LaunchVic receives funding for four more years 

Last Updated: Wednesday 8 May 

LaunchVic will receive $40 million over four years to continue its role as the state’s startup agency as part of the Victorian Budget 2024/25.

Since LaunchVic was formed in 2016 by the Victorian Government, Victoria’s startup sector has increased in total value from $5.6 billion to $103 billion.

During this time, LaunchVic has also:

• Funded 14 pre-accelerators and 15 accelerator programs
• Upskilled 11,400 entrepreneurs
• Supported 1,016 startups to grow
• Established nine new angel networks
• Established five new VC Funds
• Activated $1.3 billion of private-sector capital

Victorian startups now employ 56,000 globally, and almost half of these are in Victoria.

LaunchVic Chair Leigh Jasper said these stats were testament to the outstanding work of the LaunchVic team.

“This is a great vote of confidence in LaunchVic and the role it has played in driving massive growth for Victoria’s startup sector,” he said.

“The funding also comes at a pivotal time for the Victorian startup sector. If we are to become a truly global ecosystem, there’s still a lot more we need to do to unlock startups, capital and talent.”

“I’d like to publicly acknowledge LaunchVic’s CEO, Dr Kate Cornick, the LaunchVic Board of Directors and the LaunchVic team, who are united in their desire to see startups succeed in Victoria.

LaunchVic will soon reveal its four-year plan to continue the growth of the Victorian startup sector.