$500,000 for startups to Ascend

A fintech and a sports science hopeful are among six startups to receive a combined $500,000 in the latest Plus Eight Accelerator program.

The accelerator, led by Spacecubed, has operated since 2017.

Ascend Labs designed a portable device to test muscle strength in athletes, and was founded by Jason Ager.

The device can be used with gym equipment, and the company says it can offer the same level of scientific testing seen at some elite organisations around the world.

Arbela is a decentralised autonomous organisation, which means its rules are coded and decisions are made by community members.

The startup invests in community generated ideas, it says.

Also on the list were Bobbleware, Paperly, OneBase and Three Little Pixels.

Bobbleware makes reusable and sustainable tumblers for bubble tea, Paperly runs a cloud-based school management platform, and Three Little Pixels is an indie gaming marketplace.

Investors in this year’s cohort comprise Spacecubed, BetterLabs, Woodside Energy, Capricorn Society, Eastcourt, Hawaiian, Visagio, Radium Capital, Jackson McDonald and DFK Gooding Partners.

The $500,000 is split across the startups and invested using convertible notes.

Woodside innovation engagement manager Rob Affleck said the business looked to invest in founders who are coachable, resilient and passionate about what they are building.

“We are open to innovative ideas across the board and this year’s cohort is working in areas Woodside is really passionate about, from health & safety to sustainability to process improvement,” Mr Affleck said.

“It is fantastic to see how much these startups have already developed their business models and ideas since originally pitching to the Plus Eight accelerator back in May. 

“That’s why we support Plus Eight - for the value it brings to local entrepreneurs who are looking to change the world.”

RAC general manager of strategic innovation James Edwards said the founders were passionate and believed their products would make a difference.

“The most impressive founders are those who not only have the relevant subject matter expertise but are resilient, self-starting and coachable, and can operate in ambiguity,” he said.

“The actual idea is also crucial – we seek scalable, innovative and defensible propositions with low capital cost that are taking advantage of trends in their vertical or industry.”