Pollenizer invites start-ups to take piece of new $1.1 million fund
Tuesday, November 8, 2011/
Tech incubator Pollenizer is encouraging late applications to its start-up program after closing a $1.1 million funding round.
As StartupSmart reported last month, the Sydney-based hub has lured new, as well as repeat, investors to contribute towards the fund.
Alongside existing backers including Atlassian co-founder Mike Cannon Brookes and former NineMSN CEO Tony Faure, Pollenizer has attracted funding from Adrian Giles, co-founder of Hitwise, Anthony Pascoe, CEO of Lend Lease Ventures, and Adrian Stone, co-founder of AngelCube.
Pollenizer says it will look to invest the money in “new early stage ideas with strong growth potential”.
To date, the incubator has had more than 30 applications for its latest intake. The new funding should provide capital for a further 10 investments.
Any start-ups keen on getting Pollenizer backing will have to hurry, however, with applications to the fund closing on Monday.
Pollenizer has seen its stock rise over the past year, following the successful sale of Spreets, which it backed, to Yahoo7 for $40 million, a significant capital raise for Dealised and the launch of Wooboard.
Mick Liubinskas, co-founder of Pollenizer, tells StartupSmart that he was looking for start-ups with more than just an idea.
“We need a bit more of a business to work with,” he says. “We have a co-founder model here, so it can’t just be an idea. Ideally, the founder will have put in some capital of their own and have domain experience.”
“We want good ideas too, of course, and people who adhere to the lean start-up methodology. We want businesses that are disruptive and founders that are energetic and excited to drive the business forward.”
Liubinskas says that the arrival of various tech incubators, such as Startmate, PushStart and AngelCube, over the past year has aided Australia’s web start-up industry, rather than impact negatively upon Pollenizer.
“It’s all positive for the industry,” he says. “We have invested in Startmate and AngelCube and they are fantastic programs. It’s all about growing the industry for everyone.”
“We have wanted to create a track record for ourselves at Pollenizer and while we’ve still got a lot to learn, I’d say that we’ve proved that our model can work.”
If you’re interested in applying to the Pollenizer program, you can find more information here.