In a bid to being more venture capital funds into Victoria, LaunchVic has introduced a new VC Support Program, promising to invest up to $300,000 in VC funds willing to set up shop in Victoria.
The initiative is open to both nascent funds and those new to the Victorian landscape, provided they intend to raise a minimum of $10 million. The financial aid can be employed for a range of operational needs, including legal fees, staff salaries, and capital raising.
A Closer Look at Funding Gaps
LaunchVic CEO, Dr. Kate Cornick, highlighted the imbalance in the venture funding landscape, pointing out that "Just 2% of total venture funding was invested into pre-seed and seed-stage companies in the first half of 2022.” With this program, LaunchVic aims to fill this void and empower more startups during their crucial early stages.
An International Angle
The VC Support Program is also introducing International Intern Grants, offering up to $20,000 to budding fund managers in Victoria to take up internships at global VC firms. Applications that include cash co-contributions to support internship-related travel will be given preference. An online information session for the program is scheduled for 15 November.
By the Numbers
Victoria's startup ecosystem has shown a tremendous increase in enterprise value, surging from $5.8 billion in 2016 to a whopping $91 billion today. In addition, Melbourne’s early-stage ecosystem has seen a significant 56% hike in value over the past year, leaping from $23.6 billion (AUD) in 2022 to $36.9 billion (AUD) in 2023.
The program marks a significant stride for LaunchVic in its ongoing efforts to fuel the state's startup ecosystem, which has already seen a 16X value increase since the agency's inception in 2016. With this new initiative, LaunchVic is set to invigorate the local VC scene, providing more resources to founders in their pivotal early stages.
For more information, visit LaunchVic’s website.