Agrifood innovation investor Silicon Valley Global (SVG) Ventures has unveiled a USD 50 million venture fund that would boost agricultural technology startups in Victoria, as well as across Australia and New Zealand.
The multi-million dollar THRIVE Australia Venture Fund is aimed at offering greater opportunities for Victorian startups to deliver their products and services abroad. Farmers will also be given access to more world-leading technology.
Australian Trade and Investment Commission (Austrade) said its advice and support were a pivotal part SVG’s selection of Melbourne as the location for its THRIVE platform.
In a media release, Austrade outlined the variety of resources and insights it provided for the project, including information on the local agtech and foodtech industries, such as startups and research organisations, and Australian food and agribusiness trends.
Austrade also offered tax incentives and other government support for the program.
Additionally, the US-based agtech investor will bring its proprietary platform to Victoria, which is comprised of the flagship THRIVE Accelerator Program, Corporate Innovation Program, development drives and events.
SVG also plans to collaborate with La Trobe University’s Australian Food Innovation Centre.
“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.”
On top of the funding program, Melbourne will also host the annual THRIVE Australia Innovation and Investment Summit, which will convene thought leaders and entrepreneurs and facilitate the exhibition of innovative solutions in the agtech sector.
Austrade has been supporting SVG since 2020. The Australian agency is also a partner in SVG’s THRIVE Global Impact Challenge, which sought the most innovative startups that drive net-zero initiatives for agriculture.
SVG, which was founded in 2010, is an investment, technology, and advisory firm that partners with organisations on strategy, innovation, and global expansion.
