Senator Kim Carr, Minister for Innovation, Industry, Science and Research, today announced the three successful applicants under tranche two of round three of the Australian Government’s Innovation Investment Fund.
The successful venture capital fund managers are Andover Venture Partners, Yuuwa Capital, and IB Australian Bioscience Fund.
Senator Carr said the three funds will provide venture capital to invest in innovative Australian businesses commercialising Australian-grown research.
“To date, more than 80 investee companies have received support under the program which has helped bring many new products and services to market," Senator Carr said.
“Venture capital is increasingly important in funding high-risk innovations world wide. The IIF program plays an important role in developing fund managers with experience in early stage investing and in stimulating technological innovation, which contributes to productivity. This program has been central to growing a viable venture capital industry in Australia over the past 10 years.”
Senator Carr said a well functioning venture capital market provided an efficient mechanism for identifying, screening and funding the most promising early-stage commercialisation ventures.
The Review of the National Innovation System recommended continuation of the IIF, this recommendation will be considered as part of the Government's Innovation White Paper.
Under the program, the three successful applicants will be offered the opportunity to become licensed fund managers and the Australian Government will commit capital of $20 million to each fund, matched by a minimum dollar-for-dollar investment by private sector investors.
Each successful fund has a specific focus. Andover will specialise in investing in Australian media, information and clean technologies. Yuuwa will be a Perth-based fund with an emphasis on life science and information technologies, and IB Australian Bioscience Fund will focus on medical and life sciences.
Round three of the Innovation Investment Fund was implemented in 2006 and became operational in 2007. For round three, $200 million in Australian Government capital has been committed and the aim is to license 10 new fund managers.
For more information on the Innovation Investment Fund visit AusIndustry's website. Further details on successful investee companies is attached.
Media contact: Patrick Pantano, Minister's Office, 0417 181 936
Andover Venture Partners Pty Ltd
Andover Venture Partners is an investment management firm dedicated to generating substantial capital growth for investors by providing financial and human capital resources to support managers of globally scalable technology businesses.
Andover Venture Partners is forming Andover Venture Fund I targeting a total raise of $80 million, a first close of $40 million and a 30 per cent average compound growth rate over the 10 year life of the Fund. A strategic priority will be to commence delivering successful exits and returns within the first four to five years. Investment focus is on early and expansion stage venture investments in Australian companies operating in the CleanTech, New Media, IT&T and Life Sciences sectors. Key investment criteria include businesses that are high growth, have strong competitive advantages, clear IP ownership, proven entrepreneurial management teams and the potential to generate high free cash flow. Integral to Andover’s investment approach is to leverage the investment team’s strong record in science and technology commercialization, extensive offshore networks, international business and investment banking experience. The team comprises the Managing Partners, Mr. Jeremy Ingall (Executive Chairman) and Dr. Michelle Deaker (ex-OneVentures), and General Partners, Dr. Paul Kelly (ex-Gemini Genomics), Mr. Michael Smellie (ex-Sony-BMG) and a third General Partner whose identity cannot yet be publicly disclosed.
Recently established as the new venture investment arm of Andover Group through a merger with OneVentures, Andover Venture Partners has offices in Sydney, Brisbane and Washington DC and is a Corporate Member of the Australian Private Equity & Venture Capital Association Limited.
Contact:
Dr. Michelle Deaker
Managing Partner
Andover Venture Partners Pty Ltd
Phone: 02-8205-7379
Email: mdeaker@one-ventures.com
www.andovergroup.com.au
Yuuwa Capital
Based in Western Australia, the $40 million Yuuwa Capital IIF Fund proposes to invest in seed-stage life sciences and information and communications technology ventures. Seed-stage companies require more resources than later stage investments. This is high risk and few groups are either willing or able to do this.
Yuuwa will provide access to management, operational and business development expertise through Yuuwa’s staff and global networks. The team has a demonstrated ability across life science and ICT with experience in early stage investing and strong linkages to WA tertiary institutions.
Yuuwa proposes a portfolio of 12 investees, with an average capital commitment of $2.5 million.
Yuuwa plan to structure the fund as an ESVCLP. Private capital of $20 million is already committed to the fund.
Key personnel:
• Matthew Macfarlane
• James Williams
• Elizabeth (Liddy) McCall
Contacts:
Mr Matthew Macfarlane
Mobile: 0400 605 960
Email: Matthew@vibecapital.com
Elizabeth (Liddy) McCall
Mobile: 0411 302 820
Email: liddy@tessitura.com.au
IB Australian Bioscience Fund Pty Ltd
The Bioscience Managers Fund I is a private equity-style venture capital fund of A$40 million. The funds investment strategy is focused on Australian private bioscience companies at an early stage of development. The fund comprises an international team with decades of experience in investing and profitably exiting bioscience companies worldwide.
The Bioscience Managers team also has a companion fund to give it the capacity for follow on investments.
The team brings together a very good array of international professionals all of whom are specialised in the bioscience field. This network is well placed to evaluate deals, seek suitable co-investors with an international advantage, and assist in the opening up of market opportunities for investee companies.
Key personnel:
• Matt McNamara
• Dr. Darren Grubb
• Jonathan Buckley
• Jeremy Curnock-Cook
• Dr. Jonathan Hepple
Contact:
Mr Matt McNamara
Phone: (03) 9618 8216
Mobile: 0438 628 862
Email: mmcnamara@ibmanagers.com