Australian venture capital fund, OneVentures, passed the $60 million target on its way to raise $100 million to invest in internet start-ups, as reported by BRW. This is enough to allow the Innovation and Growth Fund II to look for possible investments, and Michelle Deaker, managing director, expects to raise $100 million by the end of the year or early in 2015.
The main focus will be on tech start-ups, with some concentration on biotech and medical fields. Backers of the fund include Sidney Myer of the Myer Family Group, Seven Group’s Steven Gammell, Simon Moore of Carlyle Group and Mark Nelson of Caledonia Investments.
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One major recipient of OneVentures’ funds has been Vaxxis, which administers inoculations through patches rather than traditional vaccines. Deaker says she wants to address a gap in venture capital funding by giving money to companies that have already received initial funding but need a boost to reach the second or third stage.