River City Labs (RCL), the incubator behind some of Queensland’s most successful tech startups, has been sold to ICT professional association ACS.
ACS is the professional association for Australia’s ICT sector, and intends to invest heavily in the future of the incubator.
The association’s acquisition will take effect immediately, and includes the operations of the RCL Accelerator and Startup Catalyst.
ACS says it intends to invest $7.5 million in RCL over the next three years to ramp up the incubator’s mission to support tech entrepreneurs.
RCL was founded by serial entrepreneur and Shark Tank judge Steve Baxter (pictured right) in 2012 to foster the growth of tech scale-ups in Queensland and build the platform solutions for the world of tomorrow.
Since its launch, more than 700 founders have set up home in the RCL, with just under 29,000 people passing through its doors, attending more than 1000 startup and community events.
In May 2018 Baxter circulated a call seeking expressions of interests to take over the space with the capacity and passion to continue his work. Over 20 expressions of interest were received.
ACS president Yohan Ramasundara says the association is excited to continue the important work done at RCL. Read more
David Simmons – Business News Australia – 7 September 2018