MUSIC, fashion, design and gaming entrepreneurs have been allocated $500,000 in funding, courtesy of QUT Creative Enterprise Australia (CEA).
The first-of-its-kind Australian fund, which has been operating since 2013, has assigned $500,000 to support and grow another five to six seed-stage creative startups.
The fund is looking for businesses at the intersection of technology and creative industries. For each startup, between $25,000 and $150,000 will be on offer.
This announcement comes off the back of fashion-tech startup Fame & Partners' recent capital raise - an early recipient of CEA capital - where they closed a Series A round of $US7.6 million and are hitting strides in the US.
Other fund success stories include Metaverse Makeovers, Like A Photon Creative, GiggedIn, TrademarkVision and Handkrafted.
CEO of QUT Creative Enterprise Australia, Anna Rooke, says the fund is dedicated to bringing up more locals in Australia's creative sector, which is valued at more than AU$35 billion.
She says the fund fills a 'unique gap where there is substantial business and deal flow opportunity to leverage'.
"There are so many opportunities for tech-based startups in the sector, but so little for creative tech," says Rooke.
"The existence of such a fund speaks to the importance and positive reception of creative tech and its relevance for the future of innovation. The huge success and interest generated through Fame & Partners' Series A round is testament to this.
"The QUT CEA fund will give startups from across Australia, not just Queensland, the ability to gain investment previously challenging or not available to creative tech entrepreneurs."
Pictured: QUT CEA Startup Fund investment manager Colin Kinner and QUT CEA CEO Anna Rooke with Metaverse Makeovers product.
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