Fund of Funds
The Victorian Government has made a $60m cornerstone investment in the Victorian Startup Capital Fund (VSCF).
The VSCF is a Fund of Funds designed to grow Victoria’s early-stage VC sector and to inject more capital into the early-stage venture capital landscape.
After a competitive procurement process, V-Ignite were appointed to manage the fund, and will now raise at least $60 million from private investors, including super funds, family offices and high net worth individuals, to match the Victorian Government’s $60 million cornerstone investment managed by LaunchVic.
The VSCF will then invest in Victorian based early-stage VC Funds Limited Partnerships and Victorian-based angel sidecar funds who will need to match the funding made by the VSCF – resulting in a $240 million increase to early-stage investments being made in Victoria.
LaunchVic Ltd will continue to manage the Government’s cornerstone investment and act as a limited partner investor into the VSCF.
The fund is set to officially open in mid-2022.
Potential investors interested in finding out more about the Victorian Startup Capital Fund can email: firstname.lastname@example.org
Victoria's early stage landscape
Without access to capital, startups either fail to grow or relocate to other cities where early-stage venture capital is prevalent. Having a deeper investment pool creates a virtuous circle. More startups are supported to grow and succeed and ultimately exit, ensuring investors recoup their investments and others are encouraged to invest.
$96 million shortfall per annum
Avg. seed investment per capita $3.60 in Australia
$10.5 billion valuation