LaunchVic is seeking a fund manager to run the Victorian Startup Capital Fund (VSCF), a Fund of Funds announced in the Victorian budget.
The $120 million VSCF is support Victorian early-stage technology-based startups with potential to grow into high-performing businesses.
The fund manager will be charged with raising at least $60 million from the private sector on top of a $60 million contribution from the Victorian government.
They need to be Victorian-based (not necessarily right now, but when things kick off) and will also be charged with developing and implementing the investment strategy, managing due diligence and reporting on investment performance. The VSCF will be independent from state government, with all investing decisions commercially driven.
LaunchVic Chair Leigh Jasper said will chair a panel selecting the fund manager alongside fellow board member Aneetha de Silva, Afterpay chair Elana Rubin, Lighter Capital CEO Melissa Widner and Continuity Capital Partners co-founder Ovidio Iglesias.
Jasper said that while the state’s startup ecosystem has tripled in value to AU$7 billion since 2018, there was still a dearth of early-stage capital.
“Research commissioned by LaunchVic found a $100 million per annum shortfall in early-stage capital in Victoria, and this gap has widened as a result of the coronavirus (COVID-19) pandemic,” he said.
“The Victorian Startup Capital Fund will be a massive boost for the Victorian startup sector, providing much needed capital to our best early-stage startups to grow and create jobs.”
All of the VSCF will go to Victorian VC funds via matched funding, resulting in a total boost of up to $240 million for Victorian early-stage startups.
Minister for Innovation, Jaala Pulford said: “This Fund is the first of its kind in Australia and will ensure that our founders have access to the early stage funding they need to take their businesses to the next level.”
Applications close September 6. Details are here.
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