Startup accelerator programs nurturing more than 100 early-stage companies in Victoria will share in $4.1 million through the state government’s startup development agency, LaunchVic.
The funding for ANDHealth, the MedTech Actuator, the Melbourne Accelerator Program (MAP), Startmate and Startupbootcamp comes alongside a $1 million grant for an investor education at the Wade Institute.
Minister for Economic Growth and Jobs Danny Pearson said the $5.1 million in funding will support startups with mentorship and other resources, as they attempt to secure vital investment dollars.
“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,” he said announcing the grants on Tuesday.
The $4.1 million in accelerator grants are the latest in a long line of accelerator programs, as well as pre-accelerator programs, funded by LaunchVic over the years to fuel the growth of Victorian startups.
Earlier accelerator programs, run by the likes of Climate Salad, Skalata Ventures and Techstars, have helped startups secure more than $328 million in capital, the government said, driving economic growth and job creation.
Of the new accelerator programs funded on Tuesday, the MedTech Actuator — which supports MedTech, HealthTech and BioTech startups — has received the biggest grant at $1.11 million, followed by Startmate ($1.07 million).
The Wade Institute of Entrepreneurship has received $1 million to help early-stage investors develop expertise in the critical areas of due diligence, capital raising and portfolio management.
“By backing programs with a proven track record of helping founders and investors, we will ensure LaunchVic supports our rapidly growing ecosystem,” LaunchVic chief executive Kate Cornick added.
Both the accelerator programs and entrepreneurial training program will connect startups to funding opportunities both domestically and overseas, including through venture capital funds and angel investors.
LaunchVic has helped grow the state’s startup ecosystem since it was established in 2016, with more than 3,500 startups now calling the Victoria home.
In last year’s state Budget, the agency scored an additional $40 million funding, with expectations that it would support 140 companies through its programs in the 2024-25 financial year.
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