Support for New and Existing Angel Networks

EOI Open: 24 September 2019 view Guidelines
EOI Closed: 10am 12 November 2019
EOI Outcomes:  advised via email December 2019
RFI Issued: 13 December 2019 view Guidelines
Outcomes: announced 19 May 2020
Contact: If you have a question regarding this program, please email

Announcement Press Release

'Building a robust Victorian Investor Community’ is a LaunchVic program based on research identifying that many early stage Victorian startups were unable to secure the capital they needed to grow. The program is designed to increase the number of Victorian based Angels by funding new Angel Networks and boosting existing Angel Networks. The objectives of this funding were to:

  • Increase startup’s access to early stage capital, by activating more formal Angel Networks; and
  • Increase the number of informed and active early-stage investors, by providing support for Angel Investors through formalised Angel Networks.

To support this program LaunchVic commissioned Bella Private Markets to develop a Best Practise guide to Angel Networks. A high level summary is available here and for the full report that includes a comprehensive assessment of considerations when setting up an angel network, guidelines for establishing the investment process and much more please email

In 2019, LaunchVic released an Expressions of Interest (EOIs) seeking applications from suitable existing angel networks and applicants who would formalise new angel networks. The successful EOI applicants were invited to submit a detailed proposal under a Request for Further Information (RFI) issued in December 2019. Successful RFI applicants received funding of up to $300k (exclusive of GST) over 2 years. Funds are to be used for Operating Costs.

Funding Recipients

OrganisationFundingNetwork Focus
$260,000Angel Partners will establish a new Angel Network in Victoria.

Angel Partners will target emerging professionals and recently successful startup founders to collectively invest in early-stage technology companies within Victoria through a syndicated structure. Engaging this group unlocks more funding now, and establishes an ongoing culture of angel investing for the future.   Angel Partners’ investment focus is Victorian Startups in consumer mobile and web, software as a service (SaaS), artificial intelligence, Fintech, online marketplaces, and IoT smart devices. As the network grows, the focus will expand to reflect the expertise of new network members.  

The network aims to reach 40 members, and support over 15 investment deals with a cumulative investment of $1.95m over 2.5 years.
Archangel Ventures
$300,000Archangel will formalise an existing group of angels to formally establish a new Angel Network in Victoria.
The Angel Network will include High Net Worth individuals and Family Offices, and also attract new investors to access deal flow through a syndicated structure.
While Archangel will not limit investments to specific industries, the collective experience and skills means that the Angel Network will focus on FinTech, HealthTech, EduTech, PropTech and LegalTech deals.  

The Angel Network aims to reach over 20 members, and support over 9 investment deals with a cumulative investment of $2.25m over 2.5 years.
Innovation Bay Angel Network$300,000Innovation Bay will establish a new Angel Network in Victoria.

The Angel Network will be a membership organisation with minimal membership fees, opt-in framework, that is sector agnostic, and focused on early-stage deal flow. It will be made up of over 100 members comprising experienced tech investors who are already actively investing in companies, as well as new investors attracted through partnerships with Macquarie Bank and KPMG’s wealth management teams.   The angel club will be open and inclusive, with a founder-focused approach aimed at supporting investment in Victorian Startups.  

The Angel Network aims to reach over 100 members, and support over 11 investment deals with a cumulative investment of at least $4m over 2.5 years
Working Theory Angels$300,000Working Theory Angels will establish a new angel network that provides its members with the competence and confidence to achieve best-in-class outcomes for themselves, the founders they back, and the ecosystem at large.

While industry agnostic, Working Theory Angels aims to back teams solving big problems in large markets that are undergoing macro shifts, with a preference for solutions that bring people together, improve every day life, or address physical and environmental health.   Working Theory Angels has support from major Australian VC firms to partner in solving some of their biggest issues, including line of sight to seed stage companies, and providing a way for them to invest early and anonymously to avoid negative signalling risk.

The network aims to reach 25 members, and support over 8 investment deals with a cumulative investment of $2.15m over 2.5 years.

Introduction Video

Support For Victorian Angel Networks EOI

Find out why we're funding new Angel Networks and why boosting existing Angel Networks are important for Victoria's Startup Ecosystem in this video​ from LaunchVic's CEO, Kate Cornick.​


How to Support Local Startups

Our CEO, Kate Cornick spoke with Ticker TV recently. Angel investment in startups in Victoria has collapsed from $200m in 2017 to $90m the following year. So what needs to be done to support local startups get off the ground?