Victoria is about to get $1.3 million in grants for AgTech startups

LaunchVic and Agriculture Victoria have partnered up to offer $1.3 million in AgTech grants across the state. This includes a dedicated agriculture-focused angel network.

Victoria’s Minister for Agriculture, Gayle Tierney, announced the $1 million AgTech Grants Program on Wednesday. Twenty Agtech startups will have access to grants worth $50,000 as part of the program.

The idea of the program is to provide early-state founders in the space with fast access to capital from the government while working on further investment opportunities in the private sector.

A further $300,000 has been set aside specifically for the new AgTech Angel Network Grant. This is designed to support the state’s first ever angel network that has a focus on these particular startups.

“With one of the world’s most modern and productive agricultural systems, Victoria is well placed to lead Australia as a powerhouse for AgTech innovation and entrepreneurship,” Tierney said in a statement.

This $1.3 million is a part of the Victorian Labor Government’s wider $15 million AgTech Regional Innovation Network (AgRIN). This has been funded through the government’s 10-year Agriculture Strategy that aims to grow Victoria’s AgTech space.

AgTech has become an even stronger focus of the Australian startup scene of late. Just this week, Adelaide’s evokeAG AgTech conference is in full swing. And over the last few weeks we’ve seen big VC raises for businesses such as Loam, and SwarmFarm.

Phoebe Gardner, CEO and co-founder of sustainable AgTech startup Bardee, speaks on the importance of early stage funding for businesses like hers.

“AgTech is a broad category that goes beyond helping farmers manage their land, livestock, or crops. Today we know that total food production must increase by 60% by 2050 to feed the global population while cutting agricultural emissions by a minimum of 70% to achieve net-zero targets,” Gardner said.

“Many new technologies are in development or scaling, like Bardee, to facilitate this sustainable agriculture revolution, presenting investment opportunities.

To realise the market opportunities developed through seed funding rounds, AgTech requires scaling capital and debt capital. Individual angel and angel group participation in Series A and later rounds are critical in enabling early-stage investments to grow their market share.”