500 Startups opens Melbourne office

The decision follows a $2.3m investment from Victoria state-owned investment fund LaunchVic.

500 Startups, a US-based VC firm and accelerator, is opening an office in Melbourne, following an A$2.9m ($2.3m) investment from LaunchVic, a A$60m Victoria state-owned fund, according to DealStreetAsia.

500 Melbourne is one of seven initiatives that completed LaunchVic’s second round of grants, totalling A$4.9m, with the accelerator securing the largest proportion of funding.

The firm will take at least 40 Australia and Asia Pacific-based startups under its wings over the next two years at its new accelerator location, with 500 Startups saying it can accept up to 25 companies per year.

500 Melbourne is also expected to partner other local accelerators as well as corporates and investors to boost the ecosystem.

Philip Dalidakis, Australia’s minister for small business, innovation and trade, said: “500 Startups is one of the best accelerator programs in the world and that is why we are bringing them to Victoria.

“This will open up many opportunities for our local startups and see many others from across Australia and internationally come here to be part of it.

“The calibre of programs funded through LaunchVic is a great example of why Victoria is fast becoming the location of choice for startups and tech business investment across the Asia Pacific.”

See more from this Government Report: Australia

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