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Innovation and Technology Venture Fund invites new round of applications from venture capital funds
     The Innovation and Technology Commission today (October 29) invited a new round of applications from venture capital (VC) funds to become co-investment partners (CPs) of the Innovation and Technology Venture Fund (ITVF). VC funds incorporated in Hong Kong, Mainland China or overseas are welcome to apply by the deadline of January 31, 2022.

     To date, the ITVF has had a total of 11 CPs and has co-invested in 22 local innovation and technology (I&T) startups. The Government's investment has amounted to around $142 million, attracting around $889 million of private investment in the same funding round. The business areas of these I&T startups include supply chain management, e-commerce, financial technology, biotechnology and artificial intelligence.

     The Government set up the ITVF with the aim of encouraging VC funds investment in local I&T startups 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 startups.

     An online briefing session will be held by ITVF and details will be announced later on the ITVF website (www.itf.gov.hk/en/funding-programmes/supporting-start-ups/itvf). For enquiries, please contact the ITVF Secretariat (Tel: 3655 5474; email: itvf-enquiry@itc.gov.hk).
Ends/Friday, October 29, 2021
Issued at HKT 11:00
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