Melbourne startup Mentorloop has closed a seed funding round that sees a post-money valuation of AU$2 million ($1.52 million) while Investible has launched its First Angel program to train angel investors in Australia.
Mentorloop gets seed
Melbourne-based Mentorloop has announced the closing of a AU$300,000 ($228,000) seed investment from a variety of private investors. These include StartupAUS director Glenn Smith and Melbourne Angels, amongst others.
Mentorloop aims to connect mentors with mentees via an online platform. It allows mentoring administrators to invite, match and manage their program participants.
The built-in algorithm also accounts for a user’s industry, skill sets and objectives for an more precise user experience, with the funding used for further product development and additional back-end tech support.
After having failed to attract funding via VC firms, cofounders Lucy Lloyd and Heidi Holmes have proved their platform to be market-fit by acquiring their first customers, which have reportedly given positive feedback on the product. This gave stronger grounds in their search for funding.
Additional features have been added to the website, such as a communication channel which mentors and mentees can use for event management, file sharing and tasks management.
Investible launches new angel program
Australia’s Investible has launched its new First Angel investor training program. Investible is a business generator combining their range of business building programs with expertise of early-stage VC investors.
According to a 2012 report from The Conversation, in Australia, there is a need for better education of entrepreneurs to increase the number of “investment ready” opportunities. Rather than a funding deficit inhibiting entrepreneurial ventures, it is a lack of viable business models.
The First Angel program will aim to connect investors with founders in Investible’s startup bootcamps and is aimed at retaining and growing early-stage startup development in Australia, driving up visibility and accessibility of Australia-based startup ventures to local angel investors.
First Angel will incur a cost of AU$25,000 ($19,000), with 50 per cent going to Investible. The latter amount will be re-invested into four startups across the year.