Corporate accelerator Slingshot has acquired Melbourne-based accelerator program AngelCube.

The new entity will operate more than three programs a year from its Melbourne headquarters at Inspire9 in Richmond.

The organisation will commit A$10 million in funding for Victorian startups and provide seed funding of at least A$150,000 as part of a national expansion program.

Startups will undertake a 12-week program and then connect with the corporation's network.

Slingshot runs accelerator programs for big businesses seeking start-ups to solve problems or to create new products that conform to the company's brand.

Slingshot has worked with the NRMA and HCF. Businesses such as Gamurs, Camplify, OTTO, Hive UAV and Fewzion have graduated from the accelerator.

The Melbourne division of Slingshot will be headed by former PetHomeStay chief executive and founder Tom LeGrice.

AngelCube founders Nathan Sampimon and Adrian Stone will assist Slingshot with strategic direction and act as mentors in the new programs.

Since AngelCube began in 2010, it has accelerated 32 startups and raised more than A$20 million. Being part of Slingshot will open up access to more funds and the expertise of their network of corporate partners.

AngelCube graduates include Coinjar, LIFX, and Tablo.

Slingshot has attracted significant interest recently following the Federal Government's innovation statement in December which encouraged corporates to collaborate more extensively with startups.

Slingshot is also fielding enquiries from Europe, South East Asia, and the US.