Grant FAQs - LaunchVic
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Grant FAQs

Below are Frequently Asked Questions for our open grants.

If you have a question regarding LaunchVic funding, send us an enquiry using the form below.

Back to Open Grants MedTech Market Growth Program AgTech Grants Program AgTech Pre-accelerator Programs Targeted Pre-accelerator Programs Specialised Angel Networks VC Support Program International Intern Grants Contact us

MedTech Market Growth Program

Who is eligible?
This Grant is for Scaling Medtech Startups that are working on medical device and diagnostic products. This may include:
  • Products for patient care and treatment
  • Products for patient diagnosis, monitoring and wellbeing.
Digital health products and services are outside the scope of this grant round but companies in this space can access support from ANDHealth Activate, a LaunchVic funded accelerator program currently accepting applications.
What can the grant be used for?
Eligible advisory and business development services, can include the provision of advice in the following areas:
  • Developing and refining go-to-market value proposition
  • Analysis of the complex therapeutic pathways to global markets
  • Pricing, reimbursements, and health economics analysis
  • Regulatory approvals (domestic and international)
  • Government procurement (domestic and international)
  • Commercial product manufacturability
Eligible commercial activities can include:
  • Accessing facilities, capability, or services related to product development, manufacturing, research and/or market opportunities.
  • Travel that is directly related to increasing global customers, procurement, regulatory approvals, or commercial product manufacturability.
  • Hiring or contracting of new staff directly relevant to the project.
To qualify, is it necessary for the company to already have received funding from private investors?
To be eligible for the MedTech Market Growth Program, a company must fall into the category of a Scaling MedTech Startup. One of the criteria for this is having raised seed or Series A funding from private or professional investors of between $500,000 to $10million (cumulative excluding grants). If an amount between $500,000 and $10million has not been raised, under this criterion you are not currently eligible.
How many times can I apply for grant funding?
Startups are only eligible to receive one $50,000 grant as part of this funding round. Unsuccessful companies will be permitted to reapply based on feedback from the assessment panel. This will not guarantee their success.
Can eligible expenditure be used on international consultants or advisory services?
A full list of eligible and ineligible expenditure is in the Guidelines. All Grant expenditure will be approved at the first meeting with your LaunchVic appointed Business Mentor. We recognise that here in Victoria we have many highly qualified service providers and consultants. However, there are some circumstances where you may need a service provider in another market, interstate or overseas. This can be outlined in your application.
Can I apply for more than $50,000?
The maximum amount of funding awarded to a startup is $50,000 (ex GST).
How would you define Medtech?
Medtech stands for “medical technology” – it is a combination of technology and medical interventions. Medtech includes technologies, devices, services, products, and solutions that use medical technology for patient care and treatment, diagnosis, monitoring, and improvement of people’s health.
How do I know if I am a scaling startup?
For the MedTech Market Growth Program, a Scaling Medtech Startup must meet the following two criteria as set out in the Guidelines. To be considered an eligible Scaling Startup, they must have raised seed or Series A funding from private or professional investors of between $500,000 to $10million (cumulative excluding grants) as well as commenced planning, are conducting, or have completed Stage 1 clinical trials.
How many grants will be awarded in this grant round?
We have $1 million in funding to deploy through this grant round and applications will remain open until all funds are fully allocated, or by 30 June 2024, whichever is earlier. We expect to fund 20 Scaling Medtech Startups.
Could you tell us more about the mentoring process?
Of the $50,000, $1,500 is allocated to meeting with a LaunchVic appointed Startup Business Mentor over two 90-minute sessions. The LaunchVic Startup Business Mentor will be able to support you through the grant process and will give you tailored and structured advice to help you with next steps for your business.
Are software, digital health companies or ai programs eligible?
This grant is for Scaling Medtech Startups working on medical devices and diagnostic products.
Is a physical (hardware) device required?
Eligible applicants are Scaling Medtech Startup working on medical devices and diagnostic products.
When providing CVs (three required) in the application process, what if there are more than three founders?
If there are more than three founders, please provide the CVs for the three people who are a part of the key management team and have the most responsibility within the startup.
Can funding be used to fund clinical trials?
Under the definition of a Scaling Medtech Startup, applicants must have commenced planning, are conducting, or have completed Stage 1 clinical trials. Funding towards Clinical trials is eligible.
Are bootstrapped startups eligible to apply to this grant program?
This grant program is specifically focused on venture capital-backed Scaling Medtech Startups. While bootstrapped Startups are not eligible for this specific grant, below is an overview of programs run by LaunchVic, as well as other organisations, that may assist you.

dealroom.launchvic.org
dealroom.launchvic.org is a comprehensive database of startups, investors and accelerators active in Victoria. You can use this platform to search and find investors to reach out to. You can easily create your own profile to ensure you’re putting your best foot forward to potential investors.

