Birchal’s new LaunchVic-backed investment syndicate has helped raise $1.9 million for hardware startups in 90 days

Crowd-sourced funding (CSF) platform Birchal’s new Birchal First Syndicate has turbocharged $1.9 million in funding for Victorian hardware technology startups in 90 days since its launch.

The angel syndicate, backed by a $300,000 LaunchVic grant, combines its lead investments with retail investor support on the crowdfunding platform’s equity capital raising campaigns.

While battery-powered aircraft engine retrofitter Dovetail Electric Aviation raised $270,000 from 115 investors on Birchal campaign, two current campaigns have have secured more than $1.6 million with a week to run.

Volt Solar Tile has more than $1 million in commitments for its solar technology with the offer closing on December 12, while medtech startup Cormagna has $650,000 with its raise also closing next Thursday.

Birchal CEO Matt Vitale said the syndicate has the potential to reshape the funding landscape for Victorian startups.

“We’re thrilled to see such strong outcomes so soon after launching the Birchal First Syndicate. This milestone underscores the power of blending angel and retail investments to support hardware technology founders who face unique challenges with high development costs,” he said.

“The $1.9 million raised for Victorian startups is just the beginning. We’re proud to help create a stronger, more collaborative early-stage investment ecosystem that champions local innovation and drives economic growth, leveraging the power of Australia’s crowd sourced funding regime.”

The Birchal First Syndicate is part of a broader initiative funded by LaunchVic to unlock more capital for startups through specialised angel networks. Birchal First focuses on hardware technology, which often struggles to secure adequate funding due to the high costs associated with manufacturing and product development.

LaunchVic CEO Dr Kate Cornick said the Birchal First Syndicate was one of 1o angel networks the government-backed startup body had funded. Together they’d unlocked $29.3 million for Victorian startups, also recruiting more than 600 early-stage investors.

“Birchal’s approach is enabling Victorian founders to access the capital they need to grow, particularly in the underfunded hardware technology space,” Cornick said.

“This is exactly the kind of outcome LaunchVic aims to achieve through our support for specialised angel networks.”