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LaunchVic offers $50,000 to agtech startups

The Victorian government is offering $1.3 million in new funding to the agtech startup sector through LaunchVic.

The funding includes $1 million under the AgTech Grants program, which will provide $50,000 individual grant funding to 20 emerging agtech startups.

The program is a partnership between Agriculture Victoria and the state’s start-up agency StartVic.

In addition, there is an additional $300,000 under the AgTech Angel Network Grant Program to support the creation of the state’s first dedicated agriculture Angel Network to invest in Victorian agtech startups.

Agriculture Secretary Gayle Tierney said the $1.3 million total funding will help ensure the state’s top agtech startup founders have immediate access to capital, while also building investment opportunities for private sector AgTech startups.

“With one of the world’s most exciting farming systems, Victoria is well placed to lead Australia as a powerhouse for AgTech innovation and entrepreneurship,” she said.

“Agtech startups increase efficiency and safety on farms and also help the state better respond to a changing climate.”

The grants are part of the Victorian Government’s $15 million AgTech Regional Innovation Network (AgRIN), funded through the 10-year Agriculture Strategy.

LaunchVic CEO Kate Cornick said it’s a two-step approach to help agtech startups succeed.

“We are putting equity-free working capital into the hands of Victorian agricultural innovators hungry for their next stage of growth,” she said.

“When they’re ready to complete their first fundraiser, we’ll make sure there’s a dedicated group of angels investing in their success.”

Apply for agtech scholarships launchvic.org. Details on AgRIN are available at agriculture.vic.gov.au/AgRIN

Shreya has been with australiabusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider australiabusinessblog.com, Shreya seeks to understand an audience before creating memorable, persuasive copy.

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