More than $160 million is set to be injected into high-potential start-ups as part of the Federal Government’s Innovation Investment Fund.

Carnegie Venture Capital, MRCF, Southern Cross Venture Partners and Start-up Australia will each receive $20 million to help new companies commercialise their research and introduce a host of new products into the economy. Start-up Australia will focus on early-stage life science companies, while Southern Cross Venture Partners is all-encompassing in its approach. On top of the government’s $80 million investment, the four funds will also receive funding from private investors. These investors will have to match or exceed the government’s funding, bringing the total amount invested to more than $160 million.