Program Status: Closed to new applications.
Description: The Australian Government’s Innovation Investment Follow-on Fund (IIFF) is a venture capital fund. The fund is a temporary, targeted and timely response to address the lack of capital available to the most promising innovative companies during the global financial crisis. The fund will enable these early stage companies to continue to develop and to commercialise research.
Senator Kim Carr, Minister for Innovation, Industry, Science and Research announced on 6 August 2009 that the Australian Government will invest $64 million into some of the most promising early stage companies in Australia. This announcement is the outcome of applications for funding under the Australian Government’s Innovation Investment Follow-on Fund (IIFF).
The $64 million of funding is shared by 11 fund managers from Rounds 1 and 2 of the Innovation Investment Fund, the Pre-Seed Fund and the ICT Incubators program. Through the IIFF, fund managers will be able to provide follow-on investments to early stage companies that have already received investment capital under these programs.
The successful venture capital fund managers have expertise across various industries across the country. Some specialise in supporting biotechnology and pharmaceuticals, some in information and communications technologies while others are more general.
Contact: Should you have an inquiry about IIFF, please contact the IIF team via the AusIndustry Hotline on 13 28 46 or email venturecapital@innovation.gov.au