The Commonwealth Financial institution’s venture-scaling arm, x15ventures, is on the hunt for startups centered on net-zero carbon emissions for its 2023 cohort.
Purposes opened right this moment, July 17, for x15’s annual Xccelerate program, which develops early-stage startups develop their concepts for company partnership.
This yr’s Xccelerate funding thesis is “serving to advance Australia’s transition to internet zero” and x15 will look to again at the least one startup with a $250,000 SAFE Observe after finishing this system.
x15ventures managing director Toby Norton-Smith stated this system has a number of immersion periods designed to assist early-stage ventures perceive and discover completely different routes to an enterprise partnership, giving founders direct entry to CommBank and x15 determination makers, plus consultants and mentors in fields equivalent to advertising, authorized and threat.
“This yr, we’re on the lookout for options that might assist speed up Australia’s transition to a internet zero emissions financial system,” he stated.
As one in all Australia’s best-known establishments, CommBank goals to play a management position in supporting that shift. We’re inviting founders from throughout the local weather tech ecosystem to discover what becoming a member of the financial institution on that journey may seem like, and the way partnership may contribute to the expansion of their enterprise.”
x15 portfolio director Laura Faulconer stated they’re on the lookout for pre-Collection A startups.
We make investments with intent at x15, so are on the lookout for groups who will decide to the method, embrace the learnings, and actually discover and experiment with what scaling by way of a big company may seem like,” she stated.
“The standard of purposes final yr was extremely excessive, and we hope to see that benchmark raised once more with Xccelerate23.”
Shortlisted candidates shall be invited to a 30-minute digital assembly with a member of the x15 portfolio workforce, with 15 to twenty groups chosen to attend the Xccelerate Neighborhood Day on September 6.
The 5 most promising groups shall be chosen for this system, beginning with Partnership Pathway Day. It concludes with a pitch to the the Xccelerate Funding Committee in early October, adopted by a public showcase the place x15ventures hopes to announce at the least one winner for its SAFE word.
It’s the fourth yr x15ventures has held the Xccelerate program, having backed givvable and OwnHome in 2020, and Splashup in 2021, together with final yr’s winner, monetary workflow administration firm, Paytron, which has since been acquired by ASX-listed OFX.
Get extra particulars and apply right here.
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