Anthill Magazine » Applications open for $83m Federal Investment Follow-On Fund

Applications open for $83m Federal Investment Follow-On Fund

Posted By Anthill Magazine On 9 June, 2009 @ 1:03 pm In Funding & Finance,News Desk,Tech & Innovation | No Comments

The Federal Government’s $83 million Innovation Investment Follow-On Fund ^[1] (IIFF) ^[1] opened for applications last Friday.

The funding, announced in the 2009-10 Budget ^[2], is available to fund managers currently licensed by the Government though Rounds 1 and 2 of the Innovation Investment Fund ^[3], the Renewable Energy Equity Fund ^[4] and the Pre Seed Fund ^[5] as well as successful applicants under the ICT Incubators program. Fund managers may invest in early-stage companies that have already received investment capital under these programs.

Announcing the opening, Senator Kim Carr, Minister for Innovation, Industry, Science and Research, said: ”The fund is a temporary, targeted response to address a lack of capital available to the most promising young innovative companies during the global recession.”

The Rudd government is currently deciding how it should structure the $196.1 million Commonwealth Commercialisation Institute ^[6].

For further information, visit the links above or contact 13 28 46 or email hotline [at] ausindustry.gov.au

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URL to article: http://anthillonline.com/applications-open-for-83m-federal-investment-fund/

URLs in this post:

[1] Innovation Investment Follow-On Fund: http://www.ausindustry.gov.au/VentureCapital/InnovationInvestmentFollowonFund/Pages/InnovationInvestmentFollowonFund.aspx

[2] 2009-10 Budget: http://anthillonline.com/federal-budget-09-brings-hope-for-emerging-companies-but-time-is-still-critical/

[3] Innovation Investment Fund: http://www.ausindustry.gov.au/VentureCapital/InnovationInvestmentFundIIF/Pages/InnovationInvestmentFund(IIF).aspx

[4] Renewable Energy Equity Fund: http://www.ausindustry.gov.au/VentureCapital/RenewableEnergyEquityFundREEF/Pages/home.aspx

[5] Pre Seed Fund: http://www.ausindustry.gov.au/VentureCapital/Pre-SeedFundPSF/Pages/home.aspx

[6] Commonwealth Commercialisation Institute: http://minister.innovation.gov.au/Carr/Pages/MAKINGIDEASREALITYCOMMONWEALTHCOMMERCIALISATIONINSTITUTE.aspx

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