NEWS • 15 MAY 2023 • 2 MIN READ
Coralus funding applications are open for 2023-24
Non-profit venture capital platform Coralus has opened its 2023-24 round of applications for ambitious Kiwi and Aussie businesses. Entries are open from May 10 to June 13.
The organisation launched as SheEO in 2015 with the mission to support female and non-binary business owners through community funding, support and knowledge sharing. Contributors (known as Activators) contribute to a Perpetual Capital Fund which is loaned out to successful applicants (Ventures) without interest. These Ventures then join the cause, supporting future business owners who apply.
Beany founder Sue de Bievre has been a Coralus Activator since 2019 following a successful Venture application. “At the SheEO summit in April 2019, I stood up and asked for $1.5 million in follow-on funding. We closed out the round oversubscribed.” With the support of SheEO, Beany has made the most of its funding with expansion to Australia and the UK, hiring over 60 staff and serving thousands of businesses in the process.
Coralus founder Vicki Saunders says the platform’s community has made a huge impact on many local businesses. “We are excited to have reached a Perpetual Fund with the support of hundreds of women in New Zealand. It’s been incredible to work closely with diverse groups of women and help them succeed. We now have more than thirteen percent of our global portfolio at Coralus led by Indigenous, Māori, and Aboriginal women.”
To become a Coralus Venture, businesses must:
- Be making progress on the ‘World’s To-Do List’, (otherwise known as the UN’s Sustainable Development Goals)
- Be Majority owned (and led) by cis or trans women, non-binary, gender-fluid or gender non-conforming people
- Have generated between $50K – $2M in the last 12 months. Non-profits and charities which generate revenue and can pay back a loan over 5 years can also apply
- Have export potential for their business