Business Development Fund
The Business Development Fund is closed to new applications
The Queensland Government’s Business Development Fund (BDF) has closed and is not accepting new applications.
Since 2016, the Fund has supported the growth of more than 50 innovative Queensland businesses, especially in emerging industries. BDF’s investments have helped these businesses create high-value, knowledge-based and skilled jobs now and into the future. The Fund has supported the creation of more than 400 new jobs and attracted new industries to Queensland.
Through providing early stage co-investment funding, the Business Development Fund has promoted angel and venture capital investment in Queensland-based businesses. This helps to facilitate the development of a sustainable private market for venture capital finance in Queensland.
The Fund continues to manage its dozens of ongoing investments and to deliver outcomes for the respective businesses and Queensland more broadly.
Investments made in Queensland businesses
The Queensland Government appointed an independent Investment Panel consisting of experienced private investors who have a strong background in entrepreneurship, and early stage investment, particularly in innovative start-ups or growing technology businesses.
The Panel reviewed the applications and those that best meet the investment criteria were invited to pitch. Panel members make the final investment decision based on a majority vote.
There were no Government representatives on the Investment Panel and members made an independent investment decision.
Panel members
Dr Adam Kossak is a venture capitalist. He is currently Non-Executive Director of Find-Me Technologies Pty Limited and the founding partner in Aequora Capital Pty Ltd. Mr Kossak has strong commercial and analytical skills and extensive experience in start-up companies. He is a member of the Australian Medical Association and the Australian Institute of Company Directors (AICD).
Dr Patrick Silvey has extensive experience in commercialisation and is currently the Managing Director of VenturePro Pty Ltd which provides business advisory and commercialisation assistance to universities, early stage technology companies and government agencies involved in research, development and commercialisation. Dr Silvey was previously a Director in Corporate Finance at PricewaterhouseCoopers.
Troy Haines is the founder of theSPACE, a regional incubator in Cairns. Along with his team, Troy has worked with hundreds of entrepreneurs across a wide audience, from high school students, SME’s to corporate employees to help them commercialise their ideas.
Nicola Vaisey is currently Director and Secretary of Constructionarium Australia, which seeks to develop hands on practical skills in young engineers. Ms Vaisey has worked on innovation projects in the medical, engineering and infrastructure space, including developing proposals for multi-stakeholder Vaccine Pipeline projects, Big Data and Strategic planning projects with UQ, CSIRO (Pullenvale), and strategic research and partnership planning for QUT’s advanced robotic vision Centre of Excellence. Ms Vaisey has executive experience in pharmaceutical and medical devices industries.
Monica Bradley is the Director of Purposeful Capital. She designs business models and strategy for boards, corporates and social impact organisations. She is a strong advocate in the social impact and enterprise investing.
Anne-Marie Birkill is founding Managing Partner of OneVentures, a venture capital firm with $330M funds under management. With a passion for innovation and experience in the private, university and government sectors; she has worked with hundreds of technology companies as an investor, consultant, mentor, advisor, director and coach.
Michael Zimmerman is an entrepreneur, CEO and investor/board member with experience in building technology companies in enterprise software, internet and energy sectors. Mr Zimmerman has 20 years’ experience working with a diverse set of venture-backed technology companies, including a number that have expanded and developed overseas. He is currently an Entrepreneur in Residence at CSIRO.
Business Development Fund investment recipients include*:
JESI is a global management software company which has developed an affordable and scalable journey management software designed to assist companies track and monitor the safety of their staff whilst they travel. The Fund exited JESI in 2021.
Brisbane-based Tritium’s business model includes the development of fast-charging electric vehicle technology that will enable low-emission, vehicle charging. Tritium received both an investment and follow-on investment from the BDF, with the Fund finalising its exit from Tritium in 2020.
EFTLab focuses on the electronic payment market with innovative software architecture that is customisable and scalable, enabling them to meet the future growth and changing needs of their customers. The Fund exited EFTLab in 2021.
Five Good Friends provides software platform connecting technology, people and the community by reinventing ‘traditional home care’ for the aged. The Fund exited Five Good Friends in 2021.
The Water and Carbon Group designs, builds and operates wastewater treatment systems using innovative systems with low energy and sustainable engineered solutions. The Water and Carbon Group received both an investment and a follow-on investment from the BDF, with the Fund finalising its exit from the Group in 2023.
GO1 operates a learning management system which helps organisations deliver compliance to their staff and volunteers. The Fund exited GO1 in 2017.
PlantMiner Group (now Felix Vendor Marketplace) operates an online marketplace that provides construction companies with a cloud-based supplier engagement and procurement platform for plant and equipment and other key resources.
