The families of Andrew and Nicola Forrest, along with the late fashion designer Carla Zampatti’s children, have established a new venture capital fund aimed exclusively at female-led startups. The initiative, known as Scale Investors, has successfully raised $26 million for its inaugural fund, with a goal of reaching $100 million in total capital.
Scale Investors was founded in 2013 and has transitioned from operating as a syndicate of angel investors to a more structured venture capital entity. The new management team, comprising Samar Mcheileh, Roo Harris, and Chelsea Newell, took over from the founding shareholders earlier this year. They emphasize the significant untapped potential in investing in female entrepreneurs, describing them as an “overlooked but outperforming” segment in the market.
According to Mcheileh, the data reveals that women-led startups often receive three to four times less capital than their male counterparts, even when a woman is part of the founding team. “There is this ridiculous opportunity to take advantage of the fact that women are not receiving enough capital,” she stated. The statistics support her assertion: all-female founding teams have traditionally captured a negligible percentage of venture capital funding in Australia. In 2025, firms with only female founders garnered just 2 percent of total capital invested by major VC firms, while teams with at least one woman received less than 20 percent.
Investment Criteria and Goals
Scale Investors plans to provide up to $1.2 million per deal. To qualify for investment, a startup must have at least one woman on the founding team with an equity stake equal to that of her male co-founders and must hold a C-suite executive role. This requirement aims to ensure that women are not just present but are also empowered within the leadership structure of their companies.
The new fund represents a significant shift for the Zampatti family. Alex Schuman, one of Carla Zampatti’s children, expressed a desire to support female entrepreneurs effectively. “We’re investing into an overlooked opportunity. It’s not just to get superior returns but also to give a bit of a shot to the whole venture capital industry,” he noted. Schuman’s commitment reflects a growing recognition of the potential within female-led startups.
Strong backing comes from the Minderoo Foundation, which invested through its $250 million strategic impact fund. John Hartman, CEO of Minderoo, pointed out that female fund managers consistently outperform their male counterparts, highlighting the need for more focus on female-led ventures. “We know that female fund managers systematically outperform their male counterparts, generating higher returns and driving capital efficiency,” Hartman stated.
Future Aspirations
Scale Investors aims to ultimately raise $100 million for its inaugural fund but acknowledges that achieving $50 million may be a more attainable target. The management team recognizes the challenges female fund managers face in securing capital, with data supporting their assertion of systemic bias in funding allocation.
Harris explained, “What is true for female founders is also true for female fund managers; there is data around how tough it is for female fund managers to raise.” The success of Scale Investors thus far indicates a growing appetite for investments in female-led businesses, which they believe is a crucial step toward addressing the funding gap.
As Scale Investors enters a competitive venture-capital landscape, it faces established players such as OneVentures, which is seeking $200 million, and Airtree Ventures. The team’s commitment to empowering women entrepreneurs positions them at the forefront of a critical movement within the investment community, striving to unlock the potential of female-led startups across Australia and New Zealand.
