Innovation Capital launches $100-million venture capital fund
Venture capital specialist Innovation Capital has launched a new $100 million fund.
The company announced this week that the new fund would be focused on providing financing to Australian companies developing or utilising advanced manufacturing techniques.
It said the launch of the fund followed on from Innovation Capital being named as one of three venture capital managers selected under the latest tranche of the Federal Government's Innovation Investment Fund (IIF) program.
The new fund will be known as Innovation Capital Fund III and will have a particular focus on companies involved in the development or use of advanced manufacturing techniques.
Commenting on the fund launch, Innovation Capital managing partner Michael Quinn said Australia had many world-class companies in the field of high-margin manufacturing.
"There are not many sources of finance for such companies in their early stages of development, which creates an outstanding investment opportunity for our fund," he said.
Quinn said the fund would consider investments in web and mobile applications, medical devices, alternative energy, mining technology, software and similar sectors with either service or high-margin manufacturing strategies.
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