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.