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Victoria launches $1.8m Startmate start-up accelerator program

Adrian Flores
Adrian Flores
01 April 2021 1 minute readShare
Victoria launches Startmate start-up accelerator program

The Victorian government will allocate $1.8 million towards launching start-up accelerator program Startmate, aimed at growing 30 start-ups in the state over three years.

More than $580,000 will go to Startmate to deliver a dedicated accelerator program that will help the start-ups in establishing a permanent Victorian office and recruit a local workforce.

Startmate will also establish an investor program that will raise $3 million over three years to be invested into Victorian start-ups that complete the Startmate Melbourne Accelerator program.

In addition, the state’s start-up agency, LaunchVic, will invest $1.25 million in two of these funds to support Startmate to sustainably build their Melbourne footprint, something the Victorian government said will improve local start-ups’ access to capital and support.

Since its inception in 2010, Startmate has invested in more than 130 start-ups across Australia and New Zealand with a combined valuation of over $1 billion.

“A permanent Startmate hub in Melbourne will be invaluable to Victorian start-ups, increasing access to high-quality mentorship and resources along with dedicated programs to support them to scale,” said Minister for Innovation, Medical Research and the Digital Economy Jaala Pulford.

“We know the start-up ecosystem will drive economic growth and long-term job creation in Victoria, and this funding will continue to accelerate the growth of the sector.”

LaunchVic chief executive Dr Kate Cornick said Startmate has a track record of delivering successful accelerator programs and investing in high-value start-ups.

“Having Startmate establish a permanent home in Victoria is a huge win and will support more Victorian start-ups to access the best possible support, advice and networks,” Dr Cornick said.

Learn more about the Startmate hub by clicking here.

Victoria launches $1.8m Startmate start-up accelerator program
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Adrian Flores
Adrian Flores

Adrian Flores is the deputy editor of MyBusiness. Before that, he was the deputy editor for SMSF Adviser as well as features editor for ifa (Independent Financial Adviser), InvestorDaily, Risk Adviser, Fintech Business and Adviser Innovation.

You can email Adrian at [email protected].

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