Birchal's three-month old angel syndicate delivers $1.9m in funding
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The news: Birchal's First Syndicate program has delivered $1.9 million in funding to Victorian hardware technology startups within 90 days of launch, supported by a $300,000 grant from LaunchVic.
The program combines angel syndicate lead investments with retail investor support through the Birchal platform.
The numbers: The three companies that have benefited from the funding include:
- Dovetail Electric Aviation has raised $270,000 from 115 investors;
- Cormagna has raised more than $650,000 to date; and
- Volt Solar Tile has secured over $1 million.
LaunchVic's broader angel network initiative has unlocked $29.3 million for Victorian startups and recruited more than 600 early-stage investors.
The context: The Birchal First Syndicate was established to address funding challenges in the hardware technology sector, where startups often struggle to secure capital due to high manufacturing and product development costs. The initiative is part of LaunchVic's broader strategy to unlock more capital for startups through specialised angel networks.
What they said: "We're thrilled to see such strong outcomes so soon after launching the Birchal First Syndicate. This milestone underscores the power of blending angel and retail investments to support hardware technology founders who face unique challenges with high development costs," Birchal chief executive Matt Vitale said.
LaunchVic chief executive Kate Cornick said: "Birchal's approach is enabling Victorian founders to access the capital they need to grow, particularly in the underfunded hardware technology space. This is exactly the kind of outcome LaunchVic aims to achieve through our support for specialised angel networks".
The source: Birchal media release
