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Optus-Innov8 Seed now open for investment all year round

Friday, 18 October 2013 | By Gavin Lower

Australian tech start-up investor Optus-Innov8 Seed has changed the way it offers support and will now take applications from entrepreneurs year round, instead of only twice a year.


“Through feedback from the start-up community, we’re evolving the Optus-Innov8 Seed model to offer support to start-ups when they need it,” Optus Innov8 Seed director Peter Huynh says in a statement.


“Early-stage entrepreneurs have immediate needs for funding and support. Now we’re open all year long, start-ups have the freedom to approach us when the timing is right for them.”


Optus-Innov8 Seed is an early-stage investment collaboration between Optus and SingTel Innov8. It has invested in start-ups 121cast, which recently launched its Omny online radio app, and VenueMob, which gives “party people” the ability to find, compare and book functions.


The corporate venture fund’s website says it operates in the “traction” space, when a start-up’s product has shown traction with customers and is moving towards product market fit. Optus-Innov8 Seed partners with other investors to co-invest in pre-series A round of up to $900,000 and invests up to $250,000 itself.


It also provides networking opportunities, co-working spaces and mentoring support.


Optus-Innov8 Seed says it also wants to bring Australia’s start-up ecosystem closer together by launching a series of events that help start-ups meet key industry players.


“The Optus-Innov8 Seed showcase events aim to get key industry players together to connect and hopefully form fruitful business relationships,” Huynh says.


The events are due to start in December with the first one to look at how the new digital age of innovation impacts the way we learn.