AusBiotech welcomes new funding announced in the Victorian Government’s 2022/23 budget, including a new $20 million Equity Investment Attraction Fund, providing funding in return for an equity stake.
The $20 million Equity Investment Attraction Fund is a Victorian Government pilot program to attract and retain high-growth and innovative companies by providing funding in return for an equity stake.
AusBiotech CEO Lorraine Chiroiu said, “As we accelerate the growth of Australian biotechnology, these major shifts in policy are welcomed and encouraged. With capital the lifeblood of the sector, directly investing in start-ups and SMEs will offer greater opportunities for growth and support, for more of our thriving biotech companies to be propelled onto the global stage.”
The 2022/23 Victorian Government budget, presented by the Victorian Treasurer Tim Pallas, is also investing more than $78 million in the state’s emerging manufacturing sector as well as further funding to attract international investment.
The Victorian Government outlined an additional $40 million for its International Investment Attraction Fund, as well as investing in a business case for the Murdoch Children’s Research Institute to expand stem cell research and translational regenerative medicine capabilities with a unique focus on childhood conditions.
Treasurer Tim Pallas said, “International investment is so important for our economy, bringing new opportunities for trade and boosting local businesses – and that ultimately means more jobs for Victorians.”
“As our borders continue to open to the world, we’re getting out there and making sure everyone knows Victoria is the place to invest, innovate and grow your business.”
To read more about the Victorian Government’s 2022/23 budget, click here.