Scaleup Mediafund is to launch a second three-year fund and the call for applications from start-ups aiming to grow their business and brand.
In addition, REA Group will be joining the fund, offering its digital media network as inventory, along with shareholders News Corp Australia, Nova Entertainment, Network Ten, Foxtel and Fox Sports. To date, shareholders have committed a total capacity of over $30 million in advertising and marketing inventory to the fund.
Scaleup Mediafund has so far supported seven growth businesses, including the recently listed PointsBet which raised $75 million in its June listing and is looking to expand to the United States. Other start-ups include pet boarding business Mad Paws; Hey You – an app allowing people to order ahead at cafes and restaurants; Local Agent Finder – a leading real-estate agent comparison service; Spacer – Australia’s leading marketplace for self storage and parking spaces; neighbourhood babysitting and nanny network, Juggle St; and Mable, a marketplace to find aged care and disability support workers in their local area.
Scaleup Mediafund chairman and general manager of M&A and strategy at News Corp Australia, Richard Skimin, said: “We are proud of the fund in successfully helping to grow the next generation of Australian start-ups. The unrivalled reach of the Scaleup Mediafund partnership means we can deliver niche audiences at scale to start-ups aiming to build their brand.”
Michael Lamont, fund manager of Scaleup Mediafund said: “We have had a massive three years. When we started the fund we had the ambition of being a driver of brand and customer growth for great start-ups that had a clear need for advertising. Today with a portfolio of successful investees we can point to the realisation of that ambition.
“With Scaleup Mediafund 2.0 we are looking to grow our portfolio with early stage businesses that have a strong product fit and a clear case for media and marketing support.”