World-leading AgriFood innovation investor SVG Ventures is establishing its Australian and New Zealand headquarters in Melbourne, fast-tracking development of AgTech jobs and supporting farmers across Victoria.
Minister for Economic Development Tim Pallas was able to seal the deal on the establishment of the SVG THRIVE Australia Venture and Innovation Platform in the region. The deal is expected to position Victoria as the prime AgTech hub in the region, driving growth and enhancing the local ecosystem.
“This is a significant vote of confidence in Victorian AgTech and the payoff will be in jobs now and in the future,” Minister 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.”
With the deal backed by the Victorian Government, local farmers will soon have access to more cutting edge technology. The deal will also provide greater opportunities for Victorian startups to take their products and processes to the world.
Aside from the establishment of its headquarters in the state, SVG Ventures will also launch a $50 million THRIVE Australia Venture Fund that will facilitate continued international investment in the AgTech sector and grow the AgTech start-up ecosystem across Australia and New Zealand.
Established in 2010, SVG Ventures will bring its highly successful proprietary platform, which comprises the flagship THRIVE Accelerator Program, Corporate Innovation Program, development programs and events, to Victoria.
Melbourne will be home to the new annual THRIVE Australia Innovation and Investment Summit that will bring together some of the world’s brightest minds, thought leaders and entrepreneurs, showcasing creative and innovative solutions to advance the AgTech sector.
“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 CEO and founder John Hartnett said.
SVG Ventures has built a community of over 6,000 start-ups from 100 countries and works with entrepreneurs, investors and Fortune 500 corporations to advance the food and agriculture industries through innovation.
The Australian Government’s International Investment Strategy has helped attract global organisations from high-impact industries to secure the jobs, skills, and technology that will drive long-term growth in the Victorian economy.
The government is also supporting the growth of the local AgTech ecosystem with the AgTech Regional Innovation Network, which includes the Victorian AgTech Entrepreneurs Initiative that supports other AgTech pre-accelerator programs to increase the number and quality of AgTech start-ups, to help connect farmers, technology experts, entrepreneurs, research organisations and universities.
Source: Premier of Victoria Media Release. Content has been edited for style and length.