Nicola Forrest backs Antler Australia with 30 million dollar commitment

Antler Australia is targeting at least 70 million dollars for its third fund, supported by a commitment from philanthropist Nicola Forrest, Startup Daily Australia and Startup Daily both reported. Forrest is providing funding through her entity Coaxial, which includes a 20 million dollar investment into the main fund under the Early Stage Venture Capital Limited Partnership program. The fund intends to back both female and male founders. [1][2][3]

According to Startup Daily Australia, Coaxial is providing up to an additional 10 million dollars outside the main fund investment. This capital will support female founders using grants, co-investments, and operating expenses. It includes non-dilutive capital of up to 120,000 dollars for individual women founders. [1]

Startup Daily Australia reported that the joint initiative, named Momentum powered by Coaxial, provides capital to startups at two distinct stages. As part of the arrangement, Antler general partner Michael Kron stated that 1 million dollars over four years will go toward expanding Antler's team resources to source and assist female entrepreneurs. Antler noted that Coaxial's 20 million dollar fund commitment is structured on the same terms as other limited partners in the vehicle. [1]

Forrest is an Australian philanthropist who co-founded the Minderoo Foundation and is co-owner of the investment firm Tattarang alongside Andrew Forrest. She is also the founder of the Coaxial Foundation and Coaxial Ventures. [3]