LaunchVic has added its first angel network to growing early-stage investment in Victoria.
Australian Medical Angels, a clinician-focused syndicate will be facilitated in setting up a dedicated Victorian branch and investing up to $2 million of private sector capital into ten early-stage Healthtech startup companies after receiving $300,000 from LaunchVic.
LaunchVic’s CEO, Kate Cornick said that the backing of Australian Medical Angels was part of an orchestrated effort by LaunchVic to close the early-stage funding gap in Victoria.
“Quality angel investments offer a much-appreciated lifeline for early-stage startup companies and is therefore critical when it comes to supporting startups to grow,” she said.
“HealthTech is Victoria’s largest startup sector and our investment establishes the first LaunchVic funded sector-specific angel network to drive success in our life sciences startups.”
“Since 2019, LaunchVic funding to Angel groups has led to the recruitment of more than 180 investors who have invested $4.2 million into 26 Victorian startups.”
“The networks have played an important role in developing the Victorian startup ecosystem, pumping capital directly to startups in a structured and purposeful way in the early stages.”
Australian Medical Angels vital in the future of healthcare
Eugene Labs Founder and Chief Executive Officer, Kunal Kalro welcomed the initiative.
“The Australian Medical Angels will be instrumental in building the future of healthcare through offering support to early-stage MedTech in Australia’s Life Science capital.”
“Eugene aims to bring the power of genomics into the homes of billions of people globally.”
“Australian Medical Angels has an understanding of HealthTech challenges and the right connections, advice and operational expertise that will help Victoria’s sector scale globally.”
“To build the next generation of moonshot companies right here in Victoria, early-stage investment from organizations like Australian Medical Angels is absolutely essential.”
Angel networks play a vital role in supporting early-stage startups seeking funding between $100,000 and $1 million, with mentorship and networks for business development.
With the addition of Australian Medical Angels, LaunchVic has funded seven Angel networks, which are including Angel Partners, Archangel Ventures, Impact Investment Group, Innovation Bay Angel Network, Scale Investors and Flying Fox Ventures.
