In a significant boost for Australia’s climate tech landscape, The Trailblazer for Recycling & Clean Energy and Virescent Ventures have announced a joint investment of $1.6 million in Australian climate tech startups. This funding injection will fuel the UNSW Founders Climate 10x Program, an accelerator initiative aimed at identifying and nurturing the country’s most promising climate tech ventures. Notably, this collaboration marks the largest-ever investment in climate tech startups through an accelerator program in Australia.

Virescent Ventures, the country’s leading climate tech venture capital firm, and The Trailblazer for Recycling & Clean Energy, a government-backed initiative with a $280 million mandate to drive research commercialisation towards a net-zero economy, are spearheading this effort.

Eleni Assargiotis, program manager of the UNSW Founders Climate 10x program, highlighted the program’s commitment to fostering female entrepreneurship in the climate tech sector. She emphasized the pivotal role of entrepreneurship in driving positive change and expressed excitement about discovering the next generation of female founders in STEM fields.

The UNSW Founder’s Climate 10x program prides itself on being women-led, boasting a track record where 60% of its inaugural cohort had a female co-founder, significantly surpassing industry averages. Assargiotis affirmed the program’s dedication to influencing cultural change and promoting women’s participation in entrepreneurship, academia, and STEM roles.

With female founders receiving a meager 4% of the total startup funding in Australia, initiatives like the UNSW Founders Climate 10x Program are crucial in bridging this gap and empowering underrepresented voices in the startup ecosystem.

Blair Pritchard, Partner at Virescent Ventures, emphasized the pivotal role of accelerator programs in tackling the challenges posed by climate change. He underscored the urgency of harnessing Australia’s university talent to address climate change and hailed accelerator programs as vital catalysts in this endeavor. Pritchard expressed pride in supporting the mission of TRaCE & UNSW Founders to accelerate climate action and underscored the unparalleled investment opportunities presented by climate tech startups.

The partnership between The Trailblazer for Recycling & Clean Energy, Virescent Ventures, and UNSW Founders marks a significant milestone in Australia’s climate tech ecosystem. With a strong focus on fostering innovation, promoting diversity, and addressing pressing environmental challenges, this collaboration sets the stage for a new wave of climate tech innovation in Australia.