L-R: Dr Chris Smith, Dr Melissa McBurnie, Dr Chris Nave, Dr Jonathan Tobin, Dr Stephen ThompsonOne of Australasia's leading biotech venture capital firms will support more world-leading Queensland research with the potential to become world-leading businesses under a new deal with Queensland Investment Corporation (QIC).
Brandon Capital will grow its Queensland presence and investment focus after securing matched funding from the QIC-managed Queensland Venture Capital Development Fund (QVCDF), which has invested in the firm’s sixth fund.
QIC Private Equity Senior Associate Matiela Baker said Brandon Capital’s demonstrated track record of finding and investing in promising life sciences research is a significant value-add to Queensland’s innovation ecosystem.
“Bridging the early-stage funding gap and maturing Queensland’s venture capital industry will take key players like Brandon Capital, so we’re delighted to have them on board with QVCDF,” Ms Baker said.
“Having previously backed needle-free vaccine patch innovator Vaxxas and pain relief therapeutic Spinifex, Brandon understands how rich in potential Queensland’s biotech sector is and what it takes to help founders scale and succeed.”
Brandon Capital Founding Partner and Managing Director Dr Chris Nave said the Queensland Venture Capital Development Fund commitment will contribute to the health and economic potential generated by Queensland's globally-recognised researchers.
“Brandon Capital is excited to expand the opportunities available to Queensland's globally recognised researchers and innovators,” Dr Nave said.
“We look forward to catalysing their translation and commercialisation journeys and celebrating alongside them when their innovations become life-saving therapies.
“Local initiatives led by our Queensland-based Senior Investment Manager will be supplemented by increased access to our Australian and international teams, facilitating the global connections that will crowd in private capital.”
Dr Nave said Queensland has built conditions conducive to successful biotech investing.
“Queensland has a sophisticated research translation infrastructure with globally recognised research organisations, precincts dedicated to research translation and highly skilled talent all in the one place.
“According to figures from AusBioTech, Queensland's biotech sector continues to deliver with 60 per cent growth since 2019, and 324 biotechnology companies currently employing over 32,000 Queenslanders in high-skilled roles.
“Thanks to the QIC, through the Queensland Venture Capital Development Fund, Brandon Capital will be able to increase the number of investments we make, creating a flywheel of downstream opportunities for talent and investors to boost the local biotech sector.”
The Queensland Venture Capital Development Fund comprises three core elements:
- Matched Funding – Queensland Government’s cornerstone funding is being matched by investors into a select group of leading venture capital funds
- Accelerator Funding – series of accelerator programs to build pipeline of investment-ready businesses, increasing deal flow for Queensland investors
- Development Program - appointed venture capital funds and accelerators participate in the Development Program to accelerate, develop and enhance Queensland's venture capital industry
Venture capital firms funded by the QVCDF program have already invested more than $8 million into seven Queensland start-ups.
For more information, visit our Queensland Venture Capital Development Fund webpage.
For further information, please contact:
Further information
QIC’s Private Equity team manages A$8.5 billion (as at 31 Dec 2023) globally in venture capital, growth equity and private equity via funds, co-investments and direct investments on behalf of government, superannuation and institutional investors. We aim to be a partner of choice for our portfolio companies and general partners, with sufficient scale to be meaningful, but small enough to maintain our selectivity.