Home » News » QLD Government to Announce Start-ups to Benefit from Deals with Major Venture Capital Firms

QLD Government to Announce Start-ups to Benefit from Deals with Major Venture Capital Firms

The Queensland State Government’s Queensland Venture Capital Development Fund (QVCDF) has announced deals with five major venture capitals firms: Antler, Five V Capital, Main Sequence, Mandalay Venture Partners and Salus Ventures.

The deals relate to Queensland start-ups having access to up to $200 million in new matched funding seeking to allow these investors to grow their presence, focus and investment in the local innovation sector.

In response to significant demand for the QVCDF, managed by Queensland Investment Corporation (QIC), the Queensland State Government has committed a further $55 million to the program.

The Queensland Venture Capital Development Fund 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.

QIC will deploy additional funding to increase commitments to certain shortlisted venture capital funds. Due diligence will also commence on additional venture capital funds to increase the thematic coverage of QVCDF investments.