$200 million funding to boost Aussie start-ups
27th Mar 13
At least $200 million will be invested into early stage, high growth Australian companies by three new venture capital funds supported by the Gillard Government’s Innovation Investment Fund (IIF).
The Minister for Climate Change, Industry and Innovation, Greg Combet, today announced three new funds selected under the latest tranche of the IIF, a key Government vehicle for providing small and medium sized enterprises with access to venture capital. He said $100 million of Government funding would be matched dollar for dollar by private sector investors in Carnegie Venture Capital Pty Ltd ($40 million), and GBS Venture Partners Pty Ltd and Innovation Capital Associates Pty Ltd ($30 million each). This is a huge boost for Australian start-ups, Mr Combet said. These funds will invest at least $200 million of new capital in start-up businesses.