Grants for Victorian HealthTech Angel Networks
Building a robust investor community
Timings for this Grant program include:
Round launched: 9 February 2021
Online Information Session: 10:30am – 11:30am 26 February 2021 (Online via Zoom) Completed. View the recording here
Round Closes: 10:00am 15 April 2021 (changed from 16 March 2021)
Communications: to applicants moving to Stage 2 early May 2021
(updated on 15 March 2021)
Virtual Pitch Day: 3:30pm – 5:30pm 24 May 2021
Due Diligence: requested information due June 2021(date TBA)
Communications: to unsuccessful and applicants moving to Stage 3 by end of June 2021
Contracting: We expect to contract successful applicants in July 2021
Announcement: An announcement will follow once contracts executed
In 2020, LaunchVic provided funding to support the establishment of four new Angel Networks to help build a robust Victorian Investor Community and to unlock more capital for Victorian Startups. The four new Angel Networks, along with the existing Angel Networks in Victoria, do not currently focus on any particular sector, and some networks explicitly do not invest in startups focused on solving challenges in health industries. However, 18% of Victorian Startups are focused on HealthTech in some form – more than any other sector in Victoria. In his 2019 Angel Network report, Professor Lerner recommended that LaunchVic establish sector-specific Angel Networks to help drive success in industry verticals. LaunchVic believes that the time is right to action this in health industries including biotech, medtech and pharmaceuticals (collectively, HealthTech).
The objectives of this funding are to:
- Increase access to early-stage capital by Victorian HealthTech Startups, by activating dedicated Angel Network(s) specialising in making seed investments in biotech, medtech and pharmaceuticals startups; and
- Increase the number of informed and active early-stage investors who want to invest in biotech, medtech and pharmaceuticals startups, by providing support for Angel Investors through formalised Angel Networks.
LaunchVic is seeking proposals from applicants to launch a HealthTech Angel Network in the State of Victoria, that will primarily focus on investing in Victorian biotech, medtech and pharmaceutical startups.
Successful grant applicants will receive funding of up to $300k (exclusive of GST) over 2 years. Funds can be used for Operating Costs. LaunchVic expects to fund 1-2 applications through this grant round.