$40m growth capital for innovative start-ups

Australian innovators now have access to an extra $40 million in venture capital funding with the establishment of new fund manager OneVentures.

Senator Kim Carr, Minister for Innovation, Industry, Science and Research, congratulated OneVentures on being awarded a licence under the Australian Government’s Innovation Investment Fund (IIF) program.

The IIF program provides fund managers with $20 million which they must match with private sector capital to establish new funds to invest in promising early-stage Australian companies commercialising Australian research.

Based in Sydney, OneVentures will invest in emerging Australian companies in the cleantech, new media/information technology and life sciences sectors.

“The successful raising of $20 million in private sector investor capital to be channelled into early-stage technology-based businesses is remarkable considering it is being done against the backdrop of the global financial crisis, Senator Carr said.

“It demonstrates that even in difficult times, with assistance from the Australian Government, it is possible for funds to be established that benefit our innovative companies and support high-skill, high-wage jobs.”

Fund managers are invited to submit applications under the latest round (Tranche 3 of Round 3) of the IIF program, which closes on May 31.

For more information on the IIF and ESVCLP programs and other AusIndustry assistance measures, visit: www.ausindustry.gov.au or contact the AusIndustry hotline on 13 28 46.