The Interstellar Groove Festival has received $24,992, while the Rainbow Spirit Festival has been granted $50,000.
The funding is part of round three of the grants program, which invests more than $640,000 across the state's music scene to support jobs for artists and crew.
Creative Industries Minister Vicki Ward said the grants program supported events that made Victoria the country’s live music capital.
“The live music supported through this fund brings communities together, creates local jobs and showcases our diverse and amazing talent — it’s one of the reasons Victoria is Australia’s live music capital,” Ms Ward said.
Music Victoria chief executive Fiona Duncan said festivals played a vital role in communities across the state.
“Festivals are so important to Victoria's music ecosystem,” Ms Duncan said.
“They create opportunities for artists and music professionals, bring communities together through shared live music experiences, and play an important role in the cultural and economic life of towns and cities across the state.
“This investment will help festivals continue to sustain, support local talent, and give audiences across Victoria the chance to experience so much great live music.”
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