This article is from the Australian Property Journal archive
THE Victorian government has secured a $50 million AgTech fund from a Silicon Valley investor, to establish its headquarter in Melbourne with the launch of the SVG THRIVE Australia Venture and Innovation Platform.
The Thrive Australia Venture Fund will target Australian and New Zealand AgTech firms, with SVG Ventures headquartered in Melbourne.
“This is a significant vote of confidence in Victorian AgTech and the payoff will be in jobs now and in the future,” said Tim Pallas, minister for economic development, who landed the deal this past weekend in Silicon Valley.
“It will provide a major boost for the innovators developing new products and processes to transform agriculture in Victoria and around the world.”
The $50 million THRIVE Australia Venture Fund that will also enable ongoing international investment into both countries AgTech sector, while underpinning the sector’s start-up ecosystem in Victoria.
Established in 2010, the SVG platform includes access to its flagship HRIVE Accelerator Program, Corporate Innovation Program, development programs and events.
SVG has also built up a community comprising more than 6,000 start-up spanning 100 countries, while also working with entrepreneurs, investors and Fortune 500 corporations to advance food and agriculture industries across the globe.
“We are excited to embark on our ANZ journey from Victoria – a large agricultural market, home to world-leading research organisations and a central location to capture AgTech success,” said John Hartnett, CEO and founder of SVG.
Melbourne will also become home to a new annual THRIVE Australia Innovation and Investment Summit, for innovation leaders and entrepreneurs in AgTech to showcase new ideas and solutions for the sector.
This latest move is part of the state government’s International Investment Strategy, which is looking to bring global groups from high-impact industries to Victoria.
The strategy aims to secure more jobs, skills and technology for the state, ensuring the long-term growth of the economy.
