Perth-based startup receives BetterLabs Ventures funding

Royal Automobile Club of WA (RAC) has invested into SpacetoCo through BetterLabs Ventures, the third startup to be supported through the early stage venture fund.

Founded in 2016, SpacetoCo is a space-sharing platform that allows users to either rent or share existing spaces through a free listing service.

Having previously featured on television’s Shark Tank, the business says its platform has more than 80,000 users and 500 spaces across Australia and New Zealand.

SpacetoCo founder and managing director Daniel McCullen said the community focus of BetterLabs Ventures made for a strong relationship between the two organisations.

“Along with a capital investment that will allow the company to accelerate, SpacetoCo will benefit from being able to access the experience and knowledge of the BetterLabs team to continue to grow as a sustainable, international company,” he said.

RAC general manager of corporate affairs Will Golsby said RAC was excited to support an innovative Western Australian business.

“We look forward to supporting the continued growth of SpacetoCo within the WA startup scene,” he said.

Launched in September 2018, BetterLabs Ventures is headed by Derek Gerrard, with its $3 million seed fund forming part of RAC’s strategic innovation function.

Originally intending to build a portfolio of approximately 10 companies, the fund has previously invested in Power Ledger and Complete Home Filtration.

Founded in 2016, Power Ledger is a blockchain-enabled energy trading platform chaired by former City of Perth deputy mayor Jemma Green.

The business raised $34 million in 2017 with its initial coin offering.

Complete Home Filtration, operating commercially as Environmental Water Solutions, was founded in 2014.

The business had previously received $292,961 from the federal government as part of the Accelerating Commercialisation fund, the only WA-based company to do so.