Hong Kong launches HK$2 billion fund to support tech start-ups
Hong Kong has launched a HK$2 billion (US$256 million) fund to encourage investment in local innovation and technology start-ups, in an effort to boost new economic activity.
The government said on Friday it is inviting venture capital funds to apply to become co-investment partners of the new Innovation and Technology Venture Fund (ITVF).
“The ITVF will help fill the funding gap for local technology start-ups. We are confident that having this new fund will be conducive to developing a more vibrant Hong Kong innovation and technology ecosystem,” said Nicholas W Yang, the secretary for innovation and technology.
The Hong Kong government and each venture capital fund will enter in an agreement and invest in eligible start-ups at a ratio of around 1:2.
The selection of funds will be based on a number of criteria as well as the recommendation of an independent advisory committee comprising veterans from the business and investment sectors, professionals and academics.
The ITVF is open for applications funtil January 15, 2018, according to a statement from the Innovation and Technology Commission (ITC).