SVG launches US$50m agtech venture fund in Australia
Agrifood innovation investor SVG Ventures is launching a multimillion venture fund in Melbourne. The fund will help grow the agtech startup ecosystem in Victoria and across Australia and New Zealand. Melbourne will also serve as SVG’s Australian and New Zealand headquarters.
US$50m fund to fast-track agtech jobs
SVG will launch a US$50 million THRIVE Australia Venture Fund. It will provide Victorian startups with greater opportunities to take their products and processes to the world. Farmers will also have access to more cutting-edge technology.
SVG will bring its proprietary platform – comprising the flagship THRIVE Accelerator Program, Corporate Innovation Program, development programs and events – to Victoria. SVG also plans to partner with La Trobe University’s Australian Food Innovation Centre (AFIC).
‘We are excited to embark on our ANZ journey from Victoria,’ says John Hartnett, SVG founder and CEO. ‘[Victoria is] a large agricultural market, home to world-leading research organisations and a central location to capture agtech success.’
Silicon Valley Global Ventures is an investment, technology and advisory firm that partners with organisations on strategy, innovation and global expansion. Formed in 2010, SVG invests in early-stage technology companies.
Melbourne will also be home to the new annual THRIVE Australia Innovation and Investment Summit. The summit will bring together thought leaders and entrepreneurs to showcase innovative solutions in the agtech sector.
How Austrade helped
Austrade has been supporting SVG since 2020. The agency’s advice and support was pivotal in SVG choosing Melbourne as the location for its THRIVE platform.
Austrade has provided a variety of resources, including insights and information on:
- the local agtech and foodtech industries, including startups and research organisations
- Australian food and agribusiness trends
- doing business in Australia
- tax incentives and other government support.
Austrade is also a partner in SVG’s THRIVE Global Impact Challenge. The initiative is a worldwide search for the most innovative startups that are advancing a net-zero future for agriculture.