Northern Territory government puts $10 million into co-investment fund to back startups

A $20 million business investment fund has launched in the Northern Territory in a partnership between the government and Darwin investment firm Paspalis Corporation.

The Territory government is tipping in $10 million through the Local Jobs Fund, matched by Paspalis, with funding of up to $5 million available for domestic and international businesses looking to set up shop in the Territory and and create new jobs.

The Paspalis Co-Investment Fund will focus on sectors such as advanced manufacturing, logistics and defence, technology, mining and exploration, space and primary industries.

Paspalis CEO Harley Paroulakis said the new alliance builds on his firm establishing the Territory’s first venture capital fund in 2018.

“These funds will be invested on a dollar-for-dollar basis into high growth companies that meet both our company and the Government’s investment criteria, and that create positive economic outcomes for the Northern Territory,” he said.

“We have great confidence in the North and are prepared to put our reputation and capital back into it.”

Paspalis has several investment funds and backed several startups including SPEE3D, Amphibian Aerospace Industries, and Singapore-based space-tech.

It has other coinvestment funds with Cap Vista, the strategic investment arm of Singapore’s Defence Science and Technology Agency, the investment arm of Enterprise Singapore, SEEDS Capital, the US-Singapore VC Wavemaker Group, and 500 Startups.

Northern Territory Investment Commissioner Kelly Ralston will join the Paspalis Investment Committee, representing the government.

Territory chief minister Eva Lawler said the fund will create new jobs and bring innovative businesses to the region.

“With its track record supporting innovation and early stage ventures in, or associated with the Northern Territory, we are pleased to partner with the Paspalis Innovation Investment Fund to diversify our economy and create more local jobs,” she said.

“Through this $20 million co-investment fund, we’re targeting companies that want to expand here in the Territory and through that support, unlock further investment.”

For details and to apply to the Paspalis Co-Investment Fund, head to paspalis.com.au