Growing Victorian Angel Networks Grant Round FAQs


1. Can I speak to someone at LaunchVic to discuss my proposal? LaunchVic is not offering calls or meetings for applicants under this grant program based on our probity policy – operating under a fair and transparent process for all applicants. However, if anything is unclear in the program guidelines or you are unsure if you are eligible to apply, please contact us via email on We generally respond to emails within 48 hours during the working week.

2. Can this grant help subsidise an existing Angel Network? The following applicants are eligible to apply under this Grant Round: • Angel Investors with demonstrable expertise in investing and/or supporting startups seeking to formalise as a New Angel Network and register as an incorporated association or as a company in the State of Victoria through ASIC; or • An established Existing Angel Network with demonstrable expertise in investing and/or supporting startups registered outside of the State of Victoria seeking to establish a Victorian branch/office.

3. When will I know if my application is successful? What is the timeline for this funding round? Applications close at 10am 15 June. Communication will be made to applicants moving to Stage 2 by 24 June 2022. LaunchVic is looking to contract with successful recipients in July/August 2022 with an announcement to follow once contracts have been executed.

4. How many applicants will be shortlisted? And how many applications will be funded? The number of shortlisted applicants will depend on the number of quality of applications received. LaunchVic expects to fund 2-3 applications through this grant round.

5. What governance structure/s would you expect to see from the syndicates eg. Advisors? It depends ultimately on the group and how you are setting the network up. Some angel networks do have formal advisory boards, where others do not. We would expect this to be outlined in the Operating Model and Organisational Structure part of the application.

6. If we have made few but meaningful investments in startups (for example 5 follow-ons in 1 company which is flagged for IPO) – is this enough to show demonstrable experience? We still require you to demonstrate that your understanding and demonstrable experience in the sector and the investing landscape has led to those investments and you will be able to continue making sophisticated investments into the sector. See below for demonstrable experience.

7. What does "demonstrable expertise" mean? Someone who has experience in investing in startups and has actively been involved in leading investment deals into startups over a period of time. If you are from the startup sector and can show your sectoral knowledge is strong and have some experience in investing, this would also be considered. You need to be able to show you have a deep understanding of the challenges startups face.


Updated 19 May 2022

1. Does having a presence or office in Victoria mean a physical space? While we recognise the world has gone virtual, it's important the new angel groups have a physical presence in Melbourne, with a preference for both a physical person and a physical office to be located in Melbourne where possible.

2. Does LaunchVic have any Diversity & Inclusion (D&I) strategic objectives we can align to? Can you provide any examples of D&I best practices? D&I is something we take important at LaunchVic, and all LaunchVic-funded programs have D&I targets. The Diversity & Inclusion Council of Australia has a great bank of resources available we would recommend.

3. Can we hire experts from overseas who do Startup due diligence that may not be residents or citizens of Australia? Yes, you can. There are people very capable in Victoria and Australia and we do want to help build local capability and capacity. However, if local people are unable to support with the specific expertise required or your network was structured to encourage international investors to invest in Victorian companies, it would be reasonable for an international person to do the due diligence.

4. Are the staff salaries referring to team members based in VIC only? LaunchVic is Victorian-government funded, and we would like to see as many salaried roles going to Victorians as possible, however, there is not a direct requirement for only-Victorian team members.

5. If successful, what is the process of achieving milestones to release funding? What happens when funding/networks change/evolve? There is a sample of the grant agreement here that demonstrates our standard milestone timelines and payment release dates. We understand changes do happen (such as a global pandemic), and encourage any successful grant recipient to be open and communicative with LaunchVic as soon as there is a chance the milestones or KPIs may not be met.

6. Can investment be made into non-Victorian startups as well? Yes, however, there will be targets for a certain amount of investment directed into Victorian startups. Typically we would require 75% of investments be made into Victorian companies.

7. Is there a minimum goal in regards to the number of startups to be invested in and/or amount to be invested? We do set KPIs which would relate to the number of startups you expect to invest in and the KPIs will be based on what you propose in your application. The amount of dollars per deal is not specified, however, we would be encouraging best practices around investment deals.

8. What is the definition of 'angel' investor that LaunchVic is using? An Angel Investor is an investor with a high-risk appetite who provides seed investments into early-stage startup ventures, prior to institutional investors including venture capitalists. Typically, Angel Investors provide more than investment alone – they bring business experience, mentorship and networks that can help the invested startup accelerate its growth.

9. Do the angel investors need to be sophisticated or wholesale investors? It depends on the structure of your angel network. We recommend you seek financial advice to clarify the requirements.

10. Where can I find more info on the KPIs mentioned? The KPIs are determined by what you propose in your application. The KPIs are set around the number of startups supported, the number of investors activated, and the amount of capital invested into Victorian startups.

11. Is the size of the grant awarded based on a percentage of qualifying operating costs? The size of the grant awarded is based on how you propose to spend that funding. The maximum amount awarded will be $300,000.

12. Can the grant budget include the AFSL license fees and costs? Yes. We would also encourage you to look at alternatives such as working with partners with AFSL licenses to explore the most suitable and cost-effective way to operate.

13. Can we apply for other LaunchVic grants if we apply for this one? Yes, applying for this grant will not preclude you from applying for future grant programs.

14. To what extent do we need to finalise tax and legal advice prior to the application submission? I am assuming preliminary advice is sufficient, and grant funding can be used to finalise this? This depends on how your network is structured. Generally, we would like to see that operating can commence once the grant starts, however it will depend on your proposal.

15. Can you submit multiple applications? Yes, however, you will need to demonstrate a solid investment thesis with a strong understanding of the sector. Generally, one clear application that demonstrates how the angel network can make the most impact is better than multiple applications.

16. Do you have any thoughts on how to be financially sustainable? We want to see your plan for how you believe you can become financially sustainable post-funding.