Following Malcolm Turnbull's innovation statement, OneVentures is exploring a potential opportunity to add superannuation funds as investors in its Innovation and Growth Fund II.
With federal government plans to lift the tax free cap on early-stage venture capital limited partnerships (ESVCLP) from $100 million to $200 million, OneVentures is seeking advice as to whether it can extend the Innovation and Growth Fund's capital raising target.
Last week the venture capital firm had to turn away potential investors in its second fund after reaching the $100 million target in committed capital. So far it has received strong backing from high net worth and family office investors.
OneVentures said an extension would enable the firm's offering to be considered by the super industry where they traditionally invest between $50 million and $150 million into a venture capital fund and generally cannot hold more than 30% of the fund.
OneVentures chief executive Doctor Michelle Deaker said while it is encouraging to see the government supporting innovation in Australia with its commitment to invest $1 billion in the sector, there remains an important role for the local venture capital (VC) industry to play in boosting funding to the later stages of the VC funding cycle "where there is a significant structural market gap."
"In most cases, this is where both real value creation and real job creation happens in the economy," Deaker said.
"Often the entrepreneurs who run such companies are forced to move offshore in their search for this funding. At OneVentures we want them to have a quality onshore professional investment alternative or provide the supportive local partner in an onshore offshore VC syndicate."
OneVentures recently announced a $3 million investment in Brisbane-based Find-Me Technologies, the developer of the Find-Me Carer's Watch - a wearable technology that supports the monitoring and care of individuals with conditions such as dementia.
The firm said it has lined up two co-investment opportunities to be offered in the New Year.
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