The fund, backed by US-based SVG, will fast-track technologies to help farmers maintain food production through national disasters.
Victorian Minister for Economic Development Tim Pallas, speaking from Silicon Valley on Sunday, said the investment would create agtech jobs and facilitate more international investment in the sector.
“This is a significant vote of confidence in Victorian agtech and the payoff will be in jobs now and in the future,” he said.SVG chief executive John Hartnett pointed to the size of Victoria’s $18 billion-plus agriculture industry – which represents 29 per cent of Australia’s agricultural produce by value, the biggest contribution of any state – as a reason for basing the fund in the state.
“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,” he said. The SVG venture fund will focus on food production agtech. The company has already supported 600 start-ups from 100 countries globally.reports on professional services and legal affairs for the Financial Review.
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