Corporate accelerator Slingshot has acquired Melbourne-based accelerator program AngelCube, and says it will commit $10 million in funding for Victorian startups.
The value of the acquisition has not been disclosed, but it’s part of a national expansion program for Slingshot, which helps find startups to solve big businesses problems.
Slingshot will also be running at least three programs a year from its Melbourne base at Inspire9.
As part of its $10 million funding for Victorian startups, Slingshot will give startups in its programs a minimum of $150,000 in seed funding.
AngelCube founders Nathan Sampimom and Adrian Stone will continue to be involved and will assist Slingshot with their strategic direction and act as mentors for the program.
“We wanted to have a bigger footprint in the startup ecosystem and looked to existing programs that we could partner with. AngelCube is widely recognised as the premier Melbourne accelerator program and we’re thrilled to work with them as we look to boost local investment,” Slingshot co-founder Craig Lambert said.
Slingshot has already run two Jumpstart programs for insurance giant NRMA and is currently running two seperate programs with HCF and Simplot. The group will be looking to work with at least 5 more big corporations in Australia over the next 12 months.
Slingshot’s next move will be looking to expand overseas, with the accelerator already receiving enquiries from Asia, Europe and the US.