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The Victorian startup sector has received a $5.1 million boost after LaunchVic announced a new funding round for five accelerator programs that is expected to support up to 165 early-stage enterprises.
The state government’s startup agency has revealed that accelerator programs including ANDHealth, MAP, the MedTech Actuator, Startmate and Startupbootcamp will share $4.1 million to give local startups access to a network of industry experts, tailored workshops and mentoring sessions with business leaders.
The Wade Institute of Entrepreneurship, the entrepreneurial training centre located at Ormond College, will receive $1 million in funding to help early-stage investors develop expertise in the critical areas of due diligence, capital raising and portfolio management.
LaunchVic says the funding is aimed at building a stronger investor community to help unlock the growth potential of Victorian startups.
The state is already home to a thriving startup sector comprising 3,500 startups, scaleups and unicorns with an estimated value of $130 billion and employing about 67,000 people globally, with half the jobs located in Victoria.
The Victorian startup ecosystem has experienced significant growth in recent years with estimates of a 23-fold increase in value since 2016. The number of startups founded in the state also has more than tripled since 2017.
The LaunchVic funding is aimed at delivering programs to connect startups to local and global funding opportunities, as well as financial support through collaboration with venture capital funds and angel investors.
This latest funding builds on the success of LaunchVic’s 15 accelerator programs which have supported over 600 startups, helping them secure more than $328 million in critical capital.
"By backing programs with a proven track record of helping founders and investors, we will ensure LaunchVic supports our rapidly growing ecosystem,” says LaunchVic CEO Kate Cornick.
To date 200 investors have participated in LaunchVic’s investor education programs, unlocking $84 million in startup investment.
“We’re backing Victorian founders so they have the skills and contacts they need to seek out new opportunities, expand their networks and scale their businesses,” says Danny Pearson, the Victorian Minister for Economic Growth and Jobs.
“Victoria has a thriving startup scene and we’re helping our most promising startups to take their ideas to the next level – backing skilled local jobs right here in Victoria.”
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