The Victorian authorities is providing $1.3 million in new funding to the agtech startup sector by way of LaunchVic.

The funding together with $1 million below the AgTech Grants Program, which is able to provide particular person grant funding of $50,000 to twenty rising agtech startups.

This system is a partnership between Agriculture Victoria and the state’s startup company LaunchVic.

On high of that, there’s a further $300,000 below the AgTech Angel Community Grant program to help the arrange of the state’s first devoted agriculture Angel Community to put money into Victorian agtech startups.

Agriculture minister Gayle Tierney mentioned the $1.3 million in whole funding will assist make sure the state’s greatest early-stage agtech founders get instant entry to capital whereas additionally constructing AgTech startup funding capabilities within the non-public sector.

“With one of many world’s most fun agricultural techniques, Victoria is nicely positioned to guide Australia as a powerhouse for AgTech innovation and entrepreneurship,” she mentioned.

“Agtech startups are boosting effectivity and security on farms whereas additionally serving to the state higher reply to a altering local weather.”

The grants are a part of the Victorian authorities’s $15 million AgTech Regional Innovation Community (AgRIN), funded by way of the 10-year Agriculture Technique.

LaunchVic CEO Kate Cornick mentioned it’s a two-step strategy to serving to agtech startups succeed.

“We’re placing equity-free working capital within the arms of Victorian Ag innovators hungry for his or her subsequent section of progress,” she mentioned.

“Then, as soon as they’re prepared to shut their first funding increase, we’ll be sure that there’s a devoted angel group invested of their success.”

Apply for agtech grants at launchvic.org. Particulars on AgRIN can be found at agriculture.vic.gov.au/AgRIN