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First Australians Capital raises $15 million in new impact fund for Indigenous SME’s

Menchie Khairuddin June 29, 2023

2 min read

First Australians Capital (FAC), an Indigenous-led organisation focused on empowering economic independence and self-determination for Indigenous people, announces securing $15 million in commitments to support Indigenous entrepreneurs.

With the announcement of the new impact fund, FAC welcomes Brian Wyborn as Managing Partner.

Wyborn will lead the organisation’s investment and funds management activities. Brian 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.

“It is an exciting time to be joining First Australians Capital as we scale our fund and impact for Indigenous businesses,” said Wyborn.

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

Wyborn shared that having worked with Indigenous communities and organisations for the last decade, he has 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,” he added.

“I’d like to take this opportunity to acknowledge First Australians Capital’s founders, Leah Armstrong, Adrian Appo, Jocelyn King and Jane Pound, for their incredible work leading First Australians Capital to where it is today, and their decades-long contribution to supporting Indigenous businesses and our communities.”

“I have very big shoes to fill and am excited to begin working with the team to continue bringing innovative Indigenous-led businesses to market in financially sustainable ways.”

$15 Million secured of $30 Million fund to catalyse the growth of the Indigenous business sector

FAC has secured $15 million in investment for their $30 million Catalytic Impact Fund, from a range of long-standing and new investors. FAC is the only Indigenous-led and controlled business advisory and social impact fund for Indigenous businesses.

FAC 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 in FAC’s fund.

“First Australians Capital is unlocking capital for Indigenous businesses in ways that genuinely support them, align with their values, and propel them forward,” said Gemma Salteri, Executive Director of CAGES Foundation.

“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.”

Indigenous-led impact and enabling Indigenous self-determination

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

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

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

FAC’s 10-year strategy focuses on making FAC a catalyst for radical change in investment markets.

By 2031, FAC 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.

Menchie Khairuddin

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Menchie Khairuddin is a writer Deputy Content Manager at Akolade and content producer for Third Sector News. She is passionate about social affairs specifically in mixed, multicultural heritage and not-for-profit organisations.