Innovation and Technology Venture Fund adds one co-investment partner
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In late 2021, the ITC called for a new round of applications from VC funds to become CPs of the ITVF and subsequently received a total of 15 applications. Based on the assessment criteria including the VC fund's capability, its investment strategy and performance, its management team's expertise and experience, its local network and resources, as well as the advice of the ITVF Advisory Committee, the ITC has selected a total of six CPs, including the five CPs selected earlier, in this round of applications. The remaining selected CPs will be announced later.
The ITVF signed co-investment agreements with six VC funds in the first-round application in 2018, and another five VC funds in the second-round application in 2020. To date, the ITVF has a total of 17 CPs (see Annex) and has co-invested in 27 local innovation and technology (I&T) start-ups. The Government's investment has amounted to around $207 million, attracting over $2.1 billion of private investment. 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 CPs are responsible for recommending suitable investment targets to the ITC. The ITC will co-invest with the CPs at a matching ratio of approximately 1 (Government) : 2 (CP) in eligible local I&T start-ups. Details of the ITVF and brief information on the CPs are available on the ITVF website (www.itf.gov.hk/l-eng/ITVF.asp).
Ends/Friday, April 14, 2023
Issued at HKT 11:00
Issued at HKT 11:00
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