Startup accelerator Slingshot has taken a step closer to its national ambitions by purchasing Melbourne's original accelerator, AngelCube.
The acquisition was part of a national expansion plan for the corporate accelerator, co-founder Craig Lambert said.
He said Slingshot's expansion was meeting a demand from his corporate clients to tap into innovative ideas from businesses across regional Australia.
"Good ideas can be anywhere ... Slingshot will continue to mine regional Australia for high quality, high potential startups," Mr Lambert said.
Since 2012 Slingshot has been acting as a bridge between startups and large corporate clients.
Mr Lambert says that the interest in startups outside of capital cities is growing, with mining, agricultural and construction businesses leading the charge.
"We are getting asked by corporates now to look more into regional areas," he said.
Mr Lambert and his co-founder Trent Bagnall started their business in Newcastle nearly four years ago working alongside Newcastle University.
Slingshot then expanded to Sydney and will take its first steps interstate thanks to the AngelCube acquisitions.
"They are the accelerator of Melbourne. Their network isn't just wide it is incredibly deep," Mr Lambert said.
Slingshot's focus will be on technology in Melbourne and has committed $10 million for startups there.
"We're so proud of everything AngelCube has achieved since launching in 2010, we have accelerated 32 start ups and raised over $20 million," AngelCube founder Nathan Sampimon said.
The founders of AngelCube will stay on at the accelerator to offer mentoring and direction.
Mr Lambert said Slingshot was already eyeing its next move into Queensland.
