Skalata investment to unlock $20 million for Victorian startups

Last Updated: Wednesday 22 May

LaunchVic is set to continue its work to address the early-stage funding gap for Victorian startups with a $900,000 strategic investment in Skalata Ventures, announced today.

The new deal will see Skalata support at least 30 new Victorian startups and see $20 million invested in Victorian startups as part of the funding arrangement in the next two years.

LaunchVic CEO Dr Kate Cornick said the investment comes at a challenging time for Victorian founders, as research shows the state continues to lag behind Sydney in seed, Series A and Series B funding.

“Early-stage funding in Victoria remains below $100 million investment per annum, with little movement since 2016,” Dr Cornick said.

“Our investment in Skalata will see $20 million unlocked for Victorian founders so they can scale and create new jobs- the ultimate goal for us at LaunchVic.”

Established with a $3 million cornerstone grant from LaunchVic in 2018, Skalata mentors business talent from top universities and works collaboratively with them to build early-stage companies.

LaunchVic’s initial investment has already unlocked more than $27 million in capital for Victorian startups. One example is eCommerce startup preezie, who closed a $250,000 seed round with Skalata in 2020 and went onto raise a $5.5 million Series A just 18 months later.

Co-founder Rohan Workman said the Skalata model helps startups navigate the seed stage and come out the other side – stronger, more capable and ready to scale.

“Skalata’s focus is on building a business, not just a runway,” he said.

“The Skalata team and board have created, built, advised and exited literally hundreds of early-stage companies over the years, and we put all that experience in the founders’ pocket.”

For more information, visit launchvic.org