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. March Information Sessions AgTech Grants Program Information Session Thu 2 Mar, 1:00 PM - AgTech Angel Networks Information Session Tue 7 Mar, 1:00 PM - 2:00 PM Originally published by LaunchVic on 21 February 2023 LaunchVic to create Victoria’s first angel group for AgTech Find out more at LaunchVic Agtech
LaunchVic Seeks to Grow Angel Networks in Victoria with New Funding Round A new funding round to establish and grow new Angel Networks in Victoria will unlock more capital for early-stage startups. Angel groups will receive up to $300,000 in funding to support the establishment of their operations in Victoria. Over the past two years, LaunchVic has provided funding to support the establishment of five successful new Angel Networks to help build a robust Victorian investor community and to unlock more capital for Victorian Startups. These networks are already playing an important role in developing the Victorian startup ecosystem – providing an avenue of funding for founders, supporting startup investors to syndicate, and providing capital in a structured and purposeful way at the critical early stages of startups’ journey. To date over 200 new investors have been recruited by these networks investing more than $5m into Victorian startups. Despite this growth in formal angel networks, LaunchVic recognises that this number of angel groups is lower than in peer ecosystems. With a rise in investor education programs, there is also a growing number of informal syndications. By providing operational funding and support LaunchVic seeks to encourage the formalisation of more angel networks, providing an opportunity for growth in early-stage investments in Victorian startups and an increase in the early-stage investor pool. Catch up on the announcement here >> LaunchVic is Victoria's startup agency, established by the Victorian Government in March 2016 as an independent agency responsible for developing Victoria's startup ecosystem. LaunchVic is leading the development of a globally-connected startup ecosystem. With the help of startup founders, entrepreneurs and investors, corporates and universities, they aim to build a startup ecosystem that can strengthen the economy, encourage more people to work with and for startups, and represent all Victorians. Their focus lies in the areas of funding, community building and global recognition for the Victorian startup ecosystem. READ MORE