Apple has confirmed to the ABC that it is investing $10 million into an Australian venture capital fund.
The investment is part of a new initiative announced in March, which will focus on providing investment opportunities to local businesses, including those in remote communities.
Key points:Investor relations specialist David Dickson will head up the new CIBc Australia initiativeThe fund will help to attract new venture capital investment to AustraliaThe fund has an investment of $10MThe company says it wants to increase its investment in Australia to $10m per annumCIBc is a federal government agency that supports and promotes Australian businesses and has been active in funding many of Australia’s best-known businesses.
But in a new move, the company says that it will be creating a fund to attract venture capital investments into Australia.
David Dickson, who is currently managing director of investor relations for the company, said he hoped to create an investor relations department to support local entrepreneurs.
“It’s a really important part of our business, and we want to get it up and running as quickly as possible,” he said.
“We want to create the infrastructure that makes it possible for Australians to get involved in the local economy.”‘CIBC’s mission is to foster the growth of the Australian economy and help grow the global business community.’
Cibc Australia will also work to help local entrepreneurs and local businesses get on the fast track to becoming internationally recognised and leading their industries.”
Cribs’ a global organisationCIBcm said it would work to expand its Australian fund’s footprint to support the growing number of CIBs operating around the world.”CIB is a global, independent venture capital agency, which works with the world’s leading entrepreneurs, companies and organisations to create investment opportunities,” a CIBcm spokesperson said.
The company’s website said it wanted to help “the local Australian economy grow, increase its productivity, and create jobs”.
“Cibs’ mission is always to foster growth of our local economy and to help grow our global business communities,” the website said.
Mr Dickson said the new fund would not be a direct investment into the company but rather “a portfolio of investments in emerging businesses that we hope to invest in”.
“We think CIB has a big role to play in the Australian startup ecosystem,” he told ABC News.
“In the short term, we’ll be doing our own funding and investing in local startups in areas where CIB is not active.”
But in the long term, it will help the Australian entrepreneurial ecosystem to grow, and to increase productivity and create more jobs in Australia.
“The portfolio will also give us an opportunity to invest further in the Cribs ecosystem and support Crib’s other initiatives such as local government, social enterprise, and community development.”
The company is also creating a new online community, called CIBcc, to help people connect with other investors.
It is unclear whether CIBCC has yet launched.