The commercialisation arm of Victoria University of Wellington has secured $6.6m for its spinouts under an initiative funded by local financial services firm Booster.
Victoria University of Wellington’s commercialisation arm, Viclink, has joined forces with financial services firm Booster to funnel at least NZ$10m ($6.6m) into its spinouts under an initiative called New Zealand Innovation Booster.
Booster will provide the funds in annual tranches of at least $1.3m over the next five years.
New Zealand Innovation Booster is the first formal relationship between a New Zealand-based financial institution and university set up to back spinouts. It is designed to give companies better financial security during their early stages.
The program will aim to help more new businesses to lay foundations in Wellington. Stimulating “design-led, high-value” manufacturing in the region is one of the university’s strategic goals.
New Zealand Innovation Booster’s first portfolio spinout is immunotherapy developer Avalia Immunotherapies, founded in 2015 by Victoria University and Malaghan Institute of Medical Research, according to stuff.co.nz. Terms of the transaction were not disclosed.
Founded in 2015, Avalia is developing treatments for virus-associated cancers and solid tumours, as well as preventative vaccines for malaria and influenza.
The company previously raised funding from Viclink and Malaghan’s commercialisation subsidiary, Malcorp Biodiscoveries, as well as from Cure Kids Ventures and founding investor Powerhouse Ventures, though further details could not be ascertained.
Grant Guildford, vice-chancellor of Victoria University, said: “This will be a game-changer for each of the startups as well as for the University. It will transform how we nurture businesses formed from our researchers’ groundbreaking thinking.”
Allen Yeo, managing director of Booster, added: “Commercialisation of research has long been seen as an opportunity to enhance the contribution of our universities to New Zealand.
“Historically this financing has relied on angel funding or venture capital, which means opportunities to date have not only been hard to come by but future commercialisation and growth benefits leave New Zealand.”
