LaunchVic is investing in healthtech with a new angel network

The Victorian government’s startup agency, LaunchVic, is on the hunt for investors to join it in a new angel network to back what it says is the state’s largest startup sector: healthtech.

The plan follows through on the 2019 Angel Network report by Professor Josh Lerner, which recommended that LaunchVic establish sector specific angel networks to help drive success in industry verticals.

Last year LaunchVic invested $1.16 million to establish four new Angel Networks, which was leveraged into more than $10 million in capital for Victorian startups. Those four new angel networks are not sector-specific.

LaunchVic CEO, Dr Kate Cornick said the timing is right to introduce support for health specific Angel groups.

“Healthtech accounts for 18% of total startups in Victoria – more than any other sector,” she said.

“Providing access to capital for early-stage HealthTech startups will help fuel their success.”

As part of the round, LaunchVic is seeking applications from investors looking to establish a Victorian HealthTech Angel Network that specialises in financing biotech, medtech and pharmaceutical startups.

Successful grant applicants will receive up to $300k over two years to support establishment and operations. LaunchVic expects to fund 1-2 applications through this grant round, with applications opening from today until March 16.

Information on the round, including grant guidelines is available here.

A Zoom information session on the healthtech angel network is planned for February 26.