Queensland is backing women to break into venture capital

If the belief that having more women in venture capital will help address the chronic underfunding of female founders, then a new initiative backed by the Queensland Investment Corporation (QIC) will make the Sunshine State the room where it happens. 

Getting more women in Queensland’s VC industry is the aim of 77 Venture Fellows, which will mentor 10 women, with the ambition of getting them to an associate level over the three-month initiative.

Inspired by the UC Berkeley Haas Venture Fellows in Silicon Valley, the initiative is led by Queensland VC 77 Partners and supported by Silicon Valley’s Bee Partners, with funding from the QIC-managed Queensland Venture Capital Development Fund (QVCDF).  

QIC Private Equity Senior Associate Matiela Baker said the program will provide a pathway into the early stage technology investment industry, where female investors are notably underrepresented.  

“Approximately one in four members of early-stage VC investment teams in Queensland are women, and that drops to one in 10 at the General Partner level,” she said.

“We recognise the gender gap is a very real challenge and there is work to be done. Particularly as Queensland’s VC ecosystem continues to grow from strength to strength, it’s important for us  to see that growth create opportunities for everyone. 

“That’s why now is the time for initiatives like 77 Venture Fellows to provide the pathway and open the doors,  following a proven concept and leveraging the mentorship of leading female investors not commonly seen in  Queensland.” 

77 Venture Fellows will be delivered over three months with an emphasis on postgraduate business students. It will feature active VC development, partner level mentorship, and deep insights to early-stage VC firms. 

77 Partners founder Brent Watts said the early-stage venture capital firm is focused  on backing a diverse portfolio of high potential opportunities and talent in Queensland.  

“We are already support emerging founders through the 77 Venture Challenge in which we are partnering with a further 40 frontier tech ventures over 2024 and 2025 to grow and diversify investment deal flow in  Queensland,” he said.  

“However, as a VC firm, we also recognise the value of organisational diversity and are committed to  growing female representation in our own investment team.   By actively supporting the development of more female venture capital investors in Queensland, the 77  Venture Fellows program is key to this.”

Applications for women to apply for 77 Fellows remain open until August 7 at 77partners.vc/fellows.