Australian incubator RealTechX makes a big push to scale up real estate technologies in Asia-Pacific
- RealTechX is an incubator programme is backed by the Australian government
- Launched by real estate innovation and venture capital firm Taronga Ventures, the programme sees massive growth potential in Hong Kong and Greater China
A A$23 million (US$16 million) fund for property start-ups, backed by the Australian government, is seeking to bring technology-led innovation and solutions to markets in Asia-Pacific, including Hong Kong.
RealTechX, an incubator programme that aims to bring together 10 start-ups with market-ready products or services, is one of the recipients of the fund. It has received A$440,000 from the Australian government. Launched by real estate innovation and venture capital firm Taronga Ventures, a part of Sydney-based investment house Taronga Group, the RealTechX is accepting applications until July 31, with the first programme set to run from October 2019 to March 2020.
Karen Andrews, Australia’s minister for industry, science and technology, said the initiative will connect entrepreneurs with top-quality research, business advice and talent and help them realise their economic potential much faster.
An amount of A$1 million will be allocated to start-ups that are accepted into the programme in each batch.
Avi Naidu, managing director at Taronga Ventures, said that RealTechX has been designed to be an Asian programme.
“It’s Asia’s first industry-led, government-backed programme,” Naidu said. “We had significant discussion with the Hong Kong government, and really we see Hong Kong and Greater China, particularly the Greater Bay Area, as a huge opportunity to grow technology across the region.”