Purpose Ventures Fund Grows To $45M, Announces 3rd Investment
Summary
Continued strong investor interest has added another $8M to a new total fund size of $45M. This has coincided with the announcement of its third investment into local female-founded WA startup, IDEAcademy.The Purpose Ventures Fund has committed to investing at least 70% of its fund into WA-founded or operated companies. IDEAcademy provides an alternative education pathway for students that want to focus more on entrepreneurial, innovation and creative skills.Having proved the model, this funding round will support their growth into new locations across Australia, beginning with the Peel region, said Purpose Ventures General Partner, Kylie Gerrard.Nicole and Rebecca have demonstrated their passion and tenacity in successfully building IDEAcademy over the last two years, having seen strong market demand from parents and students who recognise that the more traditional one-size-fits-all education model, just doesnt work for many students anymore. We are excited to help accelerate IDEAcademys capacity to provide their individualised project-based education to more students, utilising the capital and support of the Purpose Ventures Team, she said.IDEAcademy co-founder Rebecca Loftus said she was delighted with the investment, as the company and the fund had great alignment, and the funding would allow the business to scale.Weve known the Purpose Ventures team for a number of years, she said. We already had great momentum since starting IDEAcademy almost two years ago and after our first investment round 18 months ago, were keen to raise further capital to allow us to accelerate our growth.As we open our second location, this capital will enable us to continue scaling and impacting the lives of students by adding capability to our team and expanding our locations.