Innovation and Technology Venture Fund

What Innovation and Technology Venture Fund does

The Innovation and Technology Venture Fund (ITVF) is a Hong Kong Government-backed venture capital matching fund established in 2017 with an initial HK$2 billion commitment and enhanced in 2024 with an additional HK$1.5 billion redeployment. It is administered by the Innovation and Technology Commission under the Government of the Hong Kong Special Administrative Region, with operational support provided by a small secretariat (1-10 employees) based in Tseung Kwan O. ITVF serves two customer segments: (1) selected fund managers who establish limited partnership funds under the Limited Partnership Fund Ordinance to invest in Hong Kong I&T startups, with Government committing HK$1 for every HK$3 raised (per-fund commitment of HK$150-250 million); and (2) Venture Capital Co-investment Partners (17 selected firms including Beyond Ventures, Qiming, BVCF, MindWorks, and Lingfeng) who invite ITVF to co-invest alongside them in eligible startups at a 1:2 matching ratio, capped at HK$400 million aggregate per partner and HK$50 million per investee company.

The fund's core products are structured as capital deployment mechanisms rather than traditional goods or services. The Enhanced Scheme (announced 2024, operationalised April 2026) targets three strategic industries — AI and data science, life and health technology, and advanced manufacturing and new energy — through nine selected fund managers. The original Co-investment Model, executed through a special-purpose vehicle called The Innovation and Technology Venture Fund Corporation (ITVFC), has deployed capital into 30+ tracked portfolio companies since 2020, including Cornerstone Robotics (US$70M+ Series C alongside EQT), Oculis, MingMed Biotechnology, BayOmics, Heranova Lifesciences, Shanghai Lueishu Data Technology (上海略数数据技術有限公司), and Weimou Biotechnology (維眸生物科技(浙江)有限公司). Investment tickets typically range from US$0.03 million to US$3.83 million per investee, with the Government as a passive limited partner receiving returns only on successful exits.

ITVF sits within the broader Innovation and Technology Fund (ITF) ecosystem, which has approved HK$57,582.3 million across 83,055 projects cumulatively through March 2026 (HK$5,176.3 million in 2025 alone). The ITF stack includes parallel programmes — ITSP, ESS, GSP, NIAS, Manufacturing+, NIFS, PITAS, and RTH — that collectively cover the innovation lifecycle from basic research through industrialisation. A further HK$10 billion Innovation and Technology Industry-Oriented Fund (ITIF) was launched in November 2025 to extend matching-capital support to industry-chain enterprises beyond pure startups. ITVF does not generate revenue in a conventional sense; its scale is measured by capital deployed and policy mandate fulfilled rather than top-line income.

Name

Innovation and Technology Venture Fund

Legal name

Innovation and Technology Fund

Website

https://itf.gov.hk

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

1–10 employees

Short description

ITVF is a Hong Kong Government-backed venture capital matching fund established in 2017 with HK$3.5 billion in committed capital, co-investing with selected VC fund managers and partners in Hong Kong-based innovation and technology startups across AI, life sciences, and advanced manufacturing.

Ownership category

akta.pro rank

Product category

Government Venture Capital Fund

NAICS

Other Investment Pools and Funds (5259), Other Financial Vehicles (525990)

SIC

Investors, Nec (6799), Federal & Federally-Sponsored Credit Agencies (6111)

akta.pro primary industry

Venture Capital Fund-of-Funds / Multi-Manager Platforms (FSANAAAJ)

akta.pro secondary industries

Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD), Core Infrastructure Funds (Transport, Social, Digital, Utilities) (FSANAEAA)

Keywords

• Government venture capital
• Innovation funding
• Technology co-investment
• Startup financing scheme
• Venture fund manager

Headquarters

HQ city

Wan Chai

HQ country

Hong Kong SAR China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Others

Revenue model

1. Government Capital Commitment: ITVF operates as a matching fund where the Hong Kong Government commits capital as a Limited Partner alongside market VC funds. Government contributions are matched 1:2 for co-investments in startups and 1:3 for fund manager investments. Returns flow back to the Government through successful portfolio exits.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels2 records

Core offering

The Innovation and Technology Venture Fund is a HK$2 billion Hong Kong Government venture fund established in 2017 to attract private venture capital funds to co-invest in local innovation and technology (I&T) startups. It deploys capital through two structures: a Co-investment Model (ITVF invests alongside approved VC funds in qualifying startups) and an Enhanced Scheme / Fund Manager Model (approved fund managers invest in I&T startups at a pre-defined ratio alongside ITVF capital).

