LaunchVic has tipped a further $3.75 million into Victoria’s startup ecosystem, seeding seven venture funds with $300,000 each, funding pre-accelerators at four universities, and backing a 60-event community program run by Aussie Founders Club.
Victorian Minister for Economic Growth and Jobs, Danny Pearson, announced $2.1 million for the funds at the Victorian Startup Gala on Thursday night.
“Innovation is a key part of a strong and growing economy, and we’re proud to back Victoria’s startups and help build an ecosystem in Victoria where entrepreneurs prosper and contribute to economic growth,” Pearson said.
The seven new VC funds setting up in Victoria are:
Collectively, those funds are expected to raise more than $275 million in early-stage capital aimed at local startups from seed to Series A. Each will establish a Victorian presence via LaunchVic’s VC Support Program.
Prior rounds of the same program saw LaunchVic tip $2.4 million into eight funds in 2024, with expectations then of more than $300 million in new capital—evidence the state is trying to deepen its VC bench despite a global slowdown.
The Australian Catholic, Deakin, Federation and La Trobe universities will share $1.45 million to run pre-accelerators that LaunchVic says could reach over 90,000 students statewide.
“Victoria’s startup ecosystem continues to grow and this targeted support will help it to reach its full potential,” said LaunchVic CEO Dr Kate Cornick.
“This latest funding will provide whole of ecosystem support across many areas including strengthening the venture capital landscape, backing startups emerging from universities and fostering a diverse and thriving grassroots community.”
Grassroots community activity gets a boost too with Aussie Founders Club securing $200,000 to stage more than 60 events over three years, adding volume to a calendar already jammed with founder festivals.
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