A brand new Fund-of-Funds enterprise capital agency, fashioned by veterans of the tremendous fund Hostplus VC workforce, has been chosen by the Victorian authorities to construct LaunchVic’s $120 million Victorian Startup Capital Fund (VSCF).
Neil Stanford and Brighid Pappin have created V-Ignite to show $60 million from the state authorities into $120 million for the VSCF. That, in flip, will then be distributed to VC funds to again early-stage startups on the proviso that they too match the funding, making a $240 million struggle chest for Victorian startups.
Stanford launched enterprise investing to the Hostplus portfolio in 2014, backing main native VCs together with Artesian, Blackbird, Brandon Capital, Carthona, IP Group, Important Sequence, Sq. Peg, Telstra Ventures.
V-Ignite is about to boost at the very least $60 million from buyers, together with superfunds, wealth managers and excessive internet value people. Traders will obtain a preferential return as a result of Victorian Authorities’s capped return on its $60m cornerstone funding. They’ll be supported by Victorian VC supervisor, Brandon Capital.
Victorian Minister for Innovation, Medical Analysis and the Digital Economic system Jaala Pulford mentioned buyers within the VSCF could have entry to Victoria’s rising startup sector and a various vary of different fairness funds.
“It is a red-letter day for Victoria’s startup group. Our ecosystem is rising quickly and this fund will turbocharge this development,” she mentioned.
“This Fund led by V-Ignite will put money into native VC Funds and allow extra startups to scale, driving financial development and creating new jobs for Victorians.”
Stanford, V-Ignite’s managing director, mentioned they’re now elevating the $60 million to match the Victorian authorities contribution and anticipate that the primary shut shall be by finish of Could 2022.
“V-Ignite applauds LaunchVic for figuring out the funding hole in early-stage startups in Victoria and proactively addressing this with the creation of the VSCF,” he mentioned.
“By making a profitable collaboration mannequin, V-Ignite believes we are able to ignite the subsequent wave of Victorian and Australian innovation.”
The Victorian authorities allotted the funds for the VSCF two years in the past after LaunchVic analysis recognized a fabric $100 million shortfall in early-stage funding in Victorian startups.
Potential buyers desirous to know extra concerning the VSCF can e-mail Stanford and Pappin at: information@v-ignite.vc
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