The State Government is investing in new tech startups to drive innovation in the agriculture industry and create new technologies that will help farmers improve their efficiency and adapt to new challenges.
Minister for Agriculture Ros Spence last week announced an additional $1 million for the Hugh Victor McKay Fund – bringing the total value of the fund to $2 million for use in investing in AgTech startups.
Delivered in partnership with LaunchVic, the Hugh Victor McKay fund aims to invest up to $200,000 into at least ten early-stage Victorian AgTech startups over the next year.
Every dollar of funding is matched by two dollars of private investment, which means the fund will aim to activate $6 million in total capital for founders building the future of on-farm technological innovation, productivity and sustainability.
“We are supporting a vibrant and resilient agricultural sector that not only meets the needs of today but prepares for the challenges of tomorrow,” Agriculture Minister, Ros Spence, said.
“The total value of the state’s AgTech sector has grown by more than 10 times to $193 million since 2020,” LaunchVic chief executive officer, Kate Cornick, said.
“We welcome the news of the additional $1 million funding for the Hugh Victor McKay Fund and look forward to backing our next crop of startups.”
The first two investments from the Hugh Victor McKay Fund include Agrinous, who are rolling out a cloud-based livestock management platform and The Leaf Protein Co, who are developing an alternative plant protein for growers and food manufacturers.
This funding is on top of the Labor Government’s $1 million investment the AgTech Grants program announced in May.
A further 20 AgTech grants of $50,000 will be available for eligible startups looking to build their business capability and access dedicated mentoring from startup experts to build their businesses, grow jobs and drive Victoria’s economic growth.
Since 2023 the AgTech Grants Program has awarded grants to 19 startups providing services in supply chain efficiency, farming automation, soil sensing intelligence and pollination management systems, among others.
These programs are part of the Victorian Government’s AgTech Regional Innovation Network (AgRIN) which aims to grow a vibrant, globally competitive AgTech ecosystem in Victoria.
