Wellington-based fund manager is allocating a further $7.4 million to the Booster Innovation Fund (BIF), which supports early-stage companies built on research and technology.

The NZX-listed fund invests in New Zealand start ups with the potential to scale globally with a particular focus on university spin outs. BIF’s formal partnerships with the commercialisation offices of Victory University of Wellington, the University of Otago and the University of Auckland is a key enabler providing early visibility of promising research and a pathway to support its commercialisation.

BIF has more than 40 active companies in its portfolio, of which 31 originate from university or research institute innovation.

Booster Chief Executive Diana Papadopoulos says the additional planned investment in BIF by Booster managed funds recognises the strength of New Zealand’s research base and the opportunity to turn locally developed intellectual property into globally competitive companies.

She says the investment "fits with Booster’s strong commitment as a New Zealand company to support local companies, and create wealth and jobs for Kiwis.”

Having invested $16 million to date, the extra allocation increases Booster-managed funds’ total capital commitment to BIF to over $23 million. The allocation is expected to be called upon by BIF as and when required and is subject to certain conditions.