The Australian Sports Technologies Network is giving entrepreneurs and startups in the sports tech space the opportunity to snap up $50,000 in seed funding.
The call-out will see startups receive a capital injection from the network’s partner The Australian Sports Tech Company in exchange for a 15% stake.
Up to four successful applicants will be selected to take part in the investment round, with the startups also having the opportunity to secure further funding in the future.
The initiative follows the ASTN appointing former federal sports minister Kate Lundy to its board of directors.
Craig Hill, the executive director of the ASTN, told StartupSmart The Australian Sports Tech Company has significant global connections that would be useful for any early-stage startup looking to scale.
“This is a pivotal point in the development of the Australian sports technologies industry,” he says.
“The ability to attract an investor with both an interest in Australian sports tech along with a global reach is exactly what our industry needs to support high-potential, scalable startups. It also validates the work and direction that the ASTN has been building with its members over the past three years.”
The director of The Australian Sports Tech Company, John O’Connor, said in a statement he was very excited to be able to back local sports tech startups.
“We have a very optimistic view that with a mixture of initial seed funding and our global reach – together with solid mentoring and connection program – that selected startups will be in a sound position for the potential to attract follow-on funding from us in the very near future,” he said.
“The decision to invest in the industry is well-founded based on the number of quality startups with real opportunity to quickly scale to global application.”
Expressions of interest must be submitted by Sunday, May 3. More information is available here.