New Grants to unlock crucial capital for Victorian Startups

Last Updated: Wednesday 29 January 

LaunchVic has today released two grant rounds offering VC funds and angel groups up to $300,000 to set up in Victoria and back local startups.

Eligible VC funds and angel groups can be “brand new” or “new to Victoria,” allowing those with operations elsewhere to set up local offices in the state.

VC Funds must target a raise of $10 million, and angel groups are expected to unlock at least $2 million private capital through their operations.

LaunchVic CEO Dr Kate Cornick said the financial support can be allocated for various purposes, including covering establishment costs such as legal fees and company registration, supporting new staff salaries, and to facilitate capital raising.

The focus is to unlock more capital to support more startups to scale, and achieve global success.

Dr Cornick said that while there had been growth in late-stage venture investments beyond Series B, LaunchVic continues to see stagnation in early-stage VC funding.

“Just 10% of total venture funding was invested into Victorian pre-seed and seed stage companies in 2024,” she said.

“We need to continue our focus on unlocking more capital for early-stage Victorian startups by fostering an expert and active investment community.”

Since 2020, the agency has supported the establishment of ten angel networks in Victoria, which have collectively tipped $29.3 million into Victorian startups.

One example is Birchal First, which invested over $1.9 million in Victorian startups within just 90 days of its launch with funding from LaunchVic last year.

Under the VC Support program, the agency has also funded eight new VC funds to establish operations in Victoria, including specialist DeepTech fund Pacific Channel, which became the first NZ-based VC to expand offshore with the grant.

For more details and to apply, visit launchvic.org/grants.

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