Gold Coast-based Intrepica, through its LiteracyPlanet business, runs a cutting edge, cloud-based English literacy education featuring curriculum-aligned games and exercises kindergarten and school aged students.
Lawcadia operates a legal procurement business which aims to help companies and governments in global markets rethink the way they procure and manage legal services and use data on their legal matters through its web-based application. Lawcadia received both an initial and a follow-on investment from the BDF.
PERKii has developed a world-first, low-calorie water and juice-based probiotic drink believed to have immunity and gut health benefits. Perkii has received both an initial and a follow-on investment from the BDF.
Spare Workspace, (Spare IP Holdings) an online marketplace that allows people to book, hire or share short-term commercial workspaces. Since exiting from the Fund in 2019, Spare has merged with VenueMob to form VenueNow.
iSeekplant Pty Ltd is an online marketplace connecting companies with hire equipment to companies who need equipment for mining, construction and commercial projects.
MindHive Pty Ltd is an Idea Management Software that leverages the power of crowdsourcing for problem solving and idea generation with a particular focus on servicing the opportunities presented in the growth of civic technology.
REDEYE Apps Pty Ltd provides cloud and mobile solutions for asset and work management. RedEye has received both an initial and a follow-on investment from the BDF. The Fund exited REDEYE in 2023.
CruiseTraka (Fortress Capstone Pty Ltd) is a smart phone based solution used by passengers to share their cruise experience with family and friends back home in almost real time via social media and email.
Healthcare Logic is a software company dedicated to improving patient care by centralising patient-information in one place and making it available to health care professionals to improve patient-centred care and outcomes. The Fund exited Healthcare Logic in 2020.
Obzervr Pty Ltd is an innovative, adaptive and intuitive data collection platform that helps organisations achieve a seamlessly connected field-to-headquarters process; improving efficiency and productivity, operational performance and data accessibility. The Fund exited Obzervr in 2023.
Like A Photon Creative is a content creation production company which develops multi-platform animated content targeted at children.
Cardihab is a digital health company that provides a platform which assists cardiologists and allied health professionals coordinate cardiac rehabilitation for patients.
Commit Works provides a platform which supports planning, scheduling and works coordination to the mining industry leading to improved productivity and safety outcomes. The Fund exited Commit Works in 2021.
CartonCloud provides an integrated transport management system and warehouse management system for freight and third-party logistics businesses. The Fund exited CartonCloud in 2021.
EEVI.LIFE delivers technology for older Australians to help defeat isolation, and keep them safe and connected, to friends, to family and to life.
EatClub allows restaurants to instantly send out last-minute deals to customers when the restaurant is not booked to capacity, allowing restaurants to make a profit on tables that would otherwise have gone empty.
Emesent collects and digitises new, high-value data in mines, tunnels and other challenging underground environments using autonomous drones.
Starts at 60 is a digital destination for mature Australians, providing relevant content for people over 60 years old including events, trending stories and talkback.
Red Earth Energy Storage develops and manufactures energy storage systems for retail and business customers. The Fund exited RedEarth Energy Storage in 2021.
Didgigo provides solutions for travel businesses by creating quality, personalised travel documents efficiently and cost effectively.
Verton Technologies removes the need for human tag lines when using a cranes for suspended loads to provide safer working environments.
Vald Performance provide human measurement systems to provide field-based reliable data to allow health and performance professionals to make objective decisions. The Fund exited Vald Performance in 2021.
Implicit Bioscience is a clinical-stage biotech drug development company focused on pioneering immunotherapy for neurogenerative and neurotraumatic diseases.
Auxita is a medical diagnosis platform that automates routine tasks, simplifies data and helps physicians make decisions faster. The Fund exited Auxita in 2021.
Movus is transforming machines into “smart machines” across their lifecycle to improve water, food, energy and mining industries and the impact these industries have on the environment.
Kapiche is a high-performance analytics tool which helps companies obtain actionable insights from customer data and employee feedback at scale using artificial intelligence. The Fund exited Kapiche in 2021.
Chief Products develops off-road accessories for SUV, truck and 4×4 vehicles, which they market and sell internationally both online and via wholesalers.
Kira Biotech is an emerging biotechnology company developing drugs to treat immune system disorders.
TalentVine is a platform which enables employers to connect with multiple recruitment firms, leveraging their efforts from finding similar talent for other clients.
Concept Safety Systems (Holdings) Pty Ltd
Concept Safety Systems is a leading provider of fire and safety evacuation plans, solutions and safety systems.
Roubler Holdings is a human resources tech company developing an all in one, ‘end-to-end’ cloud-based workforce management and payroll software (SaaS) platform. It is designed specifically to cover the entire employment