First Australians Capital secures $15m to support Indigenous entrepreneurs

Indigenous-led First Australians Capital has secured $15 million in commitments to support Indigenous entrepreneurs.

This $15 million investment will go towards its $30 million catalytic impact fund, from a range of long-standing and new investors.

First Australians Capital has been operating a $13 million concept fund since 2021 and has deployed $8.1 million (as at 31 May) across 48 finance facilities.

Long-term partner, Cages Foundation, is one of the investors into First Australians Capital’s fund.

First Australians Capital said it is the only Indigenous-led and controlled business advisory and social impact fund for Indigenous businesses. Its 10-year strategy focuses on making FAC a catalyst for radical change in investment markets.

By 2031, the company aims to contribute to the Indigenous business sector tripling in size and seeing $1 billion in mainstream capital leveraged for investment in Indigenous businesses and communities.

Gemma Salteri, executive director of Cages Foundation said First Australians Capital is unlocking capital for Indigenous businesses in ways that genuinely support them, align with their values, and propel them forward.

“We are proud to be contributing to their next fund which will see dozens more Indigenous businesses empowered to bring their businesses to life and contribute to their own independence and self-determination as well as the Australian economy as a whole,” she said.

Since 2016, First Australians Capital has supported over 700 Indigenous businesses and leveraged $68 million in cumulative funding for Indigenous businesses.

First Australians Capital has also appointed Brian Wyborn as its new managing partner, to lead the organisation’s investment and funds management activities.

Wyborn is a proud Torres Strait Islander and PNG man, based in Meanjin (Brisbane), and brings over 10 years of investment, portfolio and strategic advisory experience. Most recently, Brian was the Director and Senior Wealth Advisor at JBWere.

Wynron said it is an exciting time to be joining First Australians Capital as it scales its fund and impact for Indigenous businesses.

“Our Catalytic Capital Impact Fund is just one example of the enthusiasm and drive the team and our investors have in supporting Indigenous-led businesses and entrepreneurs,” he said.

“Having worked with Indigenous communities and organisations for the last decade, I have seen first-hand the impact that strong financial advice and support can have on an organisation and its entire community. I am thrilled to be able to apply my skills to FAC as they expand their reach to more Indigenous-led businesses through this fund and other upcoming initiatives.”

In the financial year ending 2022, First Australians Capital delivered more than 8,000 hours of support for Indigenous businesses, and supported 201 Indigenous businesses of which 45 percent were female-led and 42 percent were in regional and rural locations.

The main sectors that sought support from First Australians Capital were in construction, arts and recreation, retail and professional services.