Queensland’s Venture Capital Surge: Home to High-Performing Start-ups


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The Venture Capital Development Fund (VCDF) is a Queensland Government program, managed by QIC, which is seeking to accelerate, develop and enhance the venture capital industry in Queensland by:

  • Increasing the capacity and capability of local venture capital funds, supporting them to attract 3rd party investment, which could be invested into innovative early-stage Queensland companies.
  • Attracting venture capital funds to establish a presence in Queensland and to increase their focus and investment in Queensland.
  • Increasing the amount of venture capital invested into innovative early-stage Queensland companies, helping to close the identified early-stage funding gap, creating valuable new jobs, innovative solutions and businesses in Queensland.
  • Delivering accelerator programs that expand the pool of investment ready businesses in Queensland and thereby increasing the investment opportunities for angel and venture capital investors in innovative early-stage Queensland companies.
  • Supporting and encouraging a collaborative, sustainable and successful venture capital industry in Queensland that attracts more capital into Queensland and enables more innovative companies to be started, grow and stay in Queensland.
  • Leveraging and contributing to the economic, ESG and DEI tailwinds in Queensland’s priority industries.


Program Elements

The Venture Capital Development Fund comprises three core elements:

  • Matched Funding – up to $20m AUD matched funding into appointed venture capital funds.
  • Accelerator Funding – funding to suitable accelerator programs to run at least 4 programs to increase deal flow for Queensland investors.
  • Development Program – the appointed venture capital funds and accelerators will participate in the VCDF Development Program to accelerate, develop and enhance the venture capital industry in Queensland.


Matched Funding

Applicants are set to match the Palaszczuk Government’s AUD$75 million cornerstone investment. This is a significant step towards establishing or increasing their presence, focus, and investment in Queensland.

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Venture Capital Development Fund


Strong Interest in Queensland’s Venture Capital Development Fund

Over 80 venture capital firms and accelerators have displayed their intent to partner with the Queensland Government. The shared goal is clear: to nurture and attract thriving start-ups to the state’s vibrant entrepreneurial ecosystem.


Incredible Response

The sheer magnitude of responses is a testament to Queensland’s attractiveness as an investment destination for start-ups.


Sector Focus

The main sectors in the spotlight include Healthtech, AgTech, and sectors related to climate, energy, and water.


Approach To Market

The Venture Capital Development Fund request for proposal (RFP) period closed on Thursday 13 July 2023.  Following review of submissions, QIC will be shortlisting RFP respondents with a view to progressing further due diligence and making investments.  Respondents will be contacted about the outcome of their application in due course. 


More Information

Need Assistance?

Call 1300 658 508

Venture Capital Development Fund


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