“We have the ability to make a greater impact”: Steve Baxter’s River City Labs Accelerator acquired by ACS
Australian entrepreneur and Shark Tank investor Steve Baxter has sold his Brisbane accelerator and co-working space River City Labs to the Australian Computer Society (ACS) just four months after he put a call for expressions of interest (EOI).
The value of the acquisition has not been disclosed, but ACS has pledged $7.5 million in startup investment over the next three years.
Founded by Baxter in 2012, the River City Labs Accelerator — partnered with Telstra’s muru-D accelerator — focuses on supporting the growth of tech startups, while the Startup Catalyst ships startups and investors off to startup hotspots globally, in a bid to further develop the Australian landscape.
The group also provides office space and has hosted more than 1000 startup and community events.
Since it launched, more than 700 startups have set up shop at RCL, and 28 have completed the accelerator program.
According to Baxter, the acquisition is intended to give the accelerator a boost, allowing it to evolve to the next level.
Read the full article in Smart Company by Journalist Stephanie Palmer – Derrien