Ta'eed-backed Esparq Ventures is ready to fund Indigenous founders
Indigenous businesses contribute billions to the economy, but they are among the most underfunded enterprises in the country.
Indigenous businesses contribute more than $16 billion to the Australian economy and are 100 times more likely to employ First Nations Australians than non-Indigenous businesses. Yet they remain among the most underfunded enterprises in the country, according to the 2024 "State of Australian Startup Funding" report.
Esparq Ventures, a First Nations-led venture builder based in Cairns, is working to address this disparity through its Torres Futures Kickstarter Fund, which aims to raise $2.5 million over three years to provide early-stage capital to Indigenous businesses.
"First Nations businesses are some of the most overlooked and underestimated in our economy," said Darryl Majid, who founded Esparq in January 2024. "Indigenous people don't have access to friends and family, so that first bit of cash in the door is what we don't have. It's very hard when you don't tick the right boxes for traditional funders."
The fund has already distributed $100,000 to entrepreneurs in Far North Queensland, providing grants and low-to-no interest loans between $10,000-$30,000. In 18 months, Esparq has raised approximately $7.5 million for Indigenous entrepreneurs, helped create 56 jobs, and supports about 30 ventures primarily in regional and rural areas.
