In 2020, LaunchVic provided funding to support the establishment of new Angel Networks to help build a robust Victorian Investor Community and to unlock more capital for Victorian Startups. Given 18% of Victorian Startups are focused on HealthTech in some form – more than any other sector in Victoria, a HealthTech focused Angel Network was needed to help drive success in the health sector. In 2021, LaunchVic sought tenders to establish a Victoria focused Angel Network to invest in health industries including biotech, medtech and pharmaceuticals (collectively, HealthTech).

The objectives of this funding are to:

• Increase access to early-stage capital by Victorian HealthTech Startups, by activating dedicated Angel Network(s) specialising in making seed investments in biotech, medtech and pharmaceuticals startups; and
• Increase the number of informed and active early-stage investors who want to invest in biotech, medtech and pharmaceuticals startups, by providing support for Angel Investors through formalised Angel Networks.

Australian Medical Angels were able to answer this call in late 2021 and became the first Angel Network to receive funding through LaunchVic’s ‘Grants For Victorian HealthTech Angel Networks‘ funding round to expand the Network and set up a Victorian branch to focus investments on Victorian-based Startups.

The Victorian branch aims to recruit over 40 members, and support over 10 investment deals with a cumulative targeted investment of $2m into Victorian HealthTech Startups over 2 years.