Innovation and Technology Venture Fund continues to invest in local start-ups to enrich innovation and technology ecosystem
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An ITC spokesperson said, "The ITVF is set up with a view to attracting more VC funds to co-invest in local innovation and technology (I&T) start-ups. Over the past year, the investment amount and number of deals made by the ITVF in I&T start-ups both reached record highs since its establishment. Recently, the ITVF invested US$6.25 million (approximately HK$49 million) in Cornerstone Robotics, which is the largest investment amount received by an I&T start-up. Further, we launched the ITVF enhanced scheme in end-2024. We expect that through the integration of capital raised from the market to invest in start-ups of strategic industries through fund managers, it will further empower start-ups with more financing support and help enrich the I&T ecosystem."
The ITVF co-invests with VC funds selected as co-investment partners (CPs) at a matching ratio of approximately 1 (Government): 2 (CP) in eligible local I&T start-ups. To date, the ITVF has invested over HK$410 million in 43 local I&T start-ups and attracted about HK$3.5 billion of private investment at a leverage ratio of approximately 1:9.
The background and investment portfolio of the ITVF are available on the ITVF website (www.itf.gov.hk/l-eng/ITVF.asp). The ITVF enhanced scheme is inviting applications, and the deadline for application is March 19, 2025 (www.info.gov.hk/gia/general/202412/19/P2024121900325.htm).
Ends/Friday, January 24, 2025
Issued at HKT 17:38
Issued at HKT 17:38
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