with a 3:1 ratio (i.e. $1 in grant funding for every $3 of secured investment) awarded over a period of 12 months, for either a single investment or a raise round led by an eligible investment entity.
Note there are requirements around who is an eligible investor and this excludes existing shareholders.
Eligibility
Funding is available for Queensland businesses:
- A female founded business,which, for at least six months prior to application, is majority female owned: at least 51% of shares are held by a woman/women; and, female led with at least one primary executive decision-making position is held by a woman
- have an ABN and be registered for GST
- have no more than 50 full-time equivalent employees and not be a subsidiary of a group of companies that has more than 50 full-time equivalent employees in total
- not have received investment through previous capital raises, grant funding or accelerators totalling more than $500,000
- be engaging or planning to engage in eligible early stage capital raise from an approved eligible investor.
The applicant organisation must, at the time of application:
- be planning to secure and finalise their capital raise within six months (180 calendar days) of receiving provisional approval from the Fund, or,
- have secured an offer of investment, from a new eligible investment entity within the previous three months (90 calendar days), and will aim to secure and finalise their capital raise within six months (180 calendar days) of receiving provisional approval from the Fund.
Note there are requirements around who is an eligible investor and this excludes existing shareholders.
Eligible Use of Grant Funds
Female Founders Co-Investment Fund expenditure must be related to growing and/or scaling the business, including but not limited to:
- hiring staff
- marketing/promotion
- securing new customers
- expanding to new markets
- expanding production/delivery
- professional services.
Wherever possible, the funding must be expended in Queensland, or through Queensland-based suppliers.
Ineligible Expenditure
The grants must not be used for activities which include:
- FDA/TGA or other regulatory approval costs
- capital works and/or physical infrastructure, including any buildings, telecommunications and IT networks
- costs associated with employee allowances, bonuses or fringe benefits. ongoing compliance fees and licences, entertainment, conference costs
- costs associated with securing and/or managing the grant funding
- general business operating costs, including but not limited to rent, rates, electricity, water, internet, insurance, software, accounting fees, legal fees
Assessment Criteria
The main assessment criteria include:
- Innovation
- Organisational capability
- Growth and investment viability
- Sustainability and resilience
Learn More
To learn more about the QLD Female Founders Co-Investment fund and apply click here
Currently applications may be submitted at anytime.
If you want a confidential discussion on your business situation, or help with this grant contact me below
Contact Wayne Wanders for your FREE Business Survival Session
At the end of this session, you will have multiple ideas on how your business can survive and thrive in these uncertain times.
Simply fill in the contact form below or email me at wayne@aRealCFO.com.au or call me on 0412 227 052 to organise one of these obligation free sessions.
Wayne Wanders, A Real CFO
wayne@aRealCFO.com.au
