As part of its dedication to enabling Queensland startups reach their potential, ilab’s funding partnership with Artesian Venture Partners has reached its next milestone. The newly named ‘ilab Venture Fund‘ has recently been endorsed as by Federal Government’s Innovate Australia board as a Conditionally Registered ESVCLP. Investors can now have confidence that the fund fully meets all of the ESVCLP conditions and that future returns from the fund will be exempt from capital gains tax.
The ilab Venture Fund has a goal of supporting 100 Queensland startups with early stage capital over the next four to five years.
“The Commonwealth Government’s ESVCLP program provides critical support and encouragement for investors to participate in helping establish a thriving early stage venture capital ecosystem in Australia,” said Tim Heasley, COO of Artesian Venture Partners. “The ilab Venture Fund will invest at the critical seed and angel stages of emerging high growth companies which will, in time, ensure a greater number of successful home-grown technology companies to match the early successes of the likes of Atlassian and Bigcommerce.”
“We’ve seen dozens of technology start-ups already launch themselves through ilab. Becoming recognised as an ESVCLP is the next step to ensuring that we can continue to encourage and guide the growth of early-stage companies in Queensland and accelerate their progress through efficient early stage investment,” said Bernie Woodcroft, ilab Director.
For more background, refer to ilab and Artesian announce $10m fund for Queensland startups
For more information, please contact ilab director Bernie.Woodcroft@ilab.com.au (0402 893 117)