Funding and Grants from other organisations
For grant and funding opportunities for your business, we can suggest these resources:
Can funding be used towards having the Australian National Fabrication Facility (ANFF) review designs for manufacture (commercial product design)?
Eligible commercial activities can include accessing facilities, capability, or services related to product development, manufacturing, research and/or market opportunities. Funding towards Product Design for Manufacturability is eligible.
When developing a project budget, do you need to see quotes?
No, you do not need to provide quotes but instead provide an accurate breakdown of what your spending will look like including how and where it will be used.
If I have a prototype of a device but am not yet registered as a company, am I still eligible?
Applicants must be a registered business, based in Victoria and holding an existing Australian Business Number (ABN).
Can I use funding to hire interns or extend the contracts of the already existing staff?
Eligible use of funds includes hiring or contracting new staff directly relevant to the project. Interns may be hired, but they must be directly relevant to the project. Extending existing staff contracts is not an eligible use of funds.
Our company has not raised any external funds and has self-funded our efforts to date. Are we eligible for this grant?
In terms of eligibility, to be considered a Scaling Medtech Startup, you will need to have raised seed or Series A funding from private or professional investors of between $500,000 to $10million (cumulative excluding grants). Companies that do not meet these criteria are unfortunately not eligible.
Can funding be used towards existing rental facilities?
Eligible commercial activities can include accessing facilities, capability, or services related to product development, manufacturing, research and/or market opportunities, however, usual operational expenditure (i.e. existing rental properties, existing staff contracts etc.) is not eligible for funding.

All Grant expenditure will be discussed and approved at the first meeting with your LaunchVic appointed Business Mentor.
In terms of funding eligibility, who is a private or professional investor?
A private or a professional investor needs to be an independent third party.