Product overview

The Innovation and Technology Venture Fund (ITVF) is a HK$2 billion Hong Kong Government venture fund established in 2017 with two main investment models: (1) the original Co-investment Model where ITVF co-invests with venture capital funds in eligible local I&T startups through ITVFC; and (2) the Enhanced Scheme (Fund Manager Model) launched in 2024, redeploying HK$1.5 billion to co-invest with market fund managers in strategic industries (AI and data science, life and health technology, advanced manufacturing and new energy). The ITVF operates alongside the broader Innovation and Technology Fund (ITF) ecosystem which includes other funding programmes such as Manufacturing+, NIAS, NIFS, ESS, ITSP, GSP, and RTH, collectively supporting Hong Kong's innovation and technology ecosystem from research to commercialisation and industrialisation.

Differentiator

Problem solved

Functional benefit

Products and services

• ITVF Co-investment Model A government co-investment scheme under which the Innovation and Technology Venture Fund deploys capital pari passu alongside approved private venture capital funds into qualifying Hong Kong-based innovation and technology startups. Designed for VC fund managers seeking a government anchor partner for local I&T deals.
• ITVF Enhanced Scheme (Fund Manager Model) An enhanced government co-investment scheme under which approved fund managers invest in qualifying Hong Kong I&T startups at a pre-defined investment ratio alongside the ITVF's HK$2 billion pool. Structured for fund managers seeking scaled, anchor-aligned capital commitments under a government-administered framework.

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Bpifrance: French public investment bank providing co-investment, VC fund-of-funds, and direct equity to French startups and SMEs; comparable scale, government ownership, and multi-programme structure supporting the French I&T ecosystem.
• KfW Capital: German government-backed fund-of-funds that invests in German and European venture capital funds; structurally identical to ITVF Enhanced Scheme, providing matching LP capital to VCs to strengthen the domestic VC market.
• SGInnovate: Singapore government-linked venture builder investing in deep-tech startups in AI, healthcare, and advanced manufacturing; near-identical sector mandate to ITVF and serves as the regional government-backed VC counterpart.
• British Business Bank: UK government-backed economic development bank operating co-investment funds that match private VC capital into UK startups; structurally and functionally closest peer to ITVF's matching-fund model with similar policy mandates.
• Israel Innovation Authority: Israeli government agency that operates matching grant and investment programmes for early-stage technology startups; highly comparable sector mandate (deep tech, life sciences, AI) and government-backed matching investment model.
• European Investment Fund: EU-backed fund-of-funds providing LP commitments to VC and growth funds across Europe; comparable in scale, multi-fund approach, and policy mandate to catalyse private VC investment in strategic technology sectors.
• Greater Bay Area Homeland Development Fund: Hong Kong-focused investment fund supporting innovative technology companies in the Greater Bay Area; one of ITVF's own co-investment partners and a directly comparable GBA-focused government-backed fund targeting the same I&T startup universe.

Broad incumbents

• Temasek Holdings: Singapore sovereign wealth investor with significant venture and growth-stage tech exposure across Asia; broader in mandate and global in geography but provides benchmark for government-linked VC/PE deployment at scale.
• Caisse de dépôt et placement du Québec (CDPQ): Large Canadian institutional investor with dedicated venture and growth equity platform; comparable in operating as a multi-fund platform deploying LP capital and direct co-investments into technology sectors globally.

Regional players

• Khazanah Nasional: Malaysian sovereign wealth fund with active venture and growth investments across technology sectors in Southeast Asia; comparable government-linked investment entity but broader mandate and geographic focus outside Hong Kong.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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M&A

Investments48 records

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Frequently asked questions about Innovation and Technology Venture Fund