In a significant boost for start-up companies in the ACT, Hindmarsh and the ACT Government have announced plans to invest another $2 million in the Canberra Business Development Fund.
With this latest capital injection, the fund, which is a joint venture between the ACT Government and Hindmarsh, will have $6 million under management.
“The fund’s existing investments are continuing to show great promise and two of them—Biotron and ITL—have already been listed on the Australian Stock Exchange,” said Hindmarsh Managing Director John Hindmarsh.
“This latest investment is on a dollar-for-dollar basis—a million dollars each from ourselves and the Government. It reinforces our strong belief in the need to provide venture capital for start-up companies in the ACT if the region is to meet its potential and grow viable new businesses.”
Hindmarsh’s investment in the Canberra Business Development Fund is managed through its wholly-owned subsidiary Australian Capital Ventures Ltd (ACVL).
“As an active investment manager, ACVL believes in assisting and mentoring new businesses in order to increase their chances of success,” Mr Hindmarsh said.
The Canberra Business Development Fund (CBDF) has active investments in seven companies:
“With this latest injection of funds we are looking forward to investing in more promising young companies to help build the sort of strong commercial base Canberra needs to sustain its future.”
Contact: Stephen Hardy 02 6247 4999