AgTech Grants Program

Can I apply for more than $50,000?
The maximum amount of funding awarded to a startup is $50,000.
Can I include costs relating to managing the grant such as report writing and financial tracking in the budget?
Costs relating to managing the grant are generally considered routine operational expenditure and are not intended to be supported by the grant.
How many times can I apply for grant funding?
Startups are only eligible to receive one $50,000 grant as part of this funding round. Unsuccessful companies will be permitted to reapply based on feedback from the assessment panel. This will not guarantee their success.
What can I use this grant funding for?
Business Capability and Growth Costs, which includes salaries for new positions and activities that support product and service development costs, business process and system improvement, marketing, communications and sales, customer growth and customer success initiatives, costs that support investment attraction, intellectual property costs, and product trial costs. Salaries for founders and pre-existing staff will not be supported.
The AgTech Grants Program is not intended to support routine operational expenditure, retrospective activities, and the purchase, lease or acquisition of land.
How do you define AgTech?
AgTech is the collection of technologies that provide the agricultural industry with the tools, data and knowledge to make more informed, timely on-farm decisions and improve productivity and sustainability. Applications of these technologies can include: plant or animal science, crop protection & input management, precision agriculture, indoor agriculture, sensors & smart farm equipment, imagery, animal technologies, processing & packaging, supply chain and hardware.
*FoodTech (food production) is generally not included in this definition, unless the business idea is technology based with high impact potential, using innovation and/or addressing scalable markets
Can I speak to someone at LaunchVic to discuss my proposal?
LaunchVic is not offering calls or meetings for applicants under this program based on our probity policy – operating under a fair and transparent process for all applicants. If you are unsure if you are eligible to apply or have any questions about the grant program, please contact us via email on grants@launchvic.org. We generally respond to emails within 48 hours during the working week.
What other support is available?
Startups will also meet with LaunchVic personnel and be able to access connections and networks through LaunchVic and Agriculture Victoria.
How many people will be applying under this grant round?
We have $1 million in funding to deploy through this grant round and applications will remain open until 30 June 2024, or until the funding is fully expended. We expect to fund 20 early-stage agtech startups through this program.
If we have attended an accelerator program, will this work for or against us in the assessment process?
We love to see startups participating in accelerator programs and/or other startup programs, and you will see that educational and professional development activities are part of the assessment criteria. We know that through these programs, participants receive access to mentoring, education, advice and support which is crucial at an early-stage of development. If you are interested in viewing the list of startup programs LaunchVic has supported, visit our website here: launchvic.org/programs
Can marketing and wages be included in the costs, or would it be better to apply for funding for the tech component?
Absolutely, you can apply the funding to new salaries or new marketing efforts that are contributing to the growth of the business.
Do you need to have revenue to apply?
No, you are welcome to apply pre-revenue and/or prior to your product being in the market.
What is the timeline of grant assessment?
Applications are open now and will remain open until 30 June 2024 or until all funds are fully allocated. Our Assessment Committee will be assessing applications every second month from May. Interviews with the first round of shortlisted applicants will occur late May and we expect to announce the first recipients in June.
Could you tell us more about the mentoring process?
Of the $50,000, $1,500 is allocated to meeting with a LaunchVic appointed Startup Business Mentor over two 90-minute sessions. The LaunchVic Startup Business Mentor will be able to support you through the grant process and will give you tailored and structured advice to help you with the next steps for your business.
Can you use the funding on developing a prototype?
Yes, you are welcome to use the funding to support the costs of developing a prototype.
Would you be able to connect us with farmers who would like to work with startups for any potential pilots and product validation?
Yes, we are keen to connect startups and farmers as part of this grant round and beyond the grant round. We are working closely with Agriculture Victoria and can connect you with their five SmartFarms which are a great way to connect with farmers in the regions you are interested in. Please email us on grants@launchvic.org and we’ll connect you.
Can one founder with multiple projects apply for separate projects?
Yes, however, we would encourage you to consider your capacity to deliver on multiple projects at the same time before submitting your application/s. The Assessment Panel will be taking into consideration the number of projects being proposed and the capability of the team to deliver the project/s.
How important is new innovation in this grant round?
LaunchVic’s definition of a startup is a technology-based business with high impact potential, that uses innovation and/or addresses scalable markets. We know that there is some great innovation that can be applied to agtech in Victoria, and we want to see in your application that you and your team are capable of executing your proposal.
If I am working as a sole Founder, who do I list as secondary contact on the application form given this is a mandatory field?
Please add your details to both primary and secondary contact and you will be able to progress with the application.

AgTech pre-accelerator programs

Are previous and/or current LaunchVic-funded accelerators/ pre-accelerators eligible to apply?
Previous grant recipients are eligible to apply for this funding round. If you are a current LaunchVic grant recipient with an ongoing grant, the assessment panel would question your ability and capacity to deliver multiple programs, unless your current program is due for completion soon.
Who will run the pre-accelerator program?
In your application, you need to list the key personnel who will be managing and delivering the program, including their relevant expertise and experience in running a startup program, or providing early-stage startup support.
How many applicants will be shortlisted/ funded?
This will depend on the quality of the applications received. We will be shortlisting and funding the most competitive applications.
Can I speak with someone at LaunchVic to discuss my application?
LaunchVic is not offering calls or meetings for applicants under this program based on our probity policy – operating under a fair and transparent process for all applicants. If you are unsure if you are eligible to apply or have any questions about the grant program, please contact us via email on grants@launchvic.org. We generally respond to emails within 48 hours during the working week.
What if I have already submitted an application for the Targeted Pre-Accelerator Grant Round?
If you already have an application under review for the targeted pre- accelerator grant round, you can continue to have your application assessed as part of that grant round, and submit another through the agtech pre- accelerator grant round.
Why are you now funding a specific AgTech program? Will there be other grant rounds focusing on specific areas?
This grant round is being delivered in partnership with Agriculture Victoria, to build on the existing support in place for AgTech founders and continue to:

• Support startup entrepreneurs in AgTech by helping them bring their startup idea to life,

and/or continue developing their startup idea;

• Increase the pipeline of startups being created across Victoria in the AgTech area; and

• Increase the pipeline of quality startups entering other programs in Victoria.

