ACS has announced an early stage tech investment fund with a $5 million contribution, calling on other investors to join.
Announced at the ACS Reimagination Thought Leaders’ Summit in Melbourne, the fund demonstrates the organisation’s “commitment to the next generation of tech founders,” according to ACS President Yohan Ramasundara.
“I believe combining creativity with technology problem solving is a passion for ACS members, so I don’t want to place an arbitrary cap on how much this fund will look to raise, but I do want to invite ACS members and other key stakeholders to join us,” he said.
The fund follows ACS’ recent Digital Pulse report which highlighted an estimated 97% of Australian start-ups either exit or fail to commercialise and scale, with difficulties attracting investment being cited as a common cause.
Mr Ramasundara called on other investors, including those with self-managed super and institutions to join the scheme.
The fund announcement follows the rollout of ACS Labs network after the acquisition of Brisbane’s River City Labs in September 2018. The east coast network was completed with the launch of the Sydney Harbour City Labs in April this year followed by the Melbourne Bay City Labs in July.
Investors interested in joining the ACS fund can register an EOI through firstname.lastname@example.org.