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.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.