Early-stage tech startups are set to profit from the joint initiative with Artesian Capital.
Queensland University’s ilab incubator and investment firm Artesian Capital Management are joining forces to set up a AU$10m ($9.3m) fund aimed at early-stage tech startups. The two partners are hoping to begin operations on the initiative later in 2014.
The ilab incubator is part of Uniquest, the university’s technology transfer organisation. On top of partnering up with Artesian, the joint initiative will also see support from the local Queensland government, which is aiming to stay involved with the fund until 2019.
Artesian will manage the fund, while ilab will be responsible for selecting startups and provide them with access to its programmes, facilities and networks.
The incubator has successfully incubated more than 100 startups since 2000, which have gone on to raise more than AU$70m ($65m) in grants and investments. The startups have generated some 400 jobs in the technology sector.
Jeremy Colless, managing partner at Artesian, noted how ilab has developed robust processes to identify and grow companies. He said: “With that pedigree, ilab is producing startups that are developing a steady stream of highly scalable businesses that are attractive to investors. As a result of ilab’s successes and expansion, we are excited to be building a AU$10 million tax-effective fund to invest in ilab’s startups at all critical stages of their development. This will provide important support to Queensland’s early-stage startup businesses, as well as unparalleled opportunities to invest in the burgeoning Queensland tech startup community.”