Venture capital slingshots in Australia
Posted on 07 July, 2015 by Mark Chatterley, reporter
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
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