Sydney-based venture capital firm OneVentures has been appointed as the licensed fund manager for an extra $40 million of venture capital funding from the Federal Government’s Innovation Investment Fund (IIF) program.
The program provides fund managers with $20 million, which must then be matched with private sector capital. This funding will be available for investing in favourable early-stage Australian companies commercialising Australian research within the cleantech, new media, information technology and life sciences sectors.
An additional incentive is that the OneVentures fund will be structured as an Early-Stage Venture Capital Limited Partnership (ESVCLP), whereby investors are tax exempt on their share of the the fund’s income and capital.
According to Senator Kim Carr, Minister for Innovation, Industry, Science and Research, the IIF has generated more than $500 million in government and private funds to commercialise Australian research.
Fund managers are urged to submit applications under the latest round, Tranche 3 of Round 3, of the program, which closes on 31 May 2010.