ACS, the professional association for Australia’s technology sector, has announced plans 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 per cent 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.
“If you have self-managed super and are interested in participating in our fund raise, please let us know. If you are keen to work with ACS, we look forward to hearing from you.”
The fund announcement followed the rollout of the 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 firstname.lastname@example.org.