$5.1M boost for Victorian startups and investors

Last Updated: Tuesday 11 March 

Victoria’s startup ecosystem is set to benefit from a $5.1 million investment by LaunchVic into six of Australia’s leading entrepreneurship programs.

ANDHealth, MAP, the MedTech Actuator, Startmate and Startupbootcamp will each receive up to $1.5 million to run accelerator programs providing up to 165 Victorian startups with the resources, mentorship, and funding they need to scale their businesses.

In addition, the Wade Institute will be granted $1 million to continue to deliver their investor education program, equipping early-stage investors with the knowledge and confidence to back emerging startups.

LaunchVic CEO Dr Kate Cornick highlighted the importance of supporting the state’s growing startup ecosystem, which now boasts over 3,500 startups.

“By backing programs with a proven track record of helping founders and investors, we will ensure LaunchVic supports our rapidly growing ecosystem,” Dr Cornick said.

Minister for Economic Growth and Jobs Danny Pearson emphasised the critical role of early-stage startups in driving Victoria’s economic prosperity.

“We’re supporting our most promising startups, providing access to experts with the knowledge and expertise to help them take their novel ideas into profitable realities that will benefit industry and the wider economy,” Minister Pearson said.

To date, LaunchVic has funded 15 accelerator programs, supporting over 600 startups and helping them secure more than $328 million in critical capital.

Additionally, 200 investors have participated in LaunchVic’s investor education programs, unlocking $84 million in startup investment.

The Victorian startup ecosystem has experienced significant growth in recent years, now valued at $130 billion in a 23X increase since 2016.

Victorian startups employ 67,280+ people globally and the number of startups founded in the state has more than tripled since 2017.

For media enquiries, contact holly.clark@launchvic.org