The Victorian Government has awarded $900,000 in grants to three new angel investor networks to support early-stage startups.
Jaala Pulford, Minister for Innovation, Medical Research and the Digital Economy, will receive $300,000 each from Angels, the Climate Anchor Network and the Playbook Angel Network.
The grants will help angel teams establish operations in Victoria and invest in more than 40 up-and-coming local startups, attracting up to $9 million in additional investment.
“Angel investments are critical for early-stage startups to support lifeline and startup growth,” she said.
“We want to support startups with high growth potential, so they can design to scale and become the next Linktree, SerMedical or Post-Payment.”
The funds are going to the new VC fund through LaunchVic, the government’s startup arm.
Cut Through Angels is a spinoff fund, the team behind the monthly VC investment newsletter Cut Through Ventures.
The Climate Angel Network is the new arm of Ecoton Partners, connecting a number of climate conscious investors in the sustainability space.
The Playbook Angel Network is a collection of guests from the hit podcast The Startup Playbook, which sees successful founders investing back into the startup ecosystem.
Minister Pulford said that over the past two years, Launchwich has recruited more than 250 new investors and funded the creation of five new angel networks, resulting in more than $6.7 million being invested in 36 Victorian startups.
Archangel Ventures, originally formed as an angel group with a LaunchVic offering in 2020, has now launched its own $25 million venture capital fund – a growing and confident investment sector label.
LaunchVic CEO Dr Kate Cornick said her organization is focused on improving early stage investment in the state.
“Enabling investors and ensuring they have the connections and support to make significant investments is one of the most powerful ways we can close the early stage funding gap in Victoria,” she said.