Innovation and Science Australia (ISA) has granted ACTivate Capital unconditional approval to operate as an Early-Stage Venture Capital Limited Partnership (ESVCLP), establishing a dedicated investment pipeline to commercialise local research and hopefully help Canberra-grown businesses scale into global markets.
“Good companies can always find money - but money often takes you away from Canberra," ACTivate Capital Fund Manager, Ken Kroeger said.
The Fund will invest across pre-seed, seed and early Series A stages, targeting 10-15 companies over the next decade with the goal to keep the Australian Capital Territory’s best ideas and brightest talent local.
“Performance is our primary measure, but purpose matters too,” Kroeger stated. “Every successful exit is also a story of local growth - of people choosing to build their careers, companies and lives in Canberra.”
With an initial close of $23 million and capacity to grow to $50 million, the Fund is supported by a coalition of partners including the ACT Government as cornerstone investor, Epicorp as General Partner, and Limited Partners including UNSW Canberra and local family offices.
ACTivate Capital is the result of a formal ACT Government process to establish a dedicated regional and independent venture fund to continue the legacy of previous funds - Epicorp and ANU Connect Ventures, which together have invested over $60 million in early-stage companies over the past two decades.
While the fund’s focus is geographically tied to Canberra and its surrounds, its investment scope is sectoragnostic - spanning defence, quantum, clean energy, advanced manufacturing and AI. The emphasis is on commercialising great science and translating local institutional IP into globally competitive businesses.
The Fund’s board, chaired by former Pro Vice-Chancellor of Innovation at ANU Michael Cardew-Hall, includes Ken Kroeger, Victor Pantano, Murray Rankin, Kerrie Jackson, Simon Uzcilas, James Palmer, AnneMarie Perret, Brian Schmidt and Ian Cox.