Investors flock to new start-up fund with innovative tech top of mind
Published Thursday, 20 July, 2023 at 01:25 PM
Premier and Minister for the Olympic and Paralympic Games
The Honourable Annastacia Palaszczuk
Treasurer and Minister for Trade and Investment
The Honourable Cameron Dick
Minister for Tourism, Innovation and Sport and Minister Assisting the Premier on Olympics and Paralympics Sport and Engagement
The Honourable Stirling Hinchliffe
- More than 80 venture capitalists and accelerators apply for Queensland Venture Capital Development Fund to accelerate support for local start-ups
- Applicants to at least match Palaszczuk Government’s $75 million cornerstone investment to establish or increase Queensland presence, focus and investment
- Strong focus on Healthtech, AgTech, climate, energy and water sectors
More than 80 venture capital firms and accelerators have applied to partner with the Queensland Government to retain and attract high-performing start-ups into the state’s growing entrepreneurial ecosystem.
Speaking at the Tech Council of Australia’s inaugural National Tech Summit in Brisbane today, Premier Annastacia Palaszczuk said the strong response to the Queensland Venture Capital Development Fund demonstrated Queensland remains an attractive investment destination for start-ups to call home.
Quotes attributable to Premier Annastacia Palaszczuk:
“High-growth start-ups are proven job creators, capable of adding thousands of new jobs to our economy at a faster rate than other sectors.
“That’s why our government is working with venture capital funds to provide local start-ups with greater access to early-stage capital, enabling them to scale up and accelerate their growth quickly.
“No longer do places like Silicon Valley hold a monopoly over innovation - Queensland can and will hold its own.
“Local success stories like Tritium, Go1, Gilmour Space Technologies and Endua are examples of what can be achieved right here in Queensland.
“We want to unashamedly retain and attract high-performing start-ups here in Queensland and will be working with the market to ensure the local venture capital industry deepens and grows to support new industries, new market growth, and new jobs.”
Quotes attributable to the Treasurer and Minister for Trade and Investment Cameron Dick:
“Through QIC and Queensland Treasury, we created the Queensland Venture Capital Development Fund to ensure these burgeoning businesses, full of the country’s smartest creatives, tech experts, advanced manufacturers, financial analysts, and service industry innovators, remained in Queensland to continue to grow the state’s economic diversity.
“Importantly, QIC and Treasury have set the fund up to also allow these start-ups to attract the best talent to Queensland.
“In just one month, QIC received more than 80 applications from venture capital firms and accelerators wanting to partner with the Palaszczuk Government in helping these start-ups prosper in Queensland.
“The sheer number of firms wanting to invest in Queensland start-ups, shows that the Sunshine State’s innovation sector is one of the most attractive commercial opportunities in the country.
“This huge demand to partner with the Queensland Venture Capital Development Fund also demonstrates that the private sector’s desire to work with the Palaszczuk Government and the strength of the State’s overall economy.”
Quotes attributable to Innovation Minister Stirling Hinchliffe:
“The fund will accelerate, develop and enhance the venture capital industry, helping support Queensland startups to scale and create high-value jobs in the state.
“Not only will this help support investment, but it will stimulate new investment into innovation early-stage businesses in Queensland.
“We are doing everything we can to attract and retain high-performing startups into the state’s growing entrepreneurial ecosystem and we can see that it’s working.”
The Queensland Venture Capital Development Fund comprises three core elements:
- Matched Funding – Queensland Government’s $75 million of cornerstone funding will support matched funding into appointed venture capital funds.
- Accelerator Funding – a series of accelerator programs to increase deal flow for Queensland investors.
- Development Program - the appointed venture capital funds and accelerators will participate in the VCDF Development Program to accelerate, develop and enhance the venture capital industry in Queensland.
The QVCDF Requests for Proposal is now closed with QIC to conduct preliminary evaluations and shortlists over the next six weeks.
For more information, visit www.qic.com/qvcdf.
Media contact: Campbell Gellie 0433 987 744