The Queensland Venture Capital Development Fund (VCDF) is now open for proposals.
The Queensland state government has allocated $75 million to the initiative and is seeking matching commitments from the private sector to create a $150 million fund. The initiative was launched after it was reported that the state’s share of national venture capital investment fell to 8% last year. Australian venture capital funds manage around $17.9 billion.
The fund, which is being managed by Queensland Investment Corporation (QIC), is intended to build a strong venture capital ecosystem in Queensland to attract and unlock more investment capital and increase access to funding for innovative early-stage Queensland companies.
QIC will be allocating capital from the VCDF to venture capital funds with a presence in Queensland.
Capital from the fund has already been used to back accelerator programs in the state which are focused on helping start-ups to become investment ready.
The VCDF comprises three core elements:
- Matched funding of up to $20 million into appointed venture capital funds.
- Funding for accelerator projects that will run at least four programs that will increase deal flow for Queensland investors.
- Participation of fund and accelerator managers in the VCDF Development Program to accelerate, develop and enhance the venture capital industry in Queensland.
The request for proposals will remain open until Thursday 13 July. QIC will conduct online and in-person briefing sessions for participating venture capital firms.