LaunchVic will help to fast track the growth of up to 160 Victorian startups through a new $3.1m investment in three accelerator programs. ANDHealth, Antler and Climate Salad will receive up to $1.4m each to support startups to get the investment they need to scale. Since 2016, LaunchVic has invested in 19 programs, which have helped over 600 startups.
How will the accelerator programs help startups?
ANDHealth, a digital commercialisation program, will support startups working in HealthTech through a new accelerator connecting the next wave of health innovators with investment and commercialisation opportunities. Global venture capital firm Antler will expand its presence with funding to hire a local team that will accelerate their activities in the State.
And Climate Salad will receive $1.4 million to launch a Global Impact Incubator and catalyse $2.4 million investments into startups in the sustainability space. LaunchVic’s funding will cover operational costs and enable an $800,000 investment into participating startups.
What were the executives’ thoughts on the programs?
Minister for Innovation, Medical Research, and the Digital Economy, Jaala Pulford commented: “Supporting growth in early-stage startups is critical to ensuring there is a continued pipeline of scaling companies that can contribute to Victoria’s economic prosperity.”
LaunchVic Chief Executive Officer Dr Kate Cornick said with more than 2,600 startups calling Victoria home, the need for tailored support, mentorship and networking opportunities was greater than ever. “By backing programs with a proven track record of helping founders, we will ensure LaunchVic supports our rapidly growing ecosystem,” Dr Kate Cornick said.