The Victorian Government is supporting the AgTech sector, with $1.3 million in new grants poised to help entrepreneurs and investors across the state, nurturing the next generation of innovation.
Minister for Agriculture Gayle Tierney launched the $1 million AgTech Awards Program, a collaboration between Agriculture Victoria and the state’s startup agency LaunchVic. Funds of $50,000 will be made available to help 20 budding AgTech firms advance to the next level of development.
An additional $300,000 AgTech Angel Network Grant will help to develop Victoria’s first devoted specific agriculture Angel Network, which will invest in Victorian AgTech firms.
“With one of the world’s most exciting agricultural systems, Victoria is well placed to lead Australia as a powerhouse for AgTech innovation and entrepreneurship,” Minister Tierney said.
Minister Tierney stated that AgTech startups are increasing farm efficiency and safety while assisting the State in better responding to climate change.
“We’re putting equity-free working capital in the hands of Victorian Ag innovators hungry for their next phase of growth. Then, once they’re ready to close their first funding raise, we’ll make sure there’s a dedicated angel group invested in their success,” LaunchVic CEO Kate Cornick added.
According to the State Government, the grants will also help ensure that Victoria’s early-stage AgTech founders have fast access to capital while also developing private sector AgTech startup investing capabilities.
The funds are part of the Victorian Government’s $15 million AgTech Regional Innovation Network (AgRIN), which is supported through the 10-year Agriculture Strategy to assist the growth of a dynamic Victorian AgTech ecosystem.
The State Government said these networks have helped to fund initiatives such as the one started by brothers Paul and James Diamond, two cattle and sheep farmers who created AirAgri, a satellite mapping and farm safety app that helps farmers maintain their lands and better monitor farm activities.
“James and I are incredibly grateful for the support from the Victorian Government to finesse our farm safety application idea and empower us to thrive in the once unfamiliar world of AgTech business,” AirAgri founder and CEO Paul Diamond stated.
AgRIN helped the brother’s startup complete the ‘Rocket Seeder’ and ‘Farmers2Founders’ pre-accelerator programs, which helped them improve their idea and strengthen their business abilities.
