Silicon Valley agrifood innovation investor SVG is organising store in Melbourne with a $50 million fund to again native agtech startups.
SVG will launch its $50 million THRIVE Australia Enterprise Fund to put money into Australia and New Zealand agtech startups.
Victorian financial growth minister Tim Pallas visited California on the weekend to fulfill with SVG founder John Hartnett and deal the deal for his state.
Hartnett, a former senior exec at a number of NASDAQ-listed corporations, based SVG in 2010. The enterprise beforehand dipped its toes in Australian waters with the THRIVE Australia Problem Award in December 2020, mentoring a number of Australian agtech startups earlier than animal monitoring platform Ceres Tag was chosen because the winner happening to pitch within the US as a part of the THRIVE program.
“We’re excited to embark on our ANZ journey from Victoria – a big agricultural market, house to world-leading analysis organisations and a central location to seize AgTech success,” Hartnett mentioned.
SVG has constructed a group of greater than 6,000 startups from 100 international locations over the previous 12 years and works with entrepreneurs, traders and Fortune 500 companies to advance meals and agriculture innovation.
The corporate will convey its proprietary platform – the flagship THRIVE Accelerator Program, Company Innovation Program, growth applications and occasions – to Victoria, and additionally plans to accomplice with La Trobe College’s Australian Meals Innovation Centre (AFIC).
Tim Pallas mentioned the state authorities’s backing of SGV launching a Melbourne base will give farmers entry to extra leading edge expertise and Victorian startups larger alternatives
Melbourne may also host the annual THRIVE Australia Innovation and Funding Summit, bringing collectively a few of the world’s brightest minds, thought leaders and entrepreneurs, showcasing artistic and modern options to advance the AgTech sector.
“It is a vital vote of confidence in Victorian AgTech and the payoff will likely be in jobs now and sooner or later,” Pallas mentioned.
“It is going to present a significant increase for the innovators creating new merchandise and processes to rework agriculture in Victoria and all over the world.”
Victoria’s authorities has additionally supported AgTech Regional Innovation Community which helps to attach farmers, expertise consultants, entrepreneurs, analysis organisations and universities. The Community consists of the Victorian AgTech Entrepreneurs Initiative, which helps different AgTech pre-accelerator applications.
