More than 160 early-stage Queensland start-ups will be supported to become venture capital investment-ready under accelerator programs delivered through the Queensland Venture Capital Development Fund (QVCDF).
Managed by Queensland Investment Corporation (QIC), the Fund will support an initial five accelerators to run thematically relevant programs across Queensland’s priority industries.
QIC Private Equity Partner Nicholas Guest said investing in Queensland accelerators was crucial for cultivating a robust and thriving venture capital industry.
“Through the Queensland Venture Capital Development Fund, we are partnering with venture capital investors to build early-stage investment capacity and capability in our local innovation ecosystem,” Mr Guest said.
“But to sustain growth in the number of early-stage investors in Queensland, we know we need to be growing the number of investment-ready opportunities too.
“That’s exactly what the Fund’s accelerator programs are designed to do, providing start-ups with mentorship and operational advice to steer a path toward financial investment.
“Developing a pipeline of early-stage businesses ripe for venture capital investment not only increases deal flow for investors but fosters maturity in the local start-up sector.
“In turn, this will attract more capital into Queensland and encourage more innovative companies to establish, grow and remain in Queensland.
“The first five accelerators to be provided operational funding will do that job exceedingly well.”
Initial funding for Accelerators is being provided to:
Farmers2Founders
A female founder led company that was established in 2018 to accelerate the development, commercialisation and adoption of agritech solutions, Farmers2Founders delivers a unique multi-stage accelerator program pathway that supports and invests in purpose-driven agtech startups and founders, from early venture creation through to global expansion. Through this pathway, their vision is to contribute to the on-going growth, prosperity and sustainability of Queensland and Australia’s agricultural and food industry, by putting farmers at the centre of innovation. They achieve this by supporting and working across the global agrifood ecosystem, including farmers, agritech startups and entrepreneurs, investors, government, commercial business, industry and researchers.
EnergyLab
EnergyLab is Australia’s largest clean energy and climate tech start-up accelerator and innovation network dedicated to reaching net zero emissions, operating since 2017. EnergyLab will deliver the Queensland Climate Tech Investment Ready Program to support Queensland climate tech startups to become investment ready.
UQ Ventures
The University of Queensland's (UQ's) Ventures Momentum Accelerator, in partnership with QIC, has launched a next-stage program for startups with initial market success. UQ is supporting founders to advance commercial strategies and growth through four tailored accelerators: Digital and Software as a Service (SaaS); Female Founders; National Security and Dual Purpose; and UQ Alumni. Drawing upon 24 years of experience in entrepreneurship, UQ runs some of Queensland's largest and most successful accelerator programs.
Lumina X
Founded in 2021 in Economic Development Queensland’s Cohort Innovation Space, LuminaX has swiftly built a reputation as a home for HealthTech founders in Queensland. Supported by QIC, LuminaX will offer an accelerator program for startups to fast-track their growth through mentoring, coaching, capital, and industry connections
77 Venture Challenge
Led by Queensland venture capital firm 77 Partners, the 77 Venture Challenge will actively support 40 frontier tech ventures to accelerate from pitch ready to investment ready. The program leverages the network of the 77 Partners team, extending from over 25 years of experience across the venture ecosystem in Queensland to Silicon Valley in a strategic partnership with leading US venture capital firm Bee Partners. It will build on the early successes of program alumni in Queensland, including Y Combinator backed GreaseBoss and high growth venture Kurloo, and enable scale support from some of the most successful founders and investors worldwide.
Over a two-year delivery period, accelerators funded by the QVCDF will support a total of 18 cohorts with an estimated 168 companies.
Programs will leverage relationships across the Queensland university network and will support regional founders across Toowoomba, Gladstone, Cairns, Townsville, Airlie Beach, Mackay, Rockhampton, Bundaberg and Hervey Bay.
Every accelerator program is designed to reduce the challenges faced by early-stage companies and provide exposure to investors to allow better access to financing.
The QVCDF comprises three core elements:
- Matched Funding – Queensland Government’s cornerstone funding to 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 QVCDF Development Program to accelerate, develop and enhance the venture capital industry in Queensland.
For more information, visit our Queensland Venture Capital Development Fund webpage.
For further information, please contact:
Further information
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