Optus, an Australia-based subsidiary of Singtel, has joined forces with its parent’s corporate venturing unit SingTel Innov8, to launch an Australia-based seed programme.
The programme will provide up to A$250,000 in funding per startup investment.
Austin R. Bryan, Vice President, Digital Communities and Ecosystems, SingTel and Optus, said: “We have launched the Seed Program to further accelerate digital innovation in Australia, help keep talent on our shores and make it easier for startups to source local funding and support in the early development stages.”
Bryan added: “As Australia moves into a digital economy, we believe we can add the most value to this community by providing access to funding and partnering with leading startup co-working spaces and incubators to build a support network and co-investment opportunities. We’ll continue to evolve the program based on feedback and hope it will give local talent an incentive to grow their business within Australia, and serve as a stepping stone to venture capital funding.”
Edgar Hardless, chief executive of SingTel Innov8, said: “SingTel Innov8 complements the Group’s digital strategy by investing in new technologies and entrepreneurial talent worldwide. There is tremendous talent in the Australian market and we expect to invest in up to eight Australian startups in the first year. With the SingTel Group’s strong presence and scale of over 445 million mobile customers, we can assist startups to go regional.”
Optus has joined with Fishburners in Sydney and York Butter Factory in Melbourne to provide the startups with co-working spaces to share ideas and host regular events.