Three new angel investor networks backed by the Andrews Labor Government through Launch Vic are set to unlock as much as $9 million in the early-stage capital market over the next two years.
Minister for Innovation, Medical Research and the Digital Economy Jaala Pulford announced $900,000 in grants from the Labor Government's agency LaunchVic overnight while at the Victorian Startup Ecosystem Gala.
The grants will help the angel groups to establish operations in Victoria and invest in more than 40 up-and-coming local startups.
The newest angel networks are Cut Through Angels, Climate Angel Network and Playbook Angel Network, each will receive $300,000.
Cut Through Angels was born by the creators of Cut Through Ventures, one of Australia's most widely read startup newsletters.
The Climate Angel Network is a new arm of investor group Ecotone Partners, connecting several climate-conscious investors in the sustainability space.
The Playbook Angel Network is from a syndicate of guests of the hit podcast The Startup Playbook, which will see successful founders re-invest back into the startup ecosystem.
In the past two years, LaunchVic has funded the creation of five new angel networks that have since recruited more than 250 new investors, resulting in more than $6.7 million being invested into 36 Victorian startups.
Archangel Ventures initially established as an angel group with a 2020 grant from LaunchVic, has now launched its own $25 million venture capital fund - a hallmark of a growing and confident investment sector.
Learn more about LaunchVic's funded angel groups here.