VC fund to help restore Australia’s Olympic dominance

James Demetriou, who heads the board of Australian Sports Technology Ventures (ASTV), hopes to reverse the trend for home-grown sports scientists, doctors and computing expertise to migrate overseas to work for foreign sporting clubs. He aims to do this, according to the Australian Financial Review, by making seed investments in small businesses such as those emerging from university research arms. Private placement memorandums will be sent out over the next three weeks.

ASTV, which is also fundraising, has secured the first rights to new research from most of the sports research departments in Australian universities, the CSIRO, Australian Institute of Sport and the Australian Sports Technologies Network, which fosters the growth of sports technology start-ups.

The fund ASTV itself has launched is looking to raise A$10 million, with a target of at least $5 million for the first close, expected within three months. Investments will range from A$150,000 to A$2 million in size. Demetriou claims to have already identified nine investment targets.

ASTV Fund I will have a 10-year lifespan and a 3-5 year anticipated holding period for each portfolio company. The initial management fee will be 3%, with the carry set at the industry standard of 20%. There will also be a 7% "fundraising fee".

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• Topics
• Australasia
• Technology
• Venture
• Fundraising
• Australia
• Technology