At this stage LaunchVic does not have plans to run any other dedicated pre accelerator grant rounds.
If I have already applied through the Targeted Pre-Accelerator Grant can my application be transferred to this program?
We need all applications for this program to be made through the SmartyGrants portal under the AgTech Pre- Accelerator Grant Round.
If my application is successful, when will the start date of my program be?
As set out in the application guidelines, it is anticipated that contracting and announcement of successful recipients will occur in late May. Applicants can propose a start date for the program from June 2024 onwards and set out a proposed timeline for program delivery. If the application is successful, the start date will then be discussed and determined in consultation with LaunchVic.
What is the difference between an entrepreneur and a startup?
As outlined in the application guidelines, a startup entrepreneur is an individual who has an idea for a technology-based Startup and is seeking to launch a Startup and register their new Company via ASIC in the State of Victoria.
Can an organisation be a part of numerous submissions? i.e. Lead on one application and be a delivery partner on another?
Yes, however consideration will be given to the capacity of the organisation to lead and deliver multiple programs.
How does this Early-Stage AgTech Pre-Accelerator Program differ from LaunchVic’s AgTech Grants Program?
This Early-Stage AgTech Pre-Accelerator grant round has been designed to encourage and promote the growth of numerous early-stage AgTech startups through the applicant’s proposed program(s). LaunchVic’s AgTech Grants Program provides a direct grant to an AgTech startup, typically one more mature than those which will participate in these pre-accelerator programs.

Targeted pre-accelerator programs

Can a grant proposal include multiple targeted areas?
In this grant round, we are seeking to fund pre-accelerator programs focused on a specific targeted area, i.e. an industry (vertical), technology (horizontal), or focused on an underrepresented founder group. In your application, you will need to demonstrate the market need for the targeted program and how it differentiates from other pre-accelerators in market.
Does LaunchVic consider tech-enabled sustainability as a targeted area?
We are looking for applicants to outline the specific area they will be targeting, and to be able to demonstrate applicant or organisational experience in that area. Within your application, you also need to clearly demonstrate why the industry or market you are targeting is in need of a pre-accelerator program.
Are previous LaunchVic-funded accelerators/ pre-accelerators eligible to apply?
Yes, they are.
Who will run the pre-accelerator program?
In your application, you need to list the key personnel who will be managing and delivering the program, including their relevant expertise and experience in running a startup program, or providing early-stage startup support
How many applicants will be shortlisted/ funded?
This will depend on the quality of the applications received. We will be shortlisting and funding the most competitive applications.
Can I speak with someone at LaunchVic to discuss my application?
LaunchVic is not offering calls or meetings for applicants under this program based on our probity policy – operating under a fair and transparent process for all applicants. If you are unsure if you are eligible to apply or have any questions about the grant program, please contact us via email on grants@launchvic.org. We generally respond to emails within 48 hours during the working week.
Has LaunchVic previously funded a pre-accelerator program which is linked to an accelerator program?
Yes, LaunchVic has previously funded a number of recipients that have delivered pre-accelerator and accelerator programs, as well as other programs supporting entrepreneurs. A list of grants LaunchVic has awarded is available on the LaunchVic website: https://launchvic.org/grants/previously-funded/
Are international partners acceptable if the lead applicant is located in Victoria?
If the lead applicant is located in Victoria, this is acceptable. If the lead applicant is to be considered eligible for this funding program, it needs to either be headquartered or have an office in the State of Victoria, or if the company is located outside the State of Victoria (in Australia) it needs to be proposing a program to be delivered in Victoria. We would also welcome applications from an experienced delivery team who agrees to setup a new company to primarily run the Pre-Accelerator Program and register the new entity in Victoria before contract execution.
Can a program receive other funding sources to support the funding from LaunchVic?
Yes, programs can receive monetary or in-kind contributions from Partner Organisations. If you have received a funding commitment from a Partner Organisation, you will need to provide a letter of support for the contribution to be considered.
Can startups apply for this program if they have employees fulfilling the relevant experience?
This grant round is seeking to fund programs that support early-stage startup entrepreneurs and the creation of new Victorian startups. We are not providing funds directly to Startup or Startup Entrepreneurs through this funding round.
Will there be a second round run this year?
Currently there is no second round planned for this year.
If my application is successful, when will the start date of my program be?
As set out in the application guidelines, it is anticipated that contracting and announcement of successful recipients will occur in late May. Applicants can propose a start date for the program from June 2024 onwards and set out a proposed timeline for program delivery. If the application is successful, the start date will then be discussed and determined in consultation with LaunchVic.
If a program is focused on female entrepreneurs, would you also require the program to be within a specific vertical? For example, AI?
We are seeking applicants to propose the focus of the program based on clearly demonstrable market need. In your application, you will need to demonstrate the market need for the targeted program, how the program differentiates from others in market, and the impact and benefits the program will deliver to entrepreneurs within the targeted area.
What is the difference between an entrepreneur and a startup?
As outlined in the application guidelines, a startup entrepreneur is an individual who has an idea for a technology-based Startup and is seeking to launch a Startup and register their new Company via ASIC in the State of Victoria.
Can an organisation be a part of numerous submissions? i.e. Lead on one application and be a delivery partner on another?
Yes, however consideration will be given to the capacity of the organisation to lead and deliver multiple programs.
Are there any industries that should not be included?
There are no specific industries this grant round is targeting or is not targeting. Within your application, you will need to clearly demonstrate why the industry or market you are targeting is in need of a pre-accelerator program, and your expertise and experience in this area.

