Two new grants for Victorian startup businesses have been launched this week.
On Wednesday, LaunchVic released the new grant rounds which will offer venture capital funds and angel groups up to $300,000 to set up in Victoria, as well as backing local startups.
To be eligible, VC funds and angel groups should be classified as “brand new” or “new to Victoria”, leaving an opening for those with operations elsewhere but looking to set up local offices in the state.
Through their operations VC Funds must then target a raise of $10 million, and angel groups are expected to aim for at least $2 million private capital.
The grants can be allocated for a range of things, including covering establishment costs, legal fees, company registration, supporting new staff salaries, and supporting capital raising.
Since 2020, LaunchVic has helped ten angel networks in Victoria establish themselves, which have then collectively poured $29.3 million into Victorian startups.
“Just 10% of total venture funding was invested into Victorian pre-seed and seed stage companies in 2024,” said LaunchVic CEO Dr Kate Cornick.
“We need to continue our focus on unlocking more capital for early-stage Victorian startups by fostering an expert and active investment community.”