The Optus-Innov8 Seed Program has announced its first investments since the program began, contributing $250,000 to a total of $700,000 that has gone into Australian startups 121cast and Venuemob.
Like all seed programs, Optus-Innov8 provides funding, mentoring, networking and a space to work in — surrounded by other startup founders, their teams and often advisors.
Venuemob is a startup focusing on the venue booking space. The first problem it’s tackling is making it easier to book venues for parties and functions in the Melbourne area. Venuemob received AU$450,000 (or about US$470,000).
121cast‘s product is a radio feed that uses personal information to deliver a uniquely tailored content to users — yet another startup continuing this century’s disruption of the old model of one-size-fits-all broadcasting. 121cast received AU$250,000, which is around US$260,000.
It wasn’t long ago that founders would be hard pressed to find funding in Australia, but now the country has a large range of startup incubators, accelerators and more traditional venture capitalists.
Optus-Innov8 Seed Program will take its next round of applications in January 2013, so if you’re a would-be Australian founder, it’s time to get cracking on that prototype.
SingTel got into the VC game in 2010 with a US$150 million fund. SingTel has invested in General Mobile under its Innov8 arm and has partnered with Joyful Frog Digital Incubator to run a startup competition in TechStars-style that will work with 15 Southeast Asian startups to build their products over a 100-day program.
Image Credit: AFP/Getty Images