NT Government and Paspalis offer $20M investment boost for Territory businesses

The partnership between the NT Government and Paspalis Corporation is aimed at fostering growth, innovation, and job creation in the NT.

Kelly Ralston (NTG Investment Commissioner) and Harley Paroulakis (CEO Paspalis) at Darwin Innovation Hub (2024).

The NT Government has teamed up with the Paspalis Corporation to launch a new investment opportunity for businesses looking to extend their presence in the Territory.

Twenty million dollars in funding is available with Paspalis and the government, through the Local Jobs Fund, investing $10m each.

The Paspalis Co-Investment Fund will be available to Territory-based companies looking to “grow, expand and create new jobs” with individual investment funds of up to $5m available.

Chief minister Eva Lawler said the funding would “get more Territorians working” while looking to help “innovative” businesses develop.

NT Chief Minister Eva Lawler said the funding will help boost jobs in the NT. Picture: Pema Tamang Pakhrin

“With its track record supporting innovation and early stage ventures in, or associated with the Northern Territory, we are pleased to partner with the Paspalis Innovation Investment Fund to diversify our economy and create more local jobs,” she said.

“Through this $20 million co-investment fund, we’re targeting companies that want to expand here in the Territory and through that support, unlock further investment.”

The NT government and Paspalis first teamed up in 2018, establishing the NT’s first venture capital fund and since then, Paspalis has established five additional funds.

The latest co-investment fund aims to focus on companies in the fields of advanced manufacturing, logistics and defence, technology, mining and exploration, space and primary industries.

Paspalis CEO Harley Paroulakis said the company was committed to investing in the Northern Territory and helping companies grow.

“We have great confidence in the north and are prepared to put our reputation and capital back into it,” he said.

“The Northern Territory has been an important part of our history, and we want to remain an important part of its future.

“Paspalis is open for business, and we welcome any funding inquiries from exciting companies with strong leadership looking to do business in the Northern Territory.”

For more information and to apply to the Paspalis Co-Investment Fund, please visit paspalis.com.au/.