Title: Funding Pathways and How to Get Investment, with Startmate’s Emma Grife
Session context
- Format: Masterclass + live Q&A with slides and resources
- Speaker: Emma Grife, Accelerator Lead at Startmate; ex-Insight Partners (growth VC, $10M+ checks)
- https://www.linkedin.com/in/emmagrife/
- Focus: Australian funding landscape, Startmate programs, practical fundraising advice
Four main funding sources
1. Angel Investors
Who they are:
- High net worth individuals investing personal money
- Former founders, industry executives, successful operators, VCs investing personally
- Can invest via syndicates or direct checks
What they care about:
- Founder: Your background, expertise, ambition to execute
- Vision: Large potential outcome (not small business opportunities)
Examples in Australia:
- First Believers: Startmate’s angel training program → creates active angel network
- Ozzy Angels: Platform for syndicate deals + network connections
- City groups: Brisbane Angels, Sydney Angels (monthly pitch meetings, pooled capital)
2. Venture Capital Firms
Structure:
- Collect money from Limited Partners (LPs): pension funds, universities, high net worth individuals
- Have investment mandates: geography, stage, sector, check size
- Fiduciary responsibility to return investment to LPs
What they care about (varies by stage):
- Early stage: Founder expertise, product impressiveness, vision, some progress
- Later stage: More emphasis on traction, revenue, growth metrics
- All stages: Venture-scalable outcome (potential for $100M+ business, not lifestyle business)
Australian examples:
- Startmate: Pre-seed/seed, very early stage
- Blackbird, AirTree: Seed/Series A focused
- Peak XV: Multi-stage
3. Grants
Characteristics:
- Typically don’t need to be repaid
- From government entities or private bodies
- Very specific eligibility criteria
- Competitive application process
Best for:
- Research-focused companies
- Deep tech/hardware startups
- Less applicable for pure software plays
Key insight: Align with grant holder’s objectives and development goals
4. Debt Funding
When it makes sense:
- Capital-intensive businesses (hardware, deep tech)
- Companies with revenue/predictable cash flow
- Not common for early-stage software startups
Australian options:
- Tractor Ventures: Venture debt specialist for hardware/deep tech
- Westpac: Early-stage business loan program for startups
Funding stages overview
| Stage | Typical investors | Focus |
|---|---|---|
| Pre-seed | Angels, early VCs | Founder, vision, early validation |
| Seed | VCs, some angels | Product-market fit, early traction |
| Series A+ | Growth VCs | Proven business model, scaling |
| Growth | Growth equity | Significant revenue, market expansion |
Note: Pre-seed and seed can be interchangeable; no hard cutoffs between stages
Key resource: State of Australian Startup Funding
Published by: Folklore Ventures + Cut Through Venture (annual report)
What it includes:
- Overview of Australian VC firms with partner quotes
- Average round sizes by stage
- Sector funding trends
- Largest deals analysis
- Angel investing and venture debt data
Why it matters: Essential reading for understanding the Australian ecosystem
Startmate funding options
Spark Fund
- Amount: Up to $30K (flexible)
- Stage: Very early (idea stage, testing MVP)
- Process: Year-round applications on website
- Best for: Pre-product founders
Accelerator Program
- Investment: $120K at $1.5M post-money valuation (or match latest valuation)
- Program: 12 weeks, remote-first with in-person bookends
- Requirements: Full-time commitment post-acceptance
- Track record: 250+ startups over 15 years; 50%+ raise post-program (median $2M)
Program structure:
- Bespoke curriculum based on cohort needs
- 2-3 dedicated partner mentors per company
- Large advisor network for specific expertise
- Focus on customer validation and fundraising preparation
- Concludes with Demo Day (1000+ attendees)
Application process:
- Every 6 months (next deadline: early November for January start)
- Video pitch + written questions (~1-2 hours to complete)
- Hundreds of applications → 10-15 selected
- Multiple applications common and acceptable
Fundraising strategy insights
Timing approaches
Concentrated approach (recommended for prepared founders):
- 30+ meetings in one week
- Builds round momentum
- Requires: polished materials, warm connections, clear data room
- Can close rounds in days vs. months
Learning approach (for earlier founders):
- Sprinkle VC conversations while building
- Understand investor focus and questions
- Don’t spend too much time on fundraising vs. building
- Minimum 6 months between pitches to same investor if rejected
Relationship building
European-style approach works in Australia:
- Start relationships before needing money
- Send monthly updates to interested investors
- Include: key metrics, wins, challenges, asks for help
- Material improvement required for re-engagement
Valuation considerations (pre-seed)
Factors that influence valuation:
- Investor type and investment philosophy
- Your background and expertise
- Amount you’re raising and timeline to milestones
- Comparable deals in market
- How hands-on investor wants to be
Reality check: Very dependent on specific investor and your unique situation. Use Cut Through Ventures report for market benchmarks.
Startmate accelerator selection criteria
What they look for:
- Most ambitious founders in Australia/NZ
- Global ambitions from day one
- Deep customer understanding (not necessarily 10 years experience, but extensive customer conversations)
- Clear articulation of unique insight
- Venture-scalable vision
Common application issues:
- Not articulating unique customer insight clearly
- Insufficient customer discovery/conversations
- Vision not ambitious enough for venture scale
Demo Day opportunity (Melbourne, Oct 23)
- First Melbourne Demo Day in years (usually Sydney)
- 1000+ attendees: investors, operators, founders
- Showcase opportunity for Winter 2025 cohort
Launch Club advantage
Track record: 3 of 13 most recent accelerator companies came through Launch Club Goal: Get 5+ Launch Club founders into next accelerator cohort Advantage: Known quantity, demonstrated progress tracking, direct feedback to investment team
Immediate action items
- Read the funding report - Essential market intelligence
- Start building investor relationships - Monthly updates to interested parties
- Define your vision - Articulate venture-scalable ambition
- Customer discovery - Deep conversations to build unique insight
- Consider accelerator application - Start draft, refine based on Launch Club progress
Key resources
- Cut Through Ventures + Folklore funding report
- AirTree investor database (on their blog)
- Startmate accelerator information session (Oct 30)
- Emma’s pitch deck session (next week in Launch Club)
Bottom line: Australian ecosystem is mature with clear pathways. Success comes from deep customer understanding + ambitious vision + strong execution. Startmate provides structured path from idea to Series A for most committed founders.