About this programme
The Female Founders Co-Investment Fund is a Queensland Government grant run by Advance Queensland (Department of Environment, Science and Innovation) that co-invests alongside private investors in women-founded startups closing an early-stage capital raise. Rather than funding a project directly, it matches money a founder has already attracted from an outside investor — the grant only lands once the private raise is real.
The fund exists because women-led startups statistically attract less investment capital than businesses led by men. It targets Queensland-based, innovation-driven enterprises (IDEs) — businesses built around commercialising a genuinely new product or service, not a general trading business — that are majority female owned and female led, and whose product or service is past proof-of-concept.
Support runs in two stages. Provisional approval comes first, based on the founder's readiness to raise or an investment offer already in hand; full approval and payment follow once the private investment is actually secured and passes due diligence. The grant is paid to help the business grow after the raise closes, not to fund the raise itself.
As of this page's official source, the fund notes it is close to being fully allocated: applications from this point are considered first-come, first-considered, not all may be assessed, and the program closes once all funding is committed.
How it works
Grants run from $50,000 to $200,000 (excluding GST), matched at a 1:3 ratio — $1 of grant funding for every $3 of investment secured from a new eligible investment entity. To reach the $50,000 minimum grant, the business must secure at least $150,000 in qualifying external investment.
The final grant amount is set against the actual investment secured, not the amount originally proposed. If a provisionally approved applicant plans to raise $240,000 (seeking $80,000 in matched grant) but only closes $180,000, the grant scales down to $60,000, subject to due diligence and final approval.
Only investment from an eligible investment entity counts toward the match. Money from associates, related parties, or existing shareholders of the business does not count, and the raise must use an eligible investment method: new shares, new convertible notes that cannot be redeemed within 12 months, or a new SAFE (Simple Agreement for Future Equity). Accelerator/startup-program investment, in-kind investment, crowdfunding, loans/debt, and founder or staff investment are all explicitly excluded as matchable investment.
An eligible investment entity cannot already be a shareholder or investor in the business, cannot be an associate or related party, and must meet minimum fiduciary requirements — a sophisticated investor under the Corporations Act 2001, an AFS Licence holder, or a practising investment organisation (angel investor/group/syndicate, VC fund, professional investor or fund manager, ESVCLP/VCLP, managed investment scheme, or family office) with a track record of early-stage venture, research, or innovation investment.
Grant funds must go toward growing or scaling the business — new-hire salaries, a capped share of founder/existing-staff salaries (up to 20% of the grant), product R&D, marketing, customer acquisition, new-market expansion, or scaling production, ideally spent in Queensland or with Queensland suppliers. The fund explicitly will not cover regulatory approval costs, capital works/infrastructure, staff bonuses or fringe benefits, conference or travel costs, entertainment, ongoing compliance/licence fees, grant-writer or bookkeeping costs, or general operating costs like rent, utilities, insurance, or software.
Payment is staged against a funding agreement: 80% on execution of the agreement, and the final 20% in arrears once the approved growth-plan activities are completed and evidenced.
Who can apply
The applicant business must be headquartered in Queensland (operating with its head office there), hold an active ABN, and be registered for GST.
It must be a female founded business as the guidelines define it for at least six months before applying: at least 51% of shares held by a woman or women, and at least one primary executive decision-making role (e.g. CEO, CFO, CTO, Chief Scientific Officer) held by a woman. If those shares sit inside a trust, the applicant must separately show how the trust structure meets this test.
The business must have no more than 50 full-time-equivalent employees, and must not be a subsidiary of a group with more than 50 FTE employees in total. It must not have raised more than $500,000 in total across previous capital raises.
The business must be an innovation-driven enterprise (IDE) — its core product or service must be past proof-of-concept and genuinely aimed at commercialising an innovation, not just an early idea.
At the time of applying, the business must either plan to close its capital raise within 180 calendar days of provisional approval, or have already secured an investment offer from a new eligible investment entity within the prior 90 calendar days (and still aim to finalise within 180 days of provisional approval).
How to apply
- Read the program guidelines and the sample funding agreement in full before applying — the funding agreement terms are not negotiable once an offer is made.
