Venture capital boost worth $150 million for innovation
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30 January 2008
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Australian ICT, biotechnology and cleantech industries are set to benefit from a multimillion dollar injection of Victorian venture capital, Minister for Industry and Trade, Theo Theophanous, announced today at the third annual Melbourne International Venture Capital Conference.
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“One of Victoria’s leading venture capitalists, Starfish Ventures, has started fundraising for Starfish Technology Fund LP II and already raised $150 million - well on track to reach its fund target of $250 million,” Mr Theophanous said.
“Starfish Ventures established its initial fund following Victoria’s reforms to the State Partnership Act in 2003, which was an Australian first and has paved the way for Victoria to be a leader in generating opportunities for industry through venture capital.
“Since that time, Starfish Ventures has invested tens of millions of dollars into early stage, high-tech Victorian firms.”
Dr Michael Panaccio, Investment Principal at Starfish Ventures, said Victoria was leading the way by reforming the partnership laws and this was a crucial component allowing Starfish Ventures to establish its first Technology Venture Capital Fund.
“Without the support of the Victorian Government, Starfish would not have been able to achieve the success it has achieved to date. The government has built an entrepreneurial culture in Victoria and programs like VicStart have contributed to increasing the global reach of Victorian venture capital firms,” Mr Panaccio said.
Mr Theophanous said the Brumby Government has a strong commitment to the local venture capital industry, assisting Victorian firms to organise technology transfer internships, recruit skilled expatriates and arrange international exchanges with global counterparts.
“Because of the strong links this Government has developed with local industry, Victoria is currently enjoying healthy venture capital activity that is creating a dynamic environment for young growth companies,” Mr Theophanous said.
“Victorian companies led the major States in securing pre-seed and seed investment last year and accounted for $360 million of the overall national venture capital invested.
“However, while Victoria continues to punch above its weight in venture capital nationally, overall comparisons with similar developed nations indicate significant scope for continued growth.
“To support the development and internationalisation of the local venture capital sector, the Government initiated the Melbourne International Venture Capital Conference.
“Now in its third year, the conference brings together international and local venture capitalists and potential investors to improve their understanding of Australia’s cross-border technology investment potential.”
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