I’m a founder, how can I access the fund? |
Investors apply on a founder’s behalf for this opportunity, so we recommend engaging with an angel group or VC Fund to access the fund. LaunchVic has funded the establishment of a number of angel groups in Victoria, which you can find at launchvic.org. You can find a full list of investors over at dealroom.launchvic.org. |
Can Retrospective funding be included in the application? |
No. Applications must be for a current investment opportunity. We won’t take into consideration amounts that have already been raised and banked with the startup. |
As an Investor do I need to apply for each new relevant startup? |
Yes. If you have previously applied and are submitting an application for a new Investee Company from the same Investing Entity please email investments@launchvic.org to let us know and we will send you a shorter application form, for Investee Company and Deal Information only. |
The application form asks for due diligence to be provided. What due diligence is required? |
Due diligence must be provided in the form of a deal memo outlining the investor’s due diligence findings in relation to the Startup. At a minimum the deal memo must include the following:
If you are not the lead investor and you are relying on the due diligence conducted by the lead investor, please upload the deal memo outlining findings of the due diligence conducted by the lead investor. The Investment Committee will not be able to make a decision on any application without a thorough deal memo being provided. |
Does the investment round need to have been finalised before an application is submitted? |
The investment round does not need to have been completely finalised before an application is submitted. The application form asks for the minimum and maximum round size to be provided. In order for eligible applications to be approved, startups need to have raised the minimum required for the Hugh Victor McKay Fund investment ($200k) and an indication must be provided of what has been raised to date. The terms of the investment must be included in the application. If an application is successful, at a minimum, the Hugh Victor McKay Fund will co-invest at a 2:1 ratio on the amount raised at the point of application. The final investment amount is at the discretion of the IC. Typically, investments need to be finalised within three – six months from the date of application. |
How long will it take to process my application? |
The Investment Committee meets monthly to assess applications. Applications are accepted on a rolling basis with applications required to be submitted by the following dates to be reviewed at the following month’s Investment Committee meeting: Once the Investment Committee meeting is complete, LaunchVic will contact you with an outcome within 48 hours. If you have any questions about this timeframe, please reach out to our team at investments@launchvic.org. |
If the investment is approved, what are next steps? |
Once the investment is approved by the Investment Committee, LaunchVic will need to see evidence of all investment documentation and co-investment amounts from all investors in the round prior to finalising the investment. LaunchVic will also require a grant agreement be signed for the non-dilutive grant component of the investment. |