The Innovation and Technology Commission (ITC) today (September 15) launched a HK$2 billion Innovation and Technology Venture Fund (ITVF) to encourage venture capital (VC) funds' investment in local innovation and technology start-ups.

     The Secretary for Innovation and Technology, Mr Nicholas W Yang, said, "The ITVF will help fill the funding gap for local technology start-ups. We are confident that having this new fund will be conducive to developing a more vibrant Hong Kong innovation and technology ecosystem."

     VC funds, whether incorporated in Hong Kong or overseas, are welcome to apply to become co-investment partners of the ITVF. The selection of VC funds will be based on a number of criteria as well as the advice of an independent Advisory Committee, which comprises veterans from the business and investment sectors, professionals and academics. Each selected VC fund and the Government will enter into an agreement, which will set out the details of co-operation as well as the rights and obligations of each party.

     The Government and each VC fund will invest in eligible start-ups concurrently at an overall ratio of approximately 1:2. Appropriate carried interest and other performance incentives will be available.

     The ITVF is open for application from VC funds until January 15, 2018. A briefing session will be held on October 3, 2017. For more information, please visit the ITC website at www.itc.gov.hk/en/funding/itvf.htm. For enquiries, please contact the ITVF Secretariat at Tel: 3655 5902/3655 4836 or by email: itvf-enquiry@itc.gov.hk.

Ends/Friday, September 15, 2017
Issued at HKT 9:00

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