LaunchVic calls for new angel networks to boost HealthTech sector

LaunchVic calls for new angel networks to boost HealthTech sector

LaunchVic, Victoria’s startup agency, today opened a new funding round to support investment in Victoria’s largest startup sector, HealthTech.

As part of the round, LaunchVic is seeking applications from investors looking to establish a Victorian HealthTech Angel Network that specialises in financing biotech, medtech and pharmaceutical startups.

What do applicants stand to gain?

Successful grant applicants will receive up to $300k over two years to support establishment and operations.

In 2020, LaunchVic invested $1.16 million to establish four new Angel Networks to help build a robust Victorian Investor Community, unlocking more than $10 million in capital for Victorian Startups. These four new Angel Networks, along with existing Angel Networks in Victoria, are not sector-specific.

In a 2019 Angel Network report Professor Josh Lerner recommended that LaunchVic establish sector specific Angel Networks to help drive success in industry verticals, which this latest round supports.

LaunchVic CEO, Dr Kate Cornick said the timing is right to introduce support for health specific Angel groups.

“HealthTech accounts for 18 per cent of total startups in Victoria – more than any other sector. Providing access to capital for early-stage HealthTech startups will help fuel their success.”

Information on the round, including grant guidelines and registration link to the information session being held on 26 February 2021 via Zoom, can be viewed here.