OneVentures, a venture capital Firm focused on investment in high growth, transformative technology and life sciences companies, is pleased to announce it has been selected as an investment manager for the Biomedical Translation Fund (BTF), and is launching the OneVentures Healthcare Fund III in January 2017.
OneVentures has been granted funding of $85 million, matching the funds it has raised with its investment partners and establishing the $170 million OneVentures Healthcare Fund III to invest in privately owned, clinical stage drug development and medical technologies. The investment mandate is in line with the guidelines of the BTF which was established by the Australian Government to provide a pool of public and private funds for investment in promising biomedical innovations with commercialisation potential.
“OneVentures has a track record of helping commercialise the outputs of promising Australian research and innovation, by providing the funding and human capital to make this transition. The launch of this new Fund effectively doubles our capacity to invest in great Australian biomedical innovation and convert those discoveries into commercial products for the global health market,” said Dr Paul Kelly, Managing Partner of OneVentures, and head of Healthcare and LifeSciences at OneVentures.
“We are absolutely delighted to have been selected as one of the Investment Managers for the BioMedical Translation fund. We congratulate the government on supporting investors and Australian companies alike by establishing the BTF which has been specifically designed to help companies traverse the ‘second valley of death’, providing funding for later stage developments which have achieved proof of concept, but – until now – have had few options to fund the clinical and commercial development required to advance to market.”
The OneVentures Healthcare Fund III will be open for business in January 2017, and will be looking to make initial investments in the first half of 2017, investing $10 to $20 million in each individual company. The Fund will invest companies commercialising medical devices, drugs in clinical development or diagnostics. The Fund’s investment criteria requires that investee companies have reached clinical proof of concept, with Phase 1 or equivalent trial results; have a clear commercial, regulatory and reimbursement pathway; and clear value inflection and exit points on deal entry. The Fund has a three to five year investment horizon.
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