More venture capital money for start ups

Venture capital received a fillip today with Melbourne-based Starfish Ventures announcing that it has successfully closed its $185 million technology fund, one of the largest venture capital fund raising in Australia.

Venture capital received a fillip today with Melbourne-based Starfish Ventures announcing that it has successfully closed its $185 million technology fund, one of the largest venture capital fund raising in Australia. The fund will invest in information and communication technology, life sciences and clean technology companies.

The current fund brings Starfish’s funds under management to more than $385 million. The news follows hard on the heels from GBS Venture Partners, which it has closed a $100 million biotech fund.

Michael Panaccio, Starfish Ventures investment principal, says the funds were raised primarily from investors in its previous fund.

Seven investments have been made under Starfish Technology Fund II so far. These include two companies, Myriax and Ausra, in the cleantech category, and Pro-Active Medical in life sciences.
In ICT, the fund has invested in 5th Finger, Aruspex, Monitoring Division, and Ofidium. However Panaccio says he is still looking for businesses to back.

“Starfish Ventures will continue to build on our past successes, such as Distra, Engana and ImpediMed, all of which have successfully created new global markets,” he says. “We are committed to continue partnering with great management teams to transform innovative Australian technology into great global businesses.”

Starfish Ventures was established in 2001, and has made investments in over 35 companies.