LaunchVic, Victoria’s startup agency, opened a new funding round to establish and grow new Angel Networks in Victoria unlocking more capital for early-stage startups. Angel groups will receive up to $300000 in funding to support their operations here in Victoria.
In the past two years, LaunchVic has funded the creation of five Angel Networks that have recruited over 200 investors, resulting in over $5m being invested into Victorian startups.
What are the executive’s thoughts?
LaunchVic CEO, Dr Kate Cornick said that Angel Networks support startup investors to syndicate, and leverage fellow investors’ skills including through mentoring investee startups and undertaking due diligence. For founders, angel networks provide access to investors.
“While the number of formal networks has increased through LaunchVic’s work, the number of angel groups is still lower than in peer ecosystems. A rise in investor education programs in Victoria supported by LaunchVic has seen the number of informal syndications increase. We would like to see this funding round used to help formalise more angel networks,” Kate said.
How vital has LaunchVic been to MedTechs?
Australian Medical Angels, a clinician-focused syndicate, received $300K in funding from LaunchVic in November 2021 and set up a Victorian branch to support early-stage MedTechs in Australia’s Life Science capital. Australian Medical Angels co-founder Dr Amandeep Hansra said the funding catalysed the investment syndicate, which has over 500 medical experts.
“LaunchVic took a chance on a group of investors that are not from traditional financial backgrounds, but who were able to use their medical expertise to identify promising early-stage HealthTech startups and back them in with financial and industry support,” she said.
“As Victoria’s startup ecosystem expands, it is vital to have sector-specific Angel Networks that add diversity to the investor pool and can support a variety up-and-coming ideas.”
For more information on the funding round and application guidelines can be accessed via LaunchVic. Applications close at 10am on Wednesday 15 June 2022.