Tin Alley Ventures announced the first close of Australia’s first University-specific large scale venture capital fund, the Tin Alley Venture Fund No 1, at A$100m.
The new fund is managed by Tin Alley Ventures, a joint venture between Tanarra Capital and University of Melbourne, and will invest in and support the rapid development of new startups and ventures affiliated with the University of Melbourne.
The Tin Alley Ventures Fund No 1 has received strong backing from a host of professional investors, prominent family investment offices, University of Melbourne alumni, Breakthrough Victoria, University of Melbourne and Tanarra Capital.
University of Melbourne Vice-Chancellor Professor Duncan Maskell said: “The University of Melbourne is the first university in Australia to introduce an end-to-end funding platform supporting the research commercialisation pathway. Raising A$100m demonstrates confidence in the future commercial potential of our University startups.
“The Tin Alley Ventures fund will create significant new entrepreneurial opportunities for our world-class researchers, students and alumni as well as the medical research institutes and hospitals affiliated with the University of Melbourne.”
Breakthrough Victoria CEO Grant Dooley said the fund will help support the commercialisation of Victorian innovation. “By investing in early-stage research over the long-term and forging partnerships with universities through these kinds of investment, Breakthrough Victoria can support the development of new innovations that could have a real impact on the lives of Victorians.
“We are pleased to partner with the University of Melbourne as an investor in the Tin Alley Ventures Fund and the Genesis Pre-Seed Fund. We look forward to making further investment announcements this year as we work with all Victorian universities to establish new funds through our Breakthrough Victoria University Innovation Platform.”
Tin Alley Ventures will invest in high-potential University of Melbourne-affiliated start-ups, providing support from seed stage through to pre-IPO.
Now in the final stages of hiring its investment team from candidates around the world in a global search process, the new Tin Alley Ventures team will be supported by Tanarra Capital, which has a strong track record in venture investing.
John Wylie, Principal, Tanarra Capital, said: “We are very proud to be partnering with the University of Melbourne to help bring this transformative initiative to life.”
The Tin Alley Ventures Fund No 1 will undertake a second close in mid 2023.