Australia-based venture capital firm Main Sequence Ventures secured A$250m ($194m) of capital commitments for its second fund yesterday, from investors including aerospace and defence manufacturer Lockheed Martin.
The fund’s other limited partners include Singaporean state-owned investment firm Temasek, superannuation fund HostPlus, venture capital firm Horizons Ventures and unspecified family offices and individual investors represented by Morgan Stanley Wealth Management and Mutual Trust.
Main Sequence was founded in 2017 to manage Csiro Innovation Fund 1, an investment vehicle established by research institute Commonwealth Scientific Research Organisation (Csiro) and the Australian federal government.
The firm will use its sophomore fund to invest in technology companies operating in sectors such as food, healthcare, space and industrial productivity technology. It also looking to increase its focus on technology companies addressing decarbonisation.
The fund’s total commitments increased to $167m after limited partners including Lockheed Martin, University of Melbourne, Hostplus and Temasek supplied $94.8m in 2018. Csiro committed $21.5m to the fund, while the Australian government provided $50.3m.
Csiro Innovation Fund 1 has backed 26 companies to date including satellite technology developer Myrotia, security software provider Kasada and rocket technology developer Gilmour Space.
Mike Zimmerman, partner at Main Sequence, said: “Our first fund has helped build some amazing companies that are doing everything from making healthcare more equitable, to revolutionising the way food is produced and increasing industrial productivity.
“This new fund will help us continue this pivotal work to solve the world’s biggest challenges through investment in science-powered companies.”