Australia’s startup accelerator H2 Ventures is set to receive a $2 million loan from Jobs for NSW. The funds will reportedly give H2 Ventures access to a $4 million loan from Investec Australia, along with helping the accelerator create 400 jobs for 40 fintech startups in New South Wales.
“With the support of the NSW Government and Investec Australia, we are looking forward to taking the H2 Accelerator to the next level. This will allow us to attract more domestic and international entrepreneurial talent to NSW and to support a significant number of new FinTech ventures, creating new channels growth and jobs.”
Jobs for NSW CEO, Karen Borg also shared:
“The joint financing which Investec Australia and Jobs for NSW are providing to H2 Ventures is a great example of the private and public sectors working collaboratively to help entrepreneurs successfully launch and then grow new businesses.”
The news of Jobs for NSW’s investment comes less than a year after Investec invested in H2 Ventures. The accelerator called the investment another endorsement of the burgeoning Fintech scene in Australia. The investment would “ensure Australia is not left behind in this rapidly growing sector of the global economy.” The amount of the investment was not disclosed but the Sydney Morning Herald said it was several million dollars. At the time, H2 Ventures explained:
“At risk of blowing our own trumpet, we are delighted to announce today an investment in H2 by international banking group Investec Australia. This investment will assist H2 to expand its highly regarded H2 Accelerator, Australia’s only fintech accelerator.”