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Innovation and Technology Venture Fund adds two co-investment partners
     The Innovation and Technology Commission today (August 26) announced that the Innovation and Technology Venture Fund (ITVF) has added two venture capital (VC) funds as co-investment partners (CPs), namely MindWorks Ventures Fund IV LP and Viva Ventures Biotech, LP.

     The Innovation and Technology Commission called for a new round of applications from VC funds to become CPs of the ITVF last year and received 11 applications. Including the three CPs selected earlier, a total of five CPs have been selected in this round of applications. They all possess extensive investment experience and professional knowledge. In addition to financial support, they can provide start-ups with guidance on operational strategies and assistance in establishing business networks, as well as expanding their markets and businesses.

     To date, the ITVF has had a total of 11 CPs (see Annex) and has co-invested in 21 local innovation and technology (I&T) start-ups. The Government's investment has amounted to over $120 million, attracting around $670 million of private investment in the same funding round. The business areas of these I&T start-ups include supply chain management, e-commerce, financial technology, biotechnology and artificial intelligence.

     The Government set up the ITVF with the aim of encouraging VC investment in local I&T start-ups and creating a more vibrant I&T ecosystem in Hong Kong. The Innovation and Technology Commission selects CPs based on the assessment criteria including the VC fund's capability, its investment strategy and performance, its management team's expertise and experience and its local network and resources, as well as the advice of the ITVF Advisory Committee. The CPs are responsible for recommending suitable investment targets to the Commission. The Commission will co-invest with the CPs at a ratio of approximately 1 (Government): 2 (CP) in eligible local start-ups. Details of the ITVF are available on the ITVF website (www.itf.gov.hk/l-eng/ITVF.asp).
Ends/Thursday, August 26, 2021
Issued at HKT 15:12
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