LaunchVic announces two grant rounds for VCs and angels
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The news: Victoria's startup agency LaunchVic has announced two new grant rounds offering up to $300,000 to venture capital (VC) funds and angel groups to establish operations in Victoria, aiming to boost early-stage funding for local startups.
The numbers: The grants require VC funds to target a minimum raise of $10 million, while angel groups must unlock at least $2 million in private capital.
Since 2020, LaunchVic has supported 10 angel networks that have invested $29.3 million into Victorian startups. One recipient, Birchal First, invested $1.9 million in Victorian startups within 90 days of launching with LaunchVic funding. Only 10% of total venture funding went to Victorian pre-seed and seed stage companies in 2024.
The context: The initiative aims to address stagnation in early-stage VC funding in Victoria. The grants can be used for establishment costs, including legal fees, company registration, and staff salaries.
The program is open to new entities and those already operating elsewhere who wish to establish a Victorian presence. LaunchVic has previously funded eight VC funds to establish operations in Victoria, including New Zealand-based DeepTech fund Pacific Channel.
What they said: "We need to continue our focus on unlocking more capital for early-stage Victorian startups by fostering an expert and active investment community," said LaunchVic CEO Kate Cornick.
The source: LaunchVic press release
