Agriculture Victoria has again signed a $2.2m partnership with LaunchVic to deliver a program that will help improve the quantity and quality of early-stage agtech startups across Victoria. Other than providing, the grant will also provide access to business development services that will enable founders to access the best possible support and advice to build their businesses, grow jobs and support Victoria’s economic growth.
Deadlines and Timings
Applications are open and will be accepted on a rolling basis until all funds are awarded, or until 30 June 2024.
Register for the information session on 02 Mar 2023 to know more about this grant program.
Overview and Grant Amount
LaunchVic will grant $50,000 (ex GST) per startup of which $45,000 (ex GST) will be a cash grant (equity free and non-dilutive) and $5,000 (ex GST) will fund business mentoring services. Each grant will run for 6 months, and applications will be accepted on a rolling basis. Funding will be provided to eligible startups to help cover business capability and growth costs and work with pre-qualified business mentors to support business growth. Mentors will be experts in their field and startups will be able to choose from a pre-nominated panel curated by LaunchVic.
Eligibility and Criteria
Applicants must satisfy the following eligibility criterion:
- Meet LaunchVic’s definition of an agtech startup – the startup must meet the definitions for agtech and startup as defined by the program.
- Be a registered business – a registered business is defined as having an Australian Business Number (ABN); if required, being registered for the Goods and Services Tax (GST); and being one of the following entities:
- an entity incorporated in Australia
- an incorporated trustee on behalf of a trust o an Aboriginal and Torres Strait Islander Corporation registered under the Corporations (Aboriginal and Torres Strait Islander) Act 2006
- a partnership
- a sole trader
- Based in Victoria – applicants must have at least 50% of its assets and employees located in Victoria. The founder should be a person that has a primary residence in Victoria.
- Founded date – the startup must have been founded within the last 24 months.
- Funds raised to date – if a startup has raised more than $250,000 (ex GST) (including funding received from grants), it will not be eligible to receive funding under this grant round.
- Adhere to Victorian government policy on ESG prohibited activities – the startup must not be involved with
- tobacco or tobacco-related products
- cluster munitions and other controversial weapons
- thermal coal
- logging of old growth forests
- unregulated animal testing
- live cattle and/or sheep exports
- Grant amount applications for $50,000 (ex GST) only are eligible.
- Application submission must be via the LaunchVic online application system to be eligible.
Do note that the AgTech Grants Program is not intended to support routine operational expenditure, retrospective activities, and the purchase, lease or acquisition of land.
We have 14 years of experience preparing EMDG claims and can assist in making sure you receive your maximum rebate.
Working with us means you get the maximum grant with minimum risk and effort. Our expertise includes R&D Tax Incentive registration and tax schedules, Export Grants, Capital Expenditure and Infrastructure Grants.
Get in touch with us and let’s discuss this more in detail.
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