In an Australian first, a new partnership between Cohort Innovation Space and VentureCrowd will give a $500,000 AUD boost to the LuminaX Health Accelerator through the VentureCrowd HealthTech Fund.
The fund is set to invest $50,000 AUD in each of the ten startups who are accepted into the 2022 LuminaX Accelerator, helping founders to scale their commercial operations, and quickly securing the first ten investments for the fund’s portfolio.
The LuminaX Accelerator has cemented its reputation as Australia’s top early-stage healthtech program and with ties into Australia’s leading equity crowdfunding platform, VentureCrowd, the Gold Coast based accelerator will be taken to new heights.
Since inception, the VentureCrowd platform has raised close to $200 million for a wide range of companies, including Nexba, Expert 360 and 4DMedical. The crowdfunding platform saw 21 successful raises during the 2021 financial year, with a 63% increase in investments.
The VentureCrowd HealthTech Fund will identify and invest in early-stage companies innovating in the areas of health and wellness and will be managed by VentureCrowd’s funds management team under VentureCrowd’s Australian Financial Services License.
In 2022 the LuminaX Accelerator will commercialise ten startups who are using technology or AI to solve a problem in the healthcare space, including the bio, medical, physical, mental, fitness, sport and wellness sectors.
Applications for the 14-week accelerator program open on 28 February 2022, with the $50,000 cash injection expected to be a major drawcard for interstate applications.
As portfolio companies, the 2022 LuminaX participants will also benefit from direct access to the VentureCrowd’s 64,000 registered members, helping to ensure the startups have efficient access to customers and capital as they scale.
VentureCrowd will also provide a dedicated prize for LuminaX Startup of the Year. The platform will waive their standard establishment and success fee (to the value of AUD $20,000) for the winning startup to ensure that the venture will have the best chance at securing the capital needed to scale and grow.
Ben Howe, CEO of Cohort Innovation Space said the partnership with VentureCrowd takes the LuminaX Accelerator to another level and that the Gold Coast should be proud that it has a leading Australian health accelerator to celebrate as its own.
“This year the LuminaX Accelerator will provide 10 high-growth health startups with expert workshops, mentoring, industry connections, and peer learning – and thanks to our new collaboration with VentureCrowd’s HealthTech fund, we can now provide crucial investment with half a million dollars in funding which will help drive technology-enabled healthcare forward in Australia” said Mr Howe.
“This partnership with VentureCrowd is a huge step forward for the startup sector on the Gold Coast and we’re excited to work the VentureCrowd team to accelerate the growth of these startups in our own backyard” Mr Howe said.
Steve Maarbani, CEO of VentureCrowd said that now is the time for Australians to support the lightning-fast innovation that is happening in the healthtech space.
“Growing consumer consciousness about health, wellness and sustainability is driving a remarkable volume of next generation health technologies and this is set to explode in the coming year.”
“At VentureCrowd, our purpose is to help good businesses take on the world. That is why we are thrilled to be working with Cohort Innovation Space and LuminaX to support the next big thing in healthtech and fund a future that is best for investors, founders and humanity” said Mr Maarbani.
As main partners of LuminaX, VentureCrowd joins an impressive line-up of corporate, industry and government partners, including the Queensland State Government, City of Gold Coast, Mater Hospital, IntelliHQ and Bond University.
Applications for 2022 LuminaX Accelerator open on 28 February and close 12 April. The 14-week program will take place from May through to August 2022 at Cohort Innovation Space on Australia’s Gold Coast.
LuminaX Website: luminax.com.au
About COHORT INNOVATION SPACE
Cohort Innovation Space is a launchpad for health and technology startups, innovators, new businesses and entrepreneurs. As one of Queensland’s largest innovation spaces, Cohort includes a digital transformation centre, an accelerator, student incubator, PC1 and PC2 science labs, 46 coworking desks, 21 private offices, 3 meeting rooms, 2 boardrooms and a 150 person event space.
VentureCrowd is Australia’s leading equity crowdfunding platform with over 63,000 registered members, offering curated investment opportunities in high-growth private companies, diversified property development funds, property development projects and alternative credit. VentureCrowd’s integrated proprietary technology platform has democratised access to crowdfunding opportunities; making them available to retail and wholesale investors.