Economic Development Minister Tim Pallas visited Silicon Valley in California over the weekend to seal the establishment of the SVG THRIVE Australia Venture and Innovation Platform, which will position Victoria as the prime AgTech hub in Australia and New Zealand.
SVG will launch a $50 million THRIVE Australia Venture Fund, which will facilitate continued international investment in the AgTech sector and grow the AgTech start-up ecosystem across the region.
“This is a significant vote of confidence in Victorian AgTech and the payoff will be in jobs now and in the future,” Mr Pallas said.
“It will provide a major boost for the innovators developing new products and processes to transform agriculture in Victoria and around the world.”
Established in 2010, SVG will bring its highly successful 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.
Melbourne will be home to the new annual THRIVE Australia Innovation and Investment Summit, which will bring together some of the world’s brightest minds, thought leaders and entrepreneurs, showcasing creative and innovative solutions to advance the AgTech sector.
SVG has built a community of over 6000 start-ups from 100 countries, and works with entrepreneurs, investors and Fortune 500 corporations to advance the food and agriculture industries through innovation.
“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,” SVG chief executive and founder John Hartnett said.
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