$160m for startups

The Australian Government has announced that $160 million will be made available to startups with high-growth potential.

The taxpayer coin will be channeled through four venture capital companies, each managing a $20 million portfolio with a specific purpose.

“Receiving Government funding of $20 million each, the four fund managers also have received funding from private investors. This private investment must match or exceed the Government’s investment,” explained says Senator Kim Carr, Minister for Innovation, Industry, Science, and Research.

“The venture capital we are providing these fund managers today will help early-stage high-growth Australian companies commercialize their research. This will lead to new skills, jobs, and trade opportunities that will grow our economy.”

Senator Carr announced that Carnegie Venture Capital, MRCF, Southern Cross Venture Partners, and Start-up Australia Ventures have each been put in charge of a section of the funding.

“Each fund has its own focus. For example, one will look at spin-outs from our world-class medical research institutes and another will focus on the internet and new media technologies,” explained Senator Carr.

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