Additionally, LaunchVic adheres to Victorian Government Policy on ESG Prohibited Activities. The applicant or startups supported by the proposed pre-accelerator program must not be involved with:

Tobacco or tobacco-related products;

Cluster munitions and other controversial weapons;

Thermal coal;

Gambling;

Logging of old growth forests;

Uranium;

Unregulated animal testing;

Live cattle and/or sheep exports; or

Fracking
What has been the average grant value given per recipient?
A list of our previously funded grants is available on our website here: https://launchvic.org/grants/previously-funded/
If we discovered two verticals requiring a pre-accelerator, would we be required to submit two applications?
Yes, however consideration would be given to the capacity of the organisation and delivery team to deliver multiple programs.
What is the total funding envelope for this grant round?
The number of grants funded will depend on the quality of the applications received. We will be shortlisting and funding the most competitive and high-quality applications.
Is there a minimum requirement for how long an applicant has been in operation for?
There is no minimum requirement for how long a program provider needs to have been in operation for.
Will unsuccessful applicants receive feedback on their applications?
There is a limit to the amount of feedback that we can provide. We need to be careful that whilst we are providing constructive feedback, we are not coaching the development of applications that may come forward in future rounds. We try to provide general feedback from the assessment panel in relation to positive or negative aspects of the application. However, we are unable to provide specific feedback.
Is the grant $400,000 per annum, for a minimum of 2 years, or is it $400,000 in total for a minimum of 2 years?
The grant is $400,000 in total for a minimum of two years. How this money is divided over the minimum two years is completely at the applicant’s own discretion.
Does the program have to support startups with a technology focus?
As per the definition in our grant guidelines, the supported startups must be technology-based.

