The Victorian government has announced that it will invest $1.8 million in start-up accelerator program – an initiative that has invested over $1 billion in more than 130 start-ups in the last decade – part of its efforts to sustain the growth of the state’s start-up sector.
More than $580,000 will go to Startmate to deliver a dedicated accelerator program for 30 Victorian start-ups over three years and establish a permanent office that will focus helping start-ups recruit local Victorian workers. It will also establish an investor program that will aim to raise $3 million over three years that will be used to fund the establishment and growth of start-ups that complete the Startmate Melbourne Accelerator program. Start-up agency LaunchVic will invest $1.25 in the investor program.
The support comes on the back of Victoria’s 2020/21 budget commitment to invest $626 million in upgrading digital infrastructure and developing digital skills, and to invest more $130 million in the start-up sector.
“A permanent Startmate hub in Melbourne will be invaluable to Victorian start-ups, increasing access to high-quality mentorship and resources along with dedicated programs to support them to scale,” Minister for Innovation, Medical Research and the Digital Economy Jaala Pulford said.
“We know the start-up ecosystem will drive economic growth and long-term job creation in Victoria and this funding will continue to accelerate the growth of the sector.”
LaunchVic CEO Dr Kate Cornick pointed out Startmate’s track record of delivering successful accelerator programs and investing in high-value start-ups, describing the establishment of a permanent home fore Startmate in Victoria as “a huge win” that will offer more Victorian start-ups access to the best possible support, advice and networks.
“Over the past couple of years, we’ve seen and invested in some incredible founders in Victoria and we’re excited to build our presence out with a dedicated Victorian team,” Startmate CEO Michael Batko said. “Startmate’s investor program will make a tangible impact on the diversity of Angel investors in Victoria.”