Visa Foundation backs Indigenous-led businesses and commits $2 million to First Australians Capital Catalytic Fund
Today, First Australians Capital (FAC) have announced a new investment from Visa Foundation intended for the Catalytic Impact Fund.
FAC is the only Indigenous-led national business advisory and social impact fund for Indigenous-led entrepreneurs in Australia. To date, FAC has reached over 800 small and micro businesses and entrepreneurs, equipping them with financial and business support. With Visa Foundation’s commitment, FAC will continue to promote and support Indigenous businesses and enterprises and help Indigenous people become economically independent. This $2 million investment will go towards its $30 million Catalytic Impact Fund, from a range of long-standing and new investors.
“Visa Foundation’s core goal of supporting women and underserved entrepreneurs is reflected in our collaboration with First Australians Capital,” said Graham Macmillan, President, Visa Foundation. “As one of the few investment firms of their kind in Australia, FAC has a proven track record of deftly leveraging their resources to foster business opportunities for women and underserved entrepreneurs in Australia. We look forward to working together and helping create a more inclusive entrepreneurial ecosystem for all.”
Brian Wyborn (pictured), Managing Partner at First Australians Capital added, “I welcome Visa Foundation’s investment into FAC Catalytic Impact Fund supporting Indigenous businesses. This partnership represents a powerful commitment to economic empowerment and self-determination within Indigenous communities. With Visa Foundation’s investment, we continue to amplify our impact, providing vital capital and opportunities to Indigenous businesses across Australia. Together, we will cultivate a future where Indigenous businesses thrive, driving sustainable growth and prosperity for future generations. Thank you, Visa Foundation, for joining us on this transformative journey toward equity and opportunity”.
FAC is on track for its $30 million raise to back Aboriginal and Torres Strait Islander entrepreneurs through its impact fund. Visa Foundation joins other committed investors including the recent investment from Block, a global technology company, and other long-term supporters such as the Paul Ramsey Foundation, AMP Foundation and CAGES Foundation.
FAC has been operating a $13 million concept fund since 2021 and has deployed $9 million (as of 30 June) across 94 finance facilities.
Since 2016, FAC has supported over 800 Indigenous businesses and leveraged $80 million in cumulative funding for Indigenous businesses. In the financial year ending 2023, FAC supported 282 Indigenous businesses of which 31% were female-led and 52% were in regional and rural locations. The main sectors that sought support from FAC were 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.
