Victoria’s first angel group for AgTech launched

Victoria’s burgeoning AgTech sector is set for a $1.3 million boost through a suite of new initiatives from LaunchVic and Agriculture Victoria.

LaunchVic has partnered with Agriculture Victoria to increase support for early-stage AgTech startups across Victoria by rapidly providing small amounts of working capital to help startups build capability and move to the next stage of growth.

Grants of $50,000 are now available to 20 emerging AgTech entrepreneurs looking to take their ideas to the next level this year.

$45,000 will be provided as an equity-free grant, with the remaining $5,000 funding mentoring and business development advice from some of Victoria’s best startup advisors.

Consistent with LaunchVic’s strategy to catalyse more early-stage investment in the sector, $300,000 has been allocated for investors to establish a dedicated AgTech angel network – the first of its kind in Victoria.

The angel network will deploy crucial early capital to founders and provide a valuable network of early-stage investors for Victoria’s AgTech community.

A LaunchVic report that looked at Victoria’s investment landscape from December found that Victorian Angels are the second most active investors after VCs by number of rounds – a 2.3x increase since 2016 – of which during this time LaunchVic has funded the creation of nine new angel groups in Victoria.

LaunchVic CEO Dr Kate Cornick said the AgTech grants would put equity-free working capital in the hands of Victorian Ag innovators hungry for their next phase of growth.

"Once these founders are ready to close their first funding raise, we’ll make sure there’s a dedicated angel group invested in their success.”

Dr Kate Cornick, LaunchVic

The grant rounds build on the Victorian AgTech Entrepreneurs’ Initiative, LaunchVic’s $2.2 million partnership with Agriculture Victoria announced in September 2021 to fund the delivery of AgTech pre-accelerator services for close to 500 aspiring entrepreneurs.

These latest initiatives provide post-accelerator support and are part of a $2.6 million commitment from Agriculture Victoria to 2024, with further initiatives to come later this year. Investors and startups are invited to apply to the current grants.