Australia’s leading media companies have established the country’s first dedicated media for equity fund that will provide a much needed boost for start-up businesses seeking to become a household brand.
The Scaleup Mediafund established by News Corp Australia, FOX SPORTS and NOVA Entertainment will give Australian start-ups access to an unrivalled advertising and marketing inventory to take their message to Australia’s biggest media audience.
News Corp Australasia’s executive chairman Michael Miller said: “There is a tipping point for all growing companies when they need to spread their message more widely to take the next step in their success. We believe in Australian ingenuity and we are delighted to be able to offer Australian innovators the opportunity to take their business to the next level.
“Many companies that could be great spend years of hard work refining products and taking risks, only to stall at a certain point. This fund had been established to help such businesses achieve critical mass by taking their services and products to millions of people.”
Scaleup Mediafund works directly with businesses and venture capital to provide advertising inventory, advertising campaign executions, and real-time reporting – at better value than they could get elsewhere – in exchange for equity. Scaleup Mediafund will participate in finance rounds under a set of standardised terms and processes, making it easy for businesses to engage with.
FOX SPORTS chief executive officer Patrick Delany said: “If I were a young entrepreneur and had the chance to use the promotional power of FOX SPORTS to grow my venture I would be bloody excited. Let’s go!”
NOVA Entertainment chief executive officer Cathy O’Connor said: “NOVA Entertainment has a strong commitment to innovation and is proud to join Scaleup Mediafund to help build new Australian businesses through the power of our radio brands Nova and smoothfm.”
Scaleup Mediafund will do a limited number of deals each year and invites companies to apply via www.scaleupmediafund.com . Companies will be assessed based on their potential to scale their business, the existing traction with current customers and if the product or service is solving a real problem.