LaunchVic: New Hugh Victor Mckay Fund for agritech startups – Investor opportunity

Opportunity for

• Sophisticated and/or professional investors^ with an interest in participating in a sidecar fund investing in agritech startups.

^This opportunity is only for professional and sophisticated investors.

Opportunity description

Industry challenge:

The Hugh Victor McKay Fund will help Victorian agtech startups access capital. With every dollar of funding to be matched by two dollars of private investment, the Hugh Victor McKay Fund will activate more than $3 million in total capital for founders building the future of on-farm productivity and sustainability in the next 12 months.

Current opportunity:

LaunchVic is seeking applications to the Hugh Victor McKay Fund from eligible Investor applicants that can demonstrate a sound investment process, including due diligence, terms of investments, founder assessment, level of startup support and an ability to work with VCs to attract follow-on. The fund will co-invest between $100,000-$200,000 into at least five early-stage AgTech startups over the next 12 months.

Opportunity background:

Since 2021 LaunchVic and Agriculture Victoria have undertaken a partnership to deliver a program of works to improve the quantity and quality of early-stage AgTech startups across Victoria which included the funding of three dedicated AgTech pre-accelerators.

In October 2022 LaunchVic signed a new agreement with Agriculture Victoria to build on our success to date by delivering the following interventions:

• An AgTech grants program – to quickly get small amounts of working capital ($50,000) into the hands of early-stage start-ups.
• An Investment Sidecar Fund (The Hugh Victor McKay Fund)– to get capital of up to $200,000 plus co-investment from the private sector to startups that are ready to grow.
• Establish a dedicated AgTech Angel Network – to activate private sector capital into Victoria’s growing AgTech sector.

Potential other applications:

LaunchVic's AgTech Grants Program, rapidly providing small amounts of working capital to help startups build capability and move to the next stage of growth.

To find out more about this opportunity go to "Visit website" or to get in touch go to "Enquire now".