BACKING VICTORIAN START UPS
The Andrews Labor Government is injecting over $136 million into Victoria’s start up sector through the Victorian Budget 2020/21.
Home to multiple tech ‘unicorns’ – startups that have attained billion-dollar valuations such as REA Group, Airwallex and SEEK – Victoria has the potential to become a globally-recognised startup hub. This Budget will help our founders to grow their businesses and create new high-value jobs for Victorians.
We’re investing a further $60.5 million to establish the Victorian Startup Capital Fund to support early-stage entrepreneurs to scale-up and create jobs. The first fund of its kind in Australia, it will help early-stage firms attract venture capital, leveraging up to $180 million of private investment.
The Budget also includes $25.7 million over four years for a complementary venture growth fund. This fund will see the Government co-invest into a venture debt facility with a private investor to back later-stage and scaling startups.
Some $40 million will be provided for LaunchVic over four years to continue supporting the growth of Victorian startups. And we’ll support female founders to access capital through the establishment of a Women’s Angel Sidecar Fund, with $10 million over three years.
The startup sector sits at the centre of our economic recovery and an unprecedented investment in our young high-growth firms will create thousands of new-economy jobs across the state.