Launceston's Friends of Clifford Craig hoped to raise $10,000 to fund medical research at their Melbourne Cup luncheon, the event was one of several held in the city for the race that stops the nation.
Clifford Craig friends vice-president Toni Maloney said the event last year raised almost $10,000 to go towards medical research.
"We've run this event for the last 28 years and its steadily built," she said.
"It's a really, really good fundraiser for the foundation because medical research is so important and we just do our little bit to help it.
"We have a very loyal band of followers but I noticed this year we've got quite a lot of new ones."
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Since 1992 the foundation has funded a medical research program at the Launceston General Hospital.
More than 120 people attended the function at TasTafe's Drysdale restaurant to support the charity.
Functions were also held at Mudbar, the North Launceston Bowls and Community Club, Newstead Hotel and the Penny Royal Wine Bar.