ACS to facilitate new early stage tech investment fund
Opens expressions of interest for investment partners
4 December 2019
ACS, the professional association for Australia’s technology sector, today announced the intention to facilitate a new early stage tech investment fund.
The fund, announced by ACS President Yohan Ramasundara at the Reimagination Thought Leaders’ Summit in Melbourne, will kick off with a $5m investment from ACS with a call for other investors to join the scheme.
Mr Ramasundara said: “To show our commitment to the next generation tech founders, we will commit $5 million ourselves to the fund.
“I believe combining creativity with technology problem solving is a passion for ACS members, so I don’t want to place an arbitrary cap on how much this fund will look to raise, but I do want to invite ACS members and other key stakeholders to join us.”
The fund follows ACS’ recent Digital Pulse report which highlighted an estimated 97% of Australian start-ups either exit or fail to commercialise and scale, with difficulties attracting investment being cited as a common cause.
Mr Ramasundara called on other investors, including those with self-managed super and institutions to join the scheme, saying: “It is hard to imagine how any portfolio will get above average growth without a portfolio including tech companies.
“So, if you have self-managed super and interested in participating in our fund raise, please let us know.
“We have many fund managers in the room. If you are keen to work with ACS, we look forward to hearing from you.”
The fund announcement follows the rollout of ACS Labs network after the acquisition of Brisbane’s River City Labs in September 2018. The east coast network was completed with the launch of the Sydney Harbour City Labs in April this year followed by the Melbourne Bay City Labs in July.
Investors interested in joining the ACS fund can register an EOI through fundpledge@acs.org.au.
-ENDS-
Director of Corporate Affairs and Public Policy
ACS is the professional association for Australia's technology sector. More than 45,000 ACS members work in business, education, government and the community. ACS exists to create the environment and provide the opportunities for members and partners to succeed.
The Society strives for technology professionals to be recognised as drivers of innovation in our society, relevant across all sectors, along with promoting the formulation of effective policies on technology and related matters. Visit www.acs.org.au for more information.