Australian entertainment enterprise, Alberts, has shared details of a new $16 million fund to assist local startups in addressing major issues that face the music industry, reports The Music Network.

Best known for supporting the careers of The Easybeats, AC/DC and Baz Luhrmann, Alberts claims that the fund will close over 20 investments across the next three years, and will focus on pre-seed, seed and Series A investments across four impact themes: environmental sustainability; mental health and wellbeing; arts, music and entertainment; and equality.

The fund will be led by investment manager Lisa Fedorenko (Credit Suisse, Montgomery Investment Management and Reinventure), and head of strategy Glenn Bartlett (former Amber Electric CMO, founder of Story & Focus).

Ticket resale marketplace Tixel and Muso, an app that connects musicians with appropriate venues for live performances, are two startups to already receive investments from Alberts as part of the scheme.

Bartlett said the organisation doesn’t believe in a compromise between positive impact and commercial returns.

“While unconstrained capitalism has delivered us a better standard of living today, it’s on track to deliver quite the opposite tomorrow. We believe the best way to solve the issues created by capitalism is by backing the new generation of pioneers with positive impact at the heart of their business models,” he said.

Fifth-generation Albert family member and head of impact Emily Albert said businesses can actually be a force for good.

“At Alberts, we are very aware that how we use and invest our resources – our time, our energy and our money – will have a direct impact on the world we live in,” Albert remarked.