Australia-based telecommunications company Telstra has announced that three of the participants in its Muru-D accelerator programme have each attracted A$50,000 (US$46,500) in funding from venture fund SYD Ventures.
Agricultural monitoring platform Farmbot; Pixc, which has created an image editing platform for online stores; and Open Learning, an online education platform, are three of the nine start-ups taking part in the six-month accelerator.
In addition to the cash, SYD will also assist the start-ups in scaling their businesses to become self-sustaining. The Muru-D programme offers all participants up to A$40,000 (US$37,000) in seed funding from Telstra, as well as mentoring, support and access to the Telstra network.
Muru-D co-founder Anne Parker, said: “Muru-D is committed to supporting local innovation and encouraging an ecosystem that incubates ideas and attracts local investors like SYD Ventures, rather than having the community head overseas for funding”.
All nine start-ups will produce a pitch of their progress on Muru-D’s demo night on August 14th in Sydney.