The Victorian government is offering $1.3 million in new funding to the agtech startup sector through LaunchVic.
The funding including $1 million under the AgTech Grants Program, which will offer individual grant funding of $50,000 to 20 emerging agtech startups.
The program is a partnership between Agriculture Victoria and the state’s startup agency LaunchVic.
On top of that, there’s an additional $300,000 under the AgTech Angel Network Grant program to support the set up of the state’s first dedicated agriculture Angel Network to invest in Victorian agtech startups.
Agriculture minister Gayle Tierney said the $1.3 million in total funding will help ensure the state’s best early-stage agtech founders get immediate access to capital while also building AgTech startup investment capabilities in the private sector.
“With one of the world’s most exciting agricultural systems, Victoria is well placed to lead Australia as a powerhouse for AgTech innovation and entrepreneurship,” she said.
“Agtech startups are boosting efficiency and safety on farms while also helping the state better respond to a changing climate.”
The grants are part of the Victorian government’s $15 million AgTech Regional Innovation Network (AgRIN), funded through the 10-year Agriculture Strategy.
LaunchVic CEO Kate Cornick said it’s a two-step approach to helping agtech startups succeed.
“We’re putting equity-free working capital in the hands of Victorian Ag innovators hungry for their next phase of growth,” she said.
“Then, once they’re ready to close their first funding raise, we’ll make sure there’s a dedicated angel group invested in their success.”