Specialised Angel Networks

Are there specific areas you want applicants to specialise in?
We want applicants to tell us what the areas of need are. Applicants must strongly demonstrate why there is a need for specialised Angel Networks within their focus area.
How many applications are going to be funded?
The number of applicants funded will be dependent on the quality and merit of the applications.
Can this grant subsidise an existing angel network?
No. Existing Angel Networks in Victoria, or those that have previously received funding from LaunchVic are not eligible. Applicants outside of Victoria are eligible if they are willing to establish a presence in Victoria and invest in Victorian startups.
Can I speak with someone at LaunchVic about my application?
LaunchVic is not offering calls or meetings for applicants under this program based on our probity policy – operating under a fair and transparent process for all applicants. If you are unsure if you are eligible to apply or have any questions about the grant program, please contact us via email on grants@launchvic.org. We generally respond to emails within 48 hours during the working week.
Do specialised angel networks include networks and initiatives set up to specifically support a cohort of community-building startups?
In terms of eligibility, Angel Networks must have a focus on either industries (vertical) or technologies (horizontal) and can demonstrate expertise in the area of specialisation, including experience working in the industry or technological area.
Do you require applicants to hold an applicable AFSL (Australian Financial Services License)?
This will depend on the way the Angel Network operates. If the Angel Network is operating in a structural way where an AFSL license is required, then you would be expected to communicate this clearly in your application.
Can an applicant focus on a particular market rather than an industry or technology? i.e. Focus on scaling B2B Ventures to the UK and USA?
No. We have a mandate to grow startups within Victoria.
How does LaunchVic measure the success of the angel network after the grant is provided?
Evaluation into the number of Victorian investors that are supported, the amount of capital that is activated in Victorian startups, the number of investments into Victorian startups etc. are common factors that are reviewed after the grant is provided.
Would a global angel network be eligible if expanding to Victoria?
Yes. An applicant outside of Victoria is eligible if they are willing to establish a presence in Victoria and invest in Victorian startups.
Can the grant be used for building investment tools?
Yes, this would be considered an operational expense.

