By Nick Stride
Friday 27th June 2003
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IGlobe has raised $20 million from Accident Compensation Corporation and two Singapore funds, government-owned TIF Ventures and Green Dot Capital, a subsidiary of Singapore Technologies Group.
The remaining $10 million comes from the Venture Investment Fund.
The Singaporean participation is being promoted as a way of leveraging New Zealand innovators into world markets.
Venture Investment Fund cash has also been allocated to managers TMT Ventures, No 8 Ventures and Endeavour i-cap on the same two-to-one private sector/government basis as iGlobe.
A fifth manager, IO Fund, run by Infratil and Orion New Zealand, last week exercised buyout rights following "changes in key personnel and a strategic review."
With the $20 million returned to it and $15 million as yet unallocated, the Venture Investment Fund is looking at investing in biotechnology-specific funds and/or giving further capital to existing managers.
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