- Submit the application online via the Advance Queensland application portal, with all required supporting evidence for the assessment stage that matches the applicant's investment status (planning to raise, vs. already holding an offer).
- Eligible applications go to a panel of assessors for a competitive, merit-based review against four equally weighted criteria: Innovation, Organisational Capability, Growth and Investment Viability, and Sustainability and Resilience.
- Successful applicants receive Stage 1 provisional approval by email, typically within approximately 6-10 weeks of applying, and can use that provisional approval to help close the raise.
- Once the nominated raise (excluding the grant) is secured, the applicant submits evidence of the finalised investment; the fund then completes due diligence and probity checks before issuing Stage 2 full approval, again typically within approximately 6-10 weeks.
- The business must execute the funding agreement within 10 business days of receiving the final version, or the offer may lapse, and must start the approved growth-plan activities within 40 business days of executing the agreement.
Documents you’ll typically need
- If planning (not yet offered) investment: a letter of support from a qualifying referee (a Chartered Accountants ANZ / CPA Australia / Institute of Public Accountants member, the board chair, or an established Queensland innovation-ecosystem leader) attesting to readiness to raise, plus an investment plan detailing approaches made or planned to eligible investors.
- If an investment offer is already secured: details of the lead (and any supporting) investment entity, an executed term sheet, SAFE, or convertible note for the raise, and a letter of support from the lead investment entity.
- A business plan including current financial statements, a 12-month organisational budget showing at least 12 months of post-investment runway, and current cashflow projections.
- A current pitch deck covering total addressable market and a growth plan for how the grant funds, the raised investment, and any remaining funds will be spent over and beyond 12 months, plus a current and future investment strategy for at least 12 months.
- For Stage 2 (final approval): the final lead/supporting investment entity details, all executed term sheets/SAFEs/convertible notes and shareholder or subscription agreements, and evidence the investment funds were received — a bank statement/confirmation in the business's name, or a declaration from a qualifying accounting-body member.
Frequently asked
Is this a grant or an equity investment?
It's a grant, not an equity stake taken by the Queensland Government. The government does not take shares in the business — the grant simply matches money the founder separately raises from a private investor at a 1:3 ratio.
Is the fund still accepting applications?
As of the official page, the fund is close to being fully allocated. Applications submitted from that point are considered first-come, first-considered, not all may be assessed or approved, and the program closes once all available funding is committed — check the official page for current status before applying.
How much can a business receive, and what does it take to qualify for the minimum?
Grants run $50,000 to $200,000 (excluding GST), matched 1:3 against investment secured from an eligible investment entity. Reaching the $50,000 minimum grant requires securing at least $150,000 in qualifying external investment.
Does investment from friends, family, or existing shareholders count toward the match?
No. Only investment from a new eligible investment entity counts — the guidelines explicitly exclude associates, related parties, and existing shareholders of the business from the matched calculation.
What if we raise less than we originally proposed?
The grant scales with what's actually secured, not the original plan. The guidelines give a worked example: an applicant proposing to raise $240,000 for an $80,000 grant who instead raises $180,000 would receive $60,000 in matched funding, subject to due diligence and final approval.
Can crowdfunding, a loan, or an accelerator-program investment count?
No. Eligible investment methods are limited to new share issuance, new convertible notes that cannot be redeemed within 12 months, and new SAFEs. Crowdfunding, loans/debt, in-kind investment, and money tied to an accelerator or startup program are explicitly excluded.
How long does assessment take?
Provisional approval typically takes approximately 6-10 weeks from application. Final approval typically takes a further approximately 6-10 weeks after the applicant provides evidence the raise has closed and due diligence and probity checks are complete.
What happens if we do not close the raise in time?
Provisionally approved applicants have 180 calendar days from the provisional approval date to secure and finalise the nominated raise, though additional time may be approved case-by-case. If the raise is not secured, the grant does not proceed to full approval.
Reviewed 2026-08-16. Programmes change — confirm current eligibility, amounts and deadlines on the official page before you apply. CapEasy is a private consultancy and is not affiliated with any government authority.