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RealTime IT News

Boston Boost for Start-up Aid

[Sydney, AUSTRALIA] Australian technology investment bank Nextec will fund its own growth across Asia Pacific after receiving a $5.1 million capital boost from BancBoston Capital, the private equity investment arm of FleetBoston Financial.

As well as driving geographical expansion, the capital will kickstart Nextec's soon-to-be-launched early stage investment fund, and develop its technology-specific methodologies and resources.

The four-year-old Nextec, which has so far assisted more than 20 fledgling technology companies to raise over $120 million, has negotiated the alliance to broaden its corporate advisory and venture capital services.

Although Nextec chairman and chief executive officer Richard Llewellyn hoped the partnership would expose the company to larger, international opportunities, he said it would remain focused around building its local business. Nextec's client list already includes free ISP FreeOnline and Web measurement service Red Sheriff.

"The backing and support is certainly a great acknowledgement of the strength of our company and of the growing maturity of the Australian market," said Llewellyn.

BancBoston Capital associate director Rajan Nair also believed the investment would boost deal flow and "help broaden Australia's maturing private equity market."