FB10X backs female-led startups and pledges nearly $500K

FB10X, an angel investor syndicate comprised of seasoned executives from leading Australian companies, has announced its latest investment in Heatseeker, a pioneering market experiment platform designed for fast-growing businesses. This investment underscores FB10X’s commitment to backing innovative startups and fostering a more equitable entrepreneurial landscape.

Heatseeker co-founder Kate O’Keeffe expressed her enthusiasm for the partnership, stating, “We’re lucky to have FB10X on our cap table. They have serious depth and talent in the Enterprise space where we need it. They’ve made great introductions, uplifted our narrative, and have bold ideas for the future of our product.”

FB10X has emerged as a significant force in the Australian startup ecosystem. To date, the syndicate has invested in seven companies founded or co-founded by women, representing nearly two-thirds of its total portfolio.

Anna Stockley Davidson, Managing Director at SquareTrade and a member of FB10X, emphasised the importance of supporting female founders: “Some of the most outstanding ventures we’ve encountered are spearheaded by women. It’s astonishing that less than 5% of Australia’s startup funding is directed toward female-led ventures. We are thrilled to back these extraordinary women and are actively looking for more.”

Founded in 2022 by a group of friends who met through Startmate’s First Believers program, FB10X has invested nearly $500,000 in early-stage ventures. The syndicate’s diverse team brings a wealth of experience from both high-growth startups and established corporations, enabling them to provide strategic guidance and invaluable connections to founders.

Simon Bray, former Chief Information Officer at PEXA and a member of FB10X, shared the syndicate’s investment philosophy: “We invest very early in founders doing remarkable things that make the world a better place in different ways. We don’t write the largest cheques, but our team brings deep skills and diverse networks to help the ventures we back.”

As FB10X continues to grow and invest in promising startups, the syndicate is poised to play a pivotal role in shaping the future of the Australian tech industry.