LaunchVic and Agriculture Victoria have introduced new grants that will provide a $1.3 million boost to Victoria’s burgeoning AgTech sector.
Grants of $50,000 are being made available to 20 emerging AgTech entrepreneurs who are looking to take their ideas to the next level this year.
$5,000 of each grant will fund mentoring and business development advice from some of Victoria’s most notable start-up advisors, with the remainder provided as an equity-free grant.
Already, $300,000 has been allocated for investors to establish a dedicated AgTech angel network, the first of its kind in Victoria.
Consistent with LaunchVic’s strategy to catalyse more early-stage investment in the sector, this new angel network will deploy crucial early capital to founders and provide a valuable network of mentors, talent and potential customers.
A recent LaunchVic report that looked at Victoria’s investment landscape from December found that Victorian angel investors are the second most active investors after VCs by number of rounds – a 2.3x increase since 2016.
LaunchVic CEO Dr Kate Cornick said the latest initiatives would put equity-free working capital in the hands of Victorian Ag innovators hungry for their next phase of growth.
“Then, 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,” she said.
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 aspiring entrepreneurs. With the latest initiatives, post-accelerator support will be provided as part of an additional $2.6 million commitment from Agriculture Victoria to 2024, with further initiatives to come later this year.
Minister for Agriculture Gayle Tierney said Victoria has all the elements to be a national leader in AgTech. She said, “With one of the world’s most modern and productive agricultural systems, Victoria is well placed to lead Australia as a powerhouse for AgTech innovation and entrepreneurship.”
