There has been a changing of the guard at Australia’s first angel investor network for female-led startups, Scale investorswith the founding team selling the company to the current management team

Scale was founded ten years ago by Susan Oliver, Carol Schwartz, Annette Kimmitt and Laura McKenzie. During that time, the angel investors backed 47 female-led startups that invested more than $20 million in a portfolio currently valued at $260 million, with a NASDAQ listing for Cognition Therapeutics and a 30x exit for Trademark Vision.

Co-CEOs Samar Mcheileh and Chelsea Newell, and Chief Investment Officer, Roo Harris have purchased Scale from the founders for an undisclosed sum.

Schwartz said the acquisition is “a natural progression” for its co-founders, who are “always on the hunt for exceptional female innovators and leaders.”

“We are confident that the new owners will continue to develop the business while ensuring continuity and stability,” she said.

“I look forward to the next chapter and will continue to support Scale Investors as an active angel investor.”

Speaking on behalf of the new ownership team, Co-CEO Chelsea Newell thanked the outgoing owners for their service and support, noting that their pioneering approach has led to the carving out of an entire niche in the startup ecosystem. She also expressed her gratitude to the Scale Investors Board, with special mention to Chair Catherine Robson and Scale’s founding sponsorship partner, PwC, led by Sean Gregory and more recently Adam Pascoe.

her successor, Chelsea Newell, said they are aware there is still plenty of work to be done 97% of venture capital funding to men who run startups.

“Samar, Roo and I are honored to be the new owners of Scale Investors, each having worked in the business for several years, we uniquely understand the legacy, DNA and how to build on the incredible success of the past 10 years,” she said.

“We have a strong vision for the future, including moving into fund management, following the example of Golden Seeds in the US. With the recent launch of the Scaling Women’s Fund – a highly differentiated and rolling fund product – we are accelerating that mission.”

Newell reiterated that investing in women is simply good business.

“’Gender diverse teams perform better, and with valuations much more attractive and barriers to entry lower than ever for female founders due to widespread AI, now is the time to close the gender gap in entrepreneurial investment,” she said.

Susan Oliver, who continues to serve as chairman of Scale as well as chairman LaunchVic’s female founder-focused Alice Anderson Fund said they had helped spark a movement in Australia to support more women in business.

“We are incredibly proud of the capital we have invested in female founders ourselves as well as the many other investors who have joined our mission,” she said.

More about the Scale Investor Fund and Angel Network here.