The Australian Government’s Department of Foreign Affairs and Trade has awarded $886,000 to Singapore’s IIX while women-focused ride-sharing platform Shebah has raised $1 million.
Australia awards $886k to Singapore’s Impact Investment Exchange
Impact Investment Exchange (IIX), a Singapore-based impact enterprise, has raised S$1.2 million ($886,000) from the Australian Government’s Department of Foreign Affairs and Trade (DFAT), according to an announcement.
IIX empowers impact enterprises that produce innovative solutions to support women’s empowerment, climate action, and community resilience.
The proceeds of the funding will be used to support the growth of 500 impact enterprises across Asia.
“Through our partnership with DFAT, IIX is taking our work to the next level by enabling everyone to play a role in building inclusive markets,” said Durreen Shahnaz, CEO and founder, IIX.
DFAT has partnered with IIX in the past too, having funded its programme Equity@Scale, which focuses on addressing weakness in the entrepreneurial ecosystem and moving capital to impact enterprises.
IIX has also established IIX Growth Fund, an equity fund that invests in high impact enterprises across South and Southeast Asia.
Australia’s women-centered ride-sharing Shebah raises $1m
Shebah, a women-focused ride-sharing platform from Australia, has raised $1 million from an undisclosed investor. With this, the total capital raised by the startup through the crowdfunding source stands at $2.4 million.
The current deal enables Shebah to inch closer to its target of raising 3 million, which could become Australia’s largest equity crowdfunding amount till date.
Shebah has so far raised from a pool of 1,352 investors.
Jude Munro AO, former Brisbane City Council CEO and advocate for women in sport, Danielle Warby, are two public figures, who have recently bought shares in the company.
“There is a long list of plans, from technology advancements to improving the driver onboarding process and expanding internationally, so the focus is on implementing these and putting the right team structure in place to see them through,” said George McEncroe, founder and CEO of Shebah.
Shebah is now operational in cities such as Melbourne, Geelong, Bendigo and Ballarat. It will soon be operating in Darwin too.
The Australian rideshare industry is worth $290 million and the taxi industry is valued at $6 billion, with the market growing at 14 per cent year-on-year.
Well known brands like Uber, India’s Ola and China’s Didi are currently present in the cities of Australia. Other ride sharing brands in the country include GoGet, Car Next Door, Flexicar, GreenShareCar, Hertz 24/7 and Popcar.