The VSCF is a $120 million Fund that will support Victorian early-stage technology-based startups with potential to grow into high-performing businesses.
Responsibilities of the fund manager
The Fund Manager is responsible for raising at least $60 million from the private sector on top of a $60 million contribution from the Victorian Government.
They are also also charged with developing and implementing the investment strategy, managing due diligence and reporting on investment performance.
Applications are open to both established funds management firms and experienced individuals, and while local and international candidates are encouraged to apply, the Fund Manager must be based in Victoria if successful.
“Research commissioned by LaunchVic found a $100m annual shortfall in early-stage capital in Victoria, and this gap has widened as a result of the 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.”
Victorian Startup Capital Fund’s board
Mr Jasper will lead a big name selection panel for the Fund Manager comprising LaunchVic Board Director Aneetha de Silva, Afterpay Chair Elana Rubin, Lighter Capital CEO Melissa Widner and Ovidio Iglesias, Co-Founder and Managing Partner at Continuity Capital Partners.
The VSCF will be independent from Government, with all investing decisions commercially driven by the Fund Manager. 100% 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 the VSCF will be central to Victoria becoming a globally recognised startup ecosystem.
“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.”