{"id":42318,"date":"2023-10-20T15:20:20","date_gmt":"2023-10-20T15:20:20","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/melbourne-startup-ecosystem-set-to-get-a-10-million-cash-injection-startupsmart\/"},"modified":"2023-10-20T15:20:20","modified_gmt":"2023-10-20T15:20:20","slug":"melbourne-startup-ecosystem-set-to-get-a-10-million-cash-injection-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/melbourne-startup-ecosystem-set-to-get-a-10-million-cash-injection-startupsmart\/","title":{"rendered":"Melbourne startup ecosystem set to get a $10 million cash injection &#8211; StartupSmart"},"content":{"rendered":"<div class=\"td-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"332\" itemprop=\"image\" class=\"entry-thumb\" src=\"\/wp-content\/uploads\/2016\/03\/angelcubefounders-640x332.jpg\" alt=\"\" title=\"angelcubefounders\"><\/div>\n<p>Sydney-based corporate accelerator Slingshot has acquired AngelCube, Melbourne\u2019s first startup accelerator, and announced plans to inject $10 million into the local ecosystem.<\/p>\n<p>Founded three years ago, Slingshot runs programs connecting high-growth startups with the growth agenda of larger corporates.<\/p>\n<p>AngelCube has been running for nearly five years and has invested in more than 20 startups. Through its three-month program, the accelerator contributes $40,000 in seed funding to all participants.<\/p>\n<p>With&nbsp;the acquisition, Slingshot will now operate through AngelCube\u2019s existing networks and mentors, running \u201cat least three\u201d programs in Melbourne, with minimum investments of $150,000 for each startup.<\/p>\n<p>It\u2019s the first step in Slingshot\u2019s national expansion plans, co-founder Craig Lambert says.<\/p>\n<p>\u201cWe wanted to have a bigger footprint in the startup ecosystem and looked to existing programs that we could partner with,\u201d Lambert tells <em>StartupSmart<\/em>.<\/p>\n<p>\u201cAngelCube has a long and rich history with great networks, a really strong reputation and the existing infrastructure. We\u2019ll inherit all of that.<\/p>\n<p>\u201cStartups will have access to mentors, investors and deep relationships with the Melbourne ecosystem.\u201d<\/p>\n<p>Lambert says he has known AngelCube founders Nathan Sampimon and Adrian Stone since he first started Slingshot.<\/p>\n<p>\u201cWe really liked them straight off the bat,\u201d he says.<\/p>\n<p>\u201cWe\u2019ve had a relationship for a long period of time.\u201d<\/p>\n<p>The AngelCube co-founders will remain involved with the group, assisting with its strategic direction and acting as mentors for program participants.<\/p>\n<p>\u201cWe\u2019re so proud of everything AngelCube has achieved since launching in 2010,\u201d Sampimon says.<\/p>\n<p>\u201cWe have accelerated 32 startups and raised over $20 million. With the support of Slingshot, startups will now have access to increased funds and the expertise of their network of corporate partners.\u201d<\/p>\n<p>Not content with the expansion to Melbourne, Lambert says the \u201cnext logical step\u201d is a move into Queensland, while a presence internationally is in the groups\u2019 long term plans.<\/p>\n<p>\u201cWe want as broad a spread as possible to service tier one corporations and capture high potential startups,\u201d he says.<\/p>\n<p>\u201cWe\u2019re not closed to just Melbourne, Sydney and Queensland, we\u2019re very open to growing our business even beyond Australia.\u201d<\/p>\n<p>Slingshot\u2019s Melbourne operations will run out of the Inspire9 co-working space and the group is looking to expand its team in the city.<\/p>\n<p>\u201cWe always invest in great people and we\u2019re looking for more high-quality people to join,\u201d Lambert says.<\/p>\n<p><em>Follow StartupSmart on<\/em> <em>Facebook,<\/em> <em>Twitter,<\/em> <em>LinkedIn<\/em> <em>and<\/em> <em>Soundcloud.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sydney-based corporate accelerator Slingshot has acquired AngelCube, Melbourne\u2019s first startup accelerator, and announced plans to inject $10 million into the<\/p>\n","protected":false},"author":2,"featured_media":60406,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/42318"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=42318"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/42318\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/60406"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=42318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=42318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=42318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}