The state government has announced an additional $1 million in funding for new tech startups to drive innovation in the agriculture industry and create new technologies to help farmers improve their efficiency and adapt to new challenges.
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Agriculture minister Ros Spence said the additional money would go into the Hugh Victor McKay Fund - doubling its total value 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.
"We are supporting a vibrant and resilient agricultural sector that not only meets the needs of today but prepares for the challenges of tomorrow," Ms Spence said.
In September last year, the government announced Agriculture Victoria and the state's startup agency, LaunchVic, would offer $6.4 million in grants and programs to encourage emerging ag tech startups.
Every dollar of funding would be 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.
The first two investments from the Hugh Victor McKay Fund include Agrinous, which provides cloud-based livestock management services to sales centres such as Regional LIvestock Exchange, Horsham Rural City Council and Yariamback shire council.
It will also invest in The Leaf Protein Co, who are developing an alternative plant protein for growers and food manufacturers.
LaunchVic chief executive Kate McCornick said the total value of the state's AgTech sector had grown by more than 10 times, to $193million, since 2020.
"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," Ms McCornick said.
The funding follows a $1 million investment the AgTech Grants program announced in May.
A further 20 AgTech grants of $50,000 would be available for eligible startups, looking to build their business capability and access dedicated mentoring from 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.
To read more about past recipients and to apply for new grants visit launchvic.org
