Sprint VCA Brisbane-based early and growth-stage fund will back even more innovative tech founders in Queensland under a new deal with Queensland Investment Corporation (QIC).
Sprint Ventures has secured a binding term sheet from the QIC-managed Queensland Venture Capital Development Fund (QVCDF) to invest as a cornerstone investor once Sprint raises matching capital for its upcoming Sprint Fund 3.
QIC Private Equity Investment Director Leo Channon said the deal was aimed at bridging the identified early-stage funding gap for startups to scale from Queensland.
“Sprint is a home-grown Queensland firm that invests across a number of important thematics for Queensland innovation, including Healthtech, Aged Care, Climate and Infrastructure Tech, AI and Automation,” Mr Channon said.
“QVCDF is pleased to be supporting Sprint as a cornerstone investor in its third fund which will deploy much-needed capital in the pre-seed to Series A space with a focus on B2B SaaS.”
Sprint Managing Partner Georgia Barkell said the QVCDF will increase the number of investments Sprint can make in some of Queensland’s fastest-growing sectors.
“Boasting a strong commitment to healthcare and one of Australia's fastest-growing populations, Queensland presents a wealth of opportunities to digitize its healthcare system,” she said.
“With excellent universities, well-equipped hospitals, government funding, and innovation hubs like LuminaX, the state is well-positioned to lead the way in digital healthcare solutions.
“We’re also seeing the ClimateTech sector boom fuelled by government investment in renewables and cutting-edge conservation solutions.
“Queensland is rapidly emerging as a global leader in climate action, and this positions Sprint to be at the forefront of sustainability investing, partnering with entrepreneurs, universities and ClimateTech accelerators such as EnergyLab.”
Ms Barkell said Queensland's AI scene was also thriving, fuelled by government support, industry adoption, and a commitment to responsible development.
“This creates a fertile ground for innovation, particularly within Sprint's investment focus areas. By backing cutting-edge AI startups, Sprint can act as a powerful catalyst, propelling Queensland's position as a national leader in this critical field.”
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.
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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.