Victoria awards Mandalay Venture Partners AUD $300,000 grant

Mandalay Venture Partners has been awarded a grant of AUD $300,000 by the Victorian Government to bolster the state's agtech sector. The grant is part of a broader AUD $2.4 million initiative by the government through LaunchVic's VC Support Program, aimed at enticing new venture capital funds to the region.

The announcement was made by Tim Pallas, Victorian Minister for Economic Growth, who highlighted the surge in the number of startups in Victoria. "The number of startups in Victoria has more than tripled since 2017 to 3,500, but access to early-stage venture capital remained a barrier," stated Pallas during the Victoria Startup Gala.

He added, "These new VC funds will catalyse more investment in startups when they need it most, allowing them to scale up quicker and create more high-skilled jobs in critical sectors like medtech and climate technology."

Mandalay Venture Partners focuses on early-stage investments in agrifood technology. The firm is set to open a new office in Melbourne, spearheaded by Partner and Head of Operations, Timothy Hui. Hui articulated the significance of the grant for the firm's operations in Victoria. "With Victoria's AgTech sector boosted by additional funding and support from Agriculture Victoria in partnership with LaunchVic, the time was right for the firm to establish a permanent presence in the state," Hui remarked.

He further elucidated the value of on-ground presence. "Given the nature of our work with early-stage companies, we need to be on the ground, immersed in the startup ecosystem, so we can support the growth of the emerging ecosystem," Hui added.

Mandalay has already pinpointed its first investee company in Victoria, with an official announcement expected in the coming weeks.

LaunchVic's CEO, Dr Kate Cornick, conveyed optimism regarding Mandalay's extension into Victoria, underscoring the AgTech expertise they bring to the local venture capital landscape. Cornick noted, "Since 2020, the number of idea-to-early-stage AgTech startups in Victoria has more than doubled, yet securing capital remains a major challenge. Many generalist angel investors lack the sector-specific expertise needed, and startups often face high manufacturing costs to validate their minimum viable products."

The grant from Victoria complements Mandalay's earlier achievements, including an allocation from a AUD $130 million fund by the Queensland Government aimed at investing in the state's startups.