Antler Australia closed its third fund at $70 million, anchored by Nicola Forrest's Coaxial Foundation with a $30 million commitment split between equity investment and non-dilutive grants for women founders.
The structure: Coaxial put $20 million into the fund under ESVCLP terms, same as other LPs. The remaining $10 million funds grants, co-investments, and operating costs specifically for women-led startups.
Momentum powered by Coaxial offers two $60k grants per eligible company. First grant hits when Antler makes its initial investment. Second grant unlocks when an external investor leads the follow-on round. Neither dilutes founder equity.
For context: women founders raised just 2.8% of Australian venture capital in 2023. Antler says the grants target the inception and pre-seed gap, what GP Michael Kron calls the "valley of death" before seed and Series A.
The follow-on math: Coaxial pre-commits 15% of the next round. Antler commits 33%. That covers 48% before the lead investor writes their check. Kron says companies hitting milestones could see $1 million in combined support within 12 months.
Antler Australia has backed 80-plus companies since launching in 2019, with follow-on deployment into more than 80% of its portfolio. The local team is led by Managing Partner Bede Moore and Partner Mike Abbott.
Worth noting: this fund structure separates grants from equity investment. The $120k is actual non-dilutive cash, not convertible notes or SAFE instruments with future conversion.
For sales professionals, the angle is talent: well-funded early-stage startups mean more SDR and AE hiring as companies scale from inception to Series A. Antler-backed companies typically hire their first commercial roles 6-12 months post-investment.
Coaxial also allocated $1 million over four years for Antler's team to source and support female founders, which should increase deal flow and subsequent hiring activity across the portfolio.