US-based agrifood innovation investor SVG (Silicon Valley Global) Ventures has launched fundraising for a $US50 million ($73 million) Victoria-based fund.
The THRIVE Australia Venture Fund will be part of a local SVG platform that will also include the THRIVE Accelerator Program, Corporate Innovation Program and events, all to be established in Victoria. SVG is also planning to establish a partnership with the La Trobe University-based Australian Food Innovation Centre.
SVG founder and chief executive John Hartnett said the firm was excited to embark on its Australia and New Zealand journey from Victoria. He said Victoria was a large agricultural market, home to world-leading research organisations, and would serve as a central location to capture agtech success.
Melbourne will also be the location for a new annual THRIVE Australian Innovation and Investment Summit. The event will bring together thought leaders and entrepreneurs to showcase innovative solutions in the agtech sector.
Federal government trade promotion agency Austrade has been advising SVG on entering Australia since 2020 and suggested Melbourne as the location for the Australian THRIVE program. Austrade is partnering with SVG in its THRIVE Global Impact Challenge, a worldwide search for the most innovative start-ups that are advancing a net-zero future for agriculture.
SVG, which claims to be the world’s most active agtech investor, was formed in 2010 and invests in early-stage companies. SVG’s THRIVE platform is a community of over 5,000 start-ups across 100 countries.
Image: THRIVE funds around the world invest in early-stage agtech companies.