Key Takeaways
- • Coaxial Foundation, backed by Nicola Forrest, has committed up to $30 million to a partnership with Antler, anchoring the VC firm's third Australian fund.
- • Antler Australia Fund III is targeting a minimum of $70 million, with Coaxial contributing $20 million under the Early Stage Venture Capital Limited Partnership (ESVCLP) program.
- • Up to $10 million is earmarked for women founders through grants, co-investments and operating costs, including $1 million over four years for Antler's team to source and support female founders.
- • The Momentum powered by Coaxial initiative offers women-founded companies two $60,000 grants (up to $120,000 total) without taking equity, with the second grant tied to a follow-on round led by an external investor.
Summary
Nicola Forrest's Coaxial Foundation has committed up to $30 million to a partnership with Antler, the venture capital firm, anchoring its third Australian fund. Antler Australia Fund III is targeting a minimum of $70 million. Coaxial is committing $20 million through the Early Stage Venture Capital Limited Partnership (ESVCLP) program, and the fund will invest in both male and female founders. According to Antler, Coaxial's commitment is on the same terms as those of the other limited partners.
The remaining funding, up to $10 million, is dedicated to supporting women founders through grants, co-investments and operating costs. Antler general partner Michael Kron said this includes $1 million over four years to expand the firm's team capacity to identify and support female founders.
The initiative, branded Momentum powered by Coaxial, provides cash at two stages where promising startups often run short of capital. Eligible women-founded companies receive a $60,000 grant when Antler makes its initial investment. A second $60,000 grant becomes available at the next funding milestone, once an external investor steps in to underwrite the round. Coaxial will also pre-commit to funding 15% of that follow-on round, alongside Antler's existing 33% commitment, together covering 48% of the round before the incoming investor's contribution.
The grants do not dilute founders' ownership, as the grant funding is separate from Antler's equity investments.
The remaining funding, up to $10 million, is dedicated to supporting women founders through grants, co-investments and operating costs. Antler general partner Michael Kron said this includes $1 million over four years to expand the firm's team capacity to identify and support female founders.
The initiative, branded Momentum powered by Coaxial, provides cash at two stages where promising startups often run short of capital. Eligible women-founded companies receive a $60,000 grant when Antler makes its initial investment. A second $60,000 grant becomes available at the next funding milestone, once an external investor steps in to underwrite the round. Coaxial will also pre-commit to funding 15% of that follow-on round, alongside Antler's existing 33% commitment, together covering 48% of the round before the incoming investor's contribution.
The grants do not dilute founders' ownership, as the grant funding is separate from Antler's equity investments.
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