Government opens $100 million venture fund
The Federal Government has announced $100 million in venture funding as part of the Innovation Investment Fund (IIF).
The Federal Government has announced it will support private sector investors to assist Australian businesses compete in global markets.
Announcing the final tranche of IIF Round three, Federal Minister for Innovation Senator Kim Carr said the $100 million will lead to $200 million of venture capital for early-stage investments. It offers a bridge to larger venture capital funds with the capacity to make significant longer-term investments.
"Through the IIF, the Australian Government aims to increase investment in growth companies and connect them with international markets," Senator Carr said.
"Venture capital has been shown to be an effective mechanism for commercialising innovative technologies into new products, services and processes.
Applications for IIF tranche four close on Monday 2 July 2012. Details on information seminars for applicants are available at www.ausindustry.gov.au/IIF or through the AusIndustry Hotline 13 28 46.