The Victorian government is boosting its support for local startups with an additional $5.1 million in funding via LaunchVic.
The grants include $1 million for the Wade Institute of Entrepreneurship to help early-stage investors develop expertise in critical skills such as due diligence, capital raising and portfolio management.
A further $4.1 million (and up to $1.5m) is being shared between six accelerators – ANDHealth, the Melbourne Accelerator Program (MAP), the MedTech Actuator, Startmate and Startupbootcamp – to support up to 165 Victorian startups with resources, mentorship, and funding to scale.
The programs also connect founders with local and global funding opportunities, as well as financial support through collaboration with venture capital funds and angel investors.
Victorian economic jobs and growth minister Danny Pearson said the 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 capital.
“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,” he said.
“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.”
LaunchVic CEO Dr Kate Cornick said the state is now home to more than 3,500 startups, with the ecosystem now valued at $130 billion, a 23X increase since 2016.
“By backing programs with a proven track record of helping founders and investors, we will ensure LaunchVic supports our rapidly growing ecosystem,” Dr Cornick said.
Victorian startups now employ more than 67,000 people.
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