Venture capital slingshots in Australia

Australia slingshots investment in early stage companies by awarding the Slingshot Venture Fund early stage venture capital limited partnership status.

The Slingshot Venture Fund, a A$10m ($7.66m) Australia-based investment fund, has gained “unconditional status” as an early stage venture capital limited partnership (ESVCLP) from the federal government.

The Slingshot Venture Fund works with companies to develop accelerator programs to develop investment opportunities.

The ESVCLP status will allow the fund to attract more funding as it will now be able to gain exemption from standard income and capital gains taxes for investors. It is awarded to venture funds that have committed capital of more than A$10m from the Department of Industry.

Tim Heasley, chief operating officer of Australia-based venture capital firm Artesian Venture Partners, which operates Slingshot, said: “In partnership with companies like National Roads and Motorists’ Association, a fund like the Slingshot Venture Fund could uncover a huge number of innovations that will benefit the Australian private sector and consumers alike.”

To date, 13 funds have achieved ESVCLP status.

See more from this Government Report: Australia

Back

Copyright Mawsonia Limited 2010. Please don't cut articles from www.globalgovernmentventuring.com or the PDF and redistribute by email or post to the web without written permission.

Most read

  1. News round up 9 October 2017

    October 09, 2017

  2. Editorial: France chases $12bn fund vision

    September 25, 2017

  3. Big deal: October kicks off with fundraising galore

    October 09, 2017

  4. Deal net: 25 – 29 September 2017

    September 29, 2017

  5. News round up 25 September 2017

    September 25, 2017