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Australian Business Growth Fund makes $15m investment
The Australian Business Growth Fund, operating under the federal government, has been kickstarted with an inaugural $15 million investment.
Naomi Neilson
Firm: LegalVision (federal government)
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Deal: LegalVision has advised the federal government’s Australian Business Growth Fund (ABGF) on its inaugural $15 million investment.
Value: $15 million.
Area: Investment, government.
Key players: The deal was secured with support from practice leader Jill McKnight.
Deal significance: First announced by the Coalition as part of its 2019 election campaign, the Australian Business Growth Fund was launched in 2020 to provide SME businesses with access to growth capital, expertise and networks.
ABGF has made its inaugural investment in 3ME Technology, which develops high-performance, environmentally-friendly lithium-ion battery systems for industries with demanding safety requirements, including the military, marine and mining sectors.
“ABGF’s mandate will have a significant impact on SMEs – especially as they enter the recovery phase of the COVID-19 pandemic,” Ms McKnight said.
“This inaugural investment will also benefit the environment and employee safety – an added bonus that we are proud to be associated with.”
