Australian tech incubator BlueChilli has closed $5 million of investment in a round led by Myer Family Investments.
Internode founder Simon Hackett was also one of the investors in the round which will be used to speed up the growth of early-stage tech startups and help BlueChilli expand its offering to corporate customers.
Implementing a startup culture in established companies is one way incubators are expanding their services.
One of the company’s original investors, Future Capital Development Fund’s equity will also be acquired in this transaction.
“It’s been a pleasure working with Sebastien and the team and I’m pleased to be able to report to our shareholders that our seed stake in BlueChilli has returned a 6.67 multiple in just over two years,” Future Capital chairman Domenic Carosa said.
BlueChilli founder and CEO Sebastien Eckersley-Maslin said: “While the scale of the investment may be the headline in the Australian startup community, it’s really who our new investors are which is the most significant aspect of the announcement.”
BlueChilli has developed more than 40 new tech startups in two years.