Melbourne-based innovation hub YBF Ventures has secured $1.1 million from Silicon Valley-based Partners for Growth (PFG) through a tailored debt funding facility.
YBF CEO Farley Blackman says the funding will allow the hub to focus on growth, which includes significant expansion of its footprint throughout Australia.
“As we grow, so will the number of startups, scaleups and companies that we support,” he said.
The US investor, which provides specialised lending, has a strong track record in Australia, including funding facilities for 38 of Australia’s fastest growing companies such as Prospa, Koala Sleep and CashRewards.
The investment is part of a new strategic partnership deal between the two organisation, to advance entrepreneurship and innovation in Victoria.
Under the strategic partnership, PFG will introduce senior executives from its portfolio companies to startups based at YBF to share ideas, experiences, mentor and build networks.
“YBF is an important part of the tech eco-system in Australia. We were attracted to YBF because of its unique model of combining a traditional co-working space with an innovation hub which attracts Australia’s high-potential early-stage technology businesses,” said PFG Director Karthi Sepulohniam.
“YBF has worked with hundreds of startups, scaleups and corporate in the areas of fintech, big data and analytics, cloud and SaaS and we are pleased to partner with YBF in its mission of supporting Australia’s most innovative enterprises”.
YBF recently partnered with the Victorian Government to build out Melbourne’s first dedicated fintech hub to bring together startups, investors, industry and corporates in a collaborative work space, and launched the world’s first Web 3.0 hub — a platform for global players developing the internet’s next major iteration.
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