Victorian agtech startups score an extra $1 million

- June 8, 2024 < 1 MIN READ
Agrifutures female farmer
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The Victorian government is doubling the size of its early-stage agtech fund to $2 million.

The extra $1 million for the Hugh Victor McKay Fund, run by LaunchVic, follows the initial $1 million commitment revealed last year

The fund offers up to $200,000 to early-stage Victorian agtech startups, so the new funding doubles the potential recipients over the next 12 months to at least 10. 

Victorian agriculture minister Ros Spence said the funding will drive innovation in the agriculture industry and create new technologies to help farmers improve their efficiency.

“We are supporting a vibrant and resilient agricultural sector that not only meets the needs of today but prepares for the challenges of tomorrow,” he said.

The first two investments from the Hugh Victor McKay Fund include Agrinous, which is rolling out a cloud-based livestock management platform and The Leaf Protein Co, which is developing an alternative plant protein for growers and food manufacturers.

The funding is matched with 2-for-1 from private investment, so the fund will activate $6 million in total capital for founders.

Another 20 AgTech grants of $50,000 ware available for startups to build business capability alongside dedicated mentoring.

LaunchVic CEO Kate Cornick said the total value of the state’s AgTech sector has grown by more than 10 times to $193 million since 2020.

“We welcome the news of the additional $1 million funding for the Hugh Victor McKay Fund and look forward to backing our next crop of startups.”

Details at launchvic.org