Tidal Ventures Partners Wendell Keuneman, Georgie Turner and Grant McCarthyOne of Australia’s leading technology investment firms is ready to back innovative companies developing world-class technology coming out of Queensland under a new partnership with Queensland Investment Corporation (QIC).
Tidal is set to build a lasting presence in the Sunshine State after securing matched funding under the QIC-managed Queensland Venture Capital Development Fund (QVCDF).
QIC Private Equity Senior Associate Matiela Baker said the deal will drive investment in innovative, industry-revolutionising local technology startups.
“As an experienced Venture Capital firm with a technology-first approach, Tidal are a key player in our strategy to strengthen Queensland’s innovation ecosystem,” Ms Baker said.
“We’re delighted to work with them as part of the QVCDF and have full confidence that their extensive, hands-on experience building global technology companies will foster Queensland-led innovation and help emerging local software companies scale and grow.
“Tidal’s presence in Queensland ensures our local innovation sector benefits from their expertise, networks, and capital, effectively bridging the early-stage funding gap.”
Tidal co-founder and Managing Partner Grant McCarthy said being a part of the QVCDF helps Tidal align mutual resources, networks, and expertise to grow Queensland’s emerging technology ecosystem.
“Queensland is a thriving tech hub with immense potential,” McCarthy said.
“The Sunshine State is experiencing an influx of young, talented, and technologically capable people.
“Strong government backing, excellent universities producing a skilled and innovative workforce, and a rich industrial background perfectly position it for a technology-led, knowledge-based economy.
“This attractive ecosystem is quickly becoming the prime location for technology companies to take root, scale up, and become global players—much like Octopus Deploy, Wotif, SafetyCulture, Go1, TechnologyOne, and Clipchamp have done. And, of course, the surf and weather aren’t too bad either.”
McCarthy noted that each member of Tidal’s investment team has deep roots in Queensland, having all been educated here.
“Our Brisbane-based investor, Fee Lal, is excited to partner with exceptional Queensland technology businesses, empowering them to achieve global success. Fee and the broader Tidal team appreciate the backing of QIC to build a lasting presence in Queensland and fuel the local technology ecosystem”.
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 the 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.