VC Support Program

Are existing funds that establish a new legal entity eligible?
We are looking to provide support for truly new funds in Victoria. If you are an existing fund that creates a new fund entity solely to qualify for this funding program, but the new fund entity is essentially the same as the existing fund, it will not be considered a New Fund. It is the responsibility of the applicant to demonstrate the ‘newness’ in order to meet the eligibility criteria.
Are funds of funds eligible?
Fund of funds are not eligible for this funding program as we are seeking to establish VC funds that will invest directly into startups.
Is the expectation that the New VC Fund has some type of partnership structure?
There are multiple models for VC funds. We would generally expect a partnership structure, however, are happy to assess other structures so long as the objective of the VC Support Program funding round are achieved, and the eligibility requirements are met.
The definition of Victorian Startup includes a requirement that at least 50% of assets and employees are located in Victoria. Is this an ongoing requirement or does it refer primarily to the structure of the investee at the time of any investment by the New VC Fund?
We expect the status of Victorian Startups to meet our Victorian definition (including the requirement that 50% of assets and employees are located in Victoria) prior to and at the point of investment, in addition to the immediate future. However, we recognise this may not be the case into the future (for example if the startup is acquired by another company headquartered interstate).
If there are multiple lead partners, do all lead partners need to reside in Australia?
We require someone of partner level to be in Victoria and permanently residing in Victoria.
Can emerging venture studios join? If the Lead Partner doesn’t have experience in a VC fund but has made investments in startups, can they qualify?
One of the eligibility requirements is that the Lead Partner must have demonstrable and significant experience, for example managing a personal or family office startup investment portfolio of at least 10 startups. If the Lead Partner has only made a couple of investments and they don’t have a huge amount of experience yet, we suggest that you consider other funding opportunities including Angel Network Grant rounds.
Does the Lead Partner refer to an individual or a body corporate?
The Lead Partner refers to an individual.
Are we only allowed to invest in Victorian founders?
We are comfortable with you investing interstate and internationally as well as in Victorian founders. We want you to build a strong venture fund in Victoria, and we recognise that this may not mean the entire portfolio is Victorian based. As general guidance, if you are establishing a fund of $10M, we would typically expect at least half of it to be invested in Victoria. If you are establishing a new to Victoria Fund of $100M, we would not expect you to invest 50% of that Fund. We would however expect that a sizable portion is invested into Victorian Startups.
Can this be a $10-20M feeder fund to our main fund?
If you’re an existing fund manager who is located interstate, then yes. The New to Victoria VC Fund could be a feeder to a main fund, however the Lead Partner for the Fund must commit to permanently reside in Victoria.
How do you define ‘focus on Victorian Startups’ in the eligibility requirements?
The focus on Victorian startups will depend on the size of the fund. Smaller funds will be expected to have a large percentage of FUM allocated to Victorian startups. Larger funds might have a lower percentage of FUM allocated to Victorian startups (but the total capital allocated might be larger than the smaller fund).
Do you have a template or preferred length for CVs submitted?
We don’t have a preferred template. Any attached CV should be of typical length. The application will also require capability statements, and we have specified word counts for these in our guidelines.
Is it a requirement that member(s) of the Investment Committee are based in Victoria?
We want you to build a highly competent Investment Committee. We understand that competence can be found in diverse locations, and we welcome international and interstate members to be included on the Investment Committee, as long as they are able to dedicate the necessary time and have the relevant expertise.
In the context of international Lead Partners, could you provide more details on the visa options available for those who plan to permanently reside in Victoria? Additionally, are there any specific considerations or requirements for Lead Partners who are not Australian residents but are interested in establishing a VC fund in Victoria?
If you are considering relocating a Lead Partner who is currently based outside of Australia, please indicate this in your application. Any offer of funding will be contingent upon the Lead Partner meeting the applicable visa requirements. We recommend seeking advice from the Victorian Government and the Australian Government to ensure the visa requirements are fulfilled. Note that the Victorian Government, through its investment arm Invest Vic, regularly assists individuals in coming to Australia. Although the Victorian Government does not issue visas directly, they are able to help provide pathways to facilitate skilled migrants coming to Victoria.
Can salaries of existing staff be counted as a “cash contribution” towards establishment costs?
Cash contributions from existing staff can be counted toward the “cash contribution”, however we would expect you to provide information on how much FTE is being put towards this and the function of their role as it relates to the establishment costs of the New Fund.
What is the average timeframe to secure an AFSL license in Victoria?
There are multiple ways you can secure an AFSL license and we would recommend consulting with an expert to determine the best course of action for you.
Is the capital advanced or it reimbursed?
Our typical requirement is that expenses will be reimbursed, however we understand that the reimbursement process may vary depending on the stage of your cycle and different fundraising needs may have different requirements. We will negotiate the payment structure and milestone requirements with successful funding recipients.
Will successful applicants be announced when selected for funding or remain confidential?
Successful applicants will be announced following the contracting period. Until then they will remain confidential.
Can LaunchVic make introductions to senior partners in the instance they are looking to join a fund?
We’re unable to help applicants with introductions based on our probity policy – operating under a fair and transparent process for all applicants. We’re more than happy to make introductions once the funding round is closed, and all funding has been allocated.
We heard Breakthrough Victoria is launching a Fund of Funds. If we are awarded LaunchVic funding, are we still eligible for Breakthrough Victoria co-investment or is that considered double dipping?
That will be Breakthrough Victoria’s decision. We recommend reaching out to Breakthrough Victoria for questions.
What factors or milestones might influence the timeline for successfully raising the $10M fund?
There are various factors or milestones that might influence the timeline, and these need to be articulated by the applicant in the application.
Do you have a preferred return or hurdle as a minimum requirement?
No, we are open to considering different options, however we would expect the management fee and hurdle to be in line with industry standards. The application should clearly set out how you will commercially operate the fund and this will include setting the management fee and any other fees such as carried interest.
