Australia’s H2 Ventures, a newly-established fintech-focused digital design and investment firm, plans to raise a A$10 million war chest to fund the launch of 100 early-stage fintech startups over the next three years.
The firm, set up by former AWI Ventures alumni Ben and Toby Heap, is looking to capitalize on Australia’s thriving startup ecosystem by launching its own accelerator programme to nurture promising fintech firms from inception to market launch. H2 has moved into offices at Sydney fintech hub Stone & Chalk, which recently recruited Alex Scandurra, one of the architects of Barclays Bank’s global Accelerator Programme, as CEO.The H2 Accelerator runs for 6 months with 8-10 teams (typically 2-3 entrepreneurs per team) invited to join the programme in each intake. Applicants, drawn from around the world, will need to demonstrate their ability to deliver a working minimum viable product and initial proof of market within 3-6 months with the aim of raising a Series A round of capital within 6-12 months. Selected teams will qualify for a A$100,000 cash injection ($50,000 of which covers the cost of being part of the H2 fold) in return for a ten percent equity stake.
The company, which is raising A$10 million from individuals and corporate venture funds, plans to invest in as many as eight companies every three months.