Search on for $120m Victorian startup fund manager Announcements 22 Jul 2021 by LaunchVic News Last Updated: Thursday, 22 July 2021 LaunchVic today released a request for proposal (RFP) for a Fund Manager to run the Victorian Startup Capital Fund (VSCF), a Fund of Funds announced in the Victorian Budget 2020/21. The VSCF is a $120 million Fund that will support Victorian early-stage technology-based startups with potential to grow into high-performing businesses. The Fund Manager is responsible for raising at least $60 million from the private sector on top of a $60 million contribution from the Victorian Government. They are also also charged with developing and implementing the investment strategy, managing due diligence and reporting on investment performance. Applications are open to both established funds management firms and experienced individuals, and while local and international candidates are encouraged to apply, the Fund Manager must be based in Victoria if successful. While Victoria’s startup ecosystem has tripled in value to AU$7 billion since 2018, LaunchVic Chair Leigh Jasper said founders are still facing a dearth of early-stage capital. “Research commissioned by LaunchVic found a $100 million per annum shortfall in earlystage capital in Victoria, and this gap has widened as a result of the coronavirus (COVID-19) pandemic,” he said. “The Victorian Startup Capital Fund will be a massive boost for the Victorian startup sector, providing much needed capital to our best early-stage startups to grow and create jobs.” Mr Jasper will lead a big name selection panel for the Fund Manager comprising LaunchVic Board Director Aneetha de Silva, Afterpay Chair Elana Rubin, Lighter Capital CEO Melissa Widner and Ovidio Iglesias, Co-Founder and Managing Partner at Continuity Capital Partners. The VSCF will be independent from Government, with all investing decisions commercially driven by the Fund Manager. One hundred per cent of the VSCF will go to Victorian VC funds via matched funding, resulting in a total boost of up to $240 million for Victorian early-stage startups. Minister for Innovation, Jaala Pulford said the VSCF will be central to Victoria becoming a globally recognised startup ecosystem. “This Fund is the first of its kind in Australia and will ensure that our founders have access to the early stage funding they need to take their businesses to the next level.” The RFP process closes at 10.00am, Monday 6 September 2021. About LaunchVic LaunchVic is Victoria’s startup agency. Our role is to fuel the growth of Victoria’s startup ecosystem. We do this by building the confidence and capability of Victorians to create, scale and invest in startups. We were established by the Victorian Government in 2016.