If you’re a growing and innovative QLD-based SME seeking investment or growth-stage capital, then QLD’s Enterprise Acceleration Fund or the business Investment Fund (BIF) might be able to assist.
The Queensland Investment Corporation (QIC), on behalf of the Queensland Government, is investing in innovative QLD-based small-or medium-sized enterprises through:
- the $24 million Enterprise Acceleration Fund for early-stage companies seeking seed funding; and
- the $100 million Business Investment Fund (BIF) for growth-stage companies (i.e. at Series A, B, or C in capital raising).
Investments from the Enterprise Acceleration Fund will be from $500,000 to $2.5 million for businesses with the majority of their employees in Queensland; while investments in the BIF will be between $2.5 million and $10 million in businesses with an existing or planned Queensland presence. Job creation in Queensland is one of the key criteria analyzed before QIC makes investments from either of the funds.
The BIF is not a grant or a loan, but a direct investment in businesses:
- With a proven product/offering and an established market presence
- That are approaching profitability over the investment period
- With a current or planned Queensland-based presence (i.e. Queensland-based FTEs)
- With significant growth potential and job creation opportunities
Business investment funds managed by QIC have already invested $114.8 million in 65 Queensland businesses, creating over 1,000 full-time jobs. Examples of the breadth of industries impacted and recent or projected outcomes include:
- Increasing the manufacturing capacity for a company producing prefabricated modular pods for residential uses such as backyard studios, granny flats, and home offices.
- Supporting the growth of Australia’s sovereign space and manufacturing capabilities by investing in a Gold Coast-based space technologies company that builds small satellites and rockets for launch into low Earth orbits.
- A sports science technology company providing musculoskeletal testing as part of the health and performance package for athletes, which was able to expand from its Queensland base and is now working with teams in international leagues such as the NBA, NFL, and British Premier League.
Companies interested in the BIF are encouraged to reach out to QIC, via email, with any questions about the fund and to provide a brief overview of their business, product, market, and growth strategy. Expressions of interest in the Enterprise Acceleration Fund are also currently being sought, with those interested able to fill in an online form telling the QIC a bit about their innovative business.
If you’re an innovative Queensland business and want the best advice to keep moving onward and upward, contact Fullstack Advisory so you can leverage our expertise and knowledge of all the grants, incentives, rebates, and other opportunities available.