LaunchVic chips in to help Victorian angel groups assist over 40 early-stage startups

The Victorian government’s LaunchVic has chipped in AU$1.16 million to help four new angel groups establish their operations.

The state government touted the support would help the angel groups — Working Theory Angels, Angel Partners, Innovation Bay Angel Network, and Archangel Ventures — assist over more than 40 early-stage startups secure seed investment.

“This funding provides a genuine opportunity for startups at a time when obtaining seed investment is even more challenging,” Minister for Jobs, Innovation and Trade Martin Pakula said.

“We want to support startups that have high-growth potential, so they can scale and become the next Airwallex, Culture Amp or Judo Bank.”

The angel groups were chosen through a LaunchVic expression of interest process seeking Victorian-based angel network proposals.

According to the state government, Working Theory Angels will make at least eight investment deals with a combined value of AU$2.1 million; Angel Partners’ target is to make 15 investment deals valued at AU$1.9 million; Innovation Bay Angel Network is set to facilitate 11 investment deals worth a total AU$4.1 million; and Archangel Ventures is expected to secure nine investment deals valued at AU$2.25 million.

Earlier this year, Stone and Chalk called on the urgent need for a strategy to be developed to better support the startup fintech sector.

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Source: LaunchVic chips in to help Victorian angel groups assist over 40 early-stage startups | ZDNet