Do you have sectors that you are focusing on? Will funds only be approved that support those sectors?
We are not focusing on specific sectors. However, if applicants would like to focus on a specific sector it is up to applicants to outline the sectors that need to be focused on. The application needs to clearly demonstrate the need for funding (a pipeline of quality companies) and expertise in the area/s of focus.
Is the ATO going to support concessional tax rulings for DeepTech founders through this grant scheme into early-stage companies?
We recommend that you refer directly to the ATO to answer this question.
Does the Foreign Investment Review Board apply to our incoming international co-investors?
You will need to demonstrate in your application that you’ve met the relevant regulatory requirements. We will check that all proposals received have met their obligations.
We are looking at a fund that invests across the whole lifecycle with 10%-15% early stage, up to 75% later stage VC/Growth in a fund of $150M. Would this fit?
We are specifically looking to support early-stage funds through this funding round. If you will meet the requirement to raise at least $10M in early-stage funds, and the fund is significantly larger than this, we’re comfortable with the remaining portion of funding supporting later-stage startups.
Does the Victorian Lead Partner have to be working full time on the fund?
We would generally expect the Lead Partner to be working full time. However, if you have a Victorian Lead Partner that is part time, and you have other full time staff in Victoria, we would consider this arrangement as long as the application clearly sets out the support the Lead Partner will have in managing the fund.
What is the stage of investment required? (i.e. is it pre-seed or seed focused? Or can the fund be focused only on Series A/B etc. only?)
We’re focused on pre-seed, seed, and series A investments.
For successful funding recipients, is there other support beyond funding? (i.e. help with raising further funds to achieve a close?)
While we cannot directly assist in raising funds for our funding recipients, we support our funding recipients and portfolio companies as much as we can. This can include with introductions that could potentially lead to further fundraising opportunities. However, it is important to note that this should not be considered a primary strategy for raising funds.
Evidence shows that women receive 1% of the LP allocation. Are there institutional investors who have a first-time female fund mandate that can apply for this grant?
We absolutely recognise the fundraising challenges faced by women founders, and we welcome applications that focus on women-led startups. LaunchVic has also very proudly established the Alice Anderson Fund to support women-led startups. More information on the Alice Anderson Fund is available on our website.
There are typically no founders or partners of colour in VC funds. Is this being prioritised in this application process?
We certainly recognise the gaps in this area, and one of the key assessment criteria for this funding round is to outline how you are addressing diversity and inclusion in your organisation and investments.
If we are unsuccessful in this funding round, can we please get constructive feedback from LaunchVic, so we know what to keep working on for future rounds?
There is a limit to the amount of feedback that we are able to provide, particularly as this funding program is set to have multiple rounds. We need to be careful that whilst we are providing constructive feedback, we are not coaching the development of applications that may come forward in future rounds.
If we haven’t finalised the Investment Committee, can we describe the attributes of the IC rather than details of specific members?
If you are yet to finalise the Investment Committee, please provide details of the proposed members (clearly indicating them as proposed) so we can see the calibre and skills of people you intend to appoint. LaunchVic would not reach out to these people without speaking to the applicant first. In the event you are shortlisted, LaunchVic will require confirmation of the IC membership prior to agreeing any funding. A decrease in calibre and skills of IC members may result in a funding offer being withdrawn.
Can I speak to someone at LaunchVic to discuss my proposal?
LaunchVic is not offering calls or meetings for applicants under this program based on our probity policy – operating under a fair and transparent process for all applicants. If you are unsure if you are eligible to apply or have any questions about the grant program, please contact us via email on grants@launchvic.org. We generally respond to emails within 48 hours during the working week.
How does LaunchVic define venture capital?
For the purpose of this funding round, LaunchVic defines venture capital as a specialised type of financing that investors provide to technology startups that have long-term growth potential. It primarily includes equity financing, but other forms of capital (e.g. venture debt) will be considered.
How many applications will be funded?
LaunchVic is seeking to invest up to $300,000 per application. The number of applications that will be funded is dependent on the quality of applications received.
Over what time period will the New VC Fund receive funding support?
LaunchVic is seeking to invest up to $300,000 per application over two years. LaunchVic recognises that VC funds struggle with cash flow in the early years, hence the provision of funding to support early-stage VC Funds.
Is there an advantage in providing cash co-contributions?
Cash contributions from third parties to support the establishment of the New VC Fund will be viewed favourably.
When will I know if my application is successful?
Applicants will be notified of the outcome of their application within 4-5 weeks of submission of the application.

International Intern Grants

Will you accept a reply email thread in place of a formal letter of support from the VC fund that will host the internship?
We will accept a reply email thread in the application instead of a letter. However, if the application is successful, we will need formal confirmation (letter on letterhead) prior to any funding being provided.
Can I speak to someone at LaunchVic to discuss my proposal?
LaunchVic is not offering calls or meetings for applicants under this program based on our probity policy – operating under a fair and transparent process for all applicants. If you are unsure if you are eligible to apply or have any questions about the grant program, please contact us via email on grants@launchvic.org. We generally respond to emails within 48 hours during the working week.
How many applications will be funded?
LaunchVic is seeking to fund up to $20,000 per application. The number of applications that will be funded is dependent on the quality of applications received.
When do I need to complete the internship by?
The internship needs to be commenced within six months of the grant being awarded.
Is there an advantage in providing cash co-contributions?
Cash contributions to support the travel for the internship will be viewed favourably.
When will I know if my application is successful?
The assessment panel will aim to review applications within 8 weeks of submission, until all funds allocated to the program are committed. Applicants may be invited to an interview, and communications to unsuccessful and successful applicants will occur within 8 weeks of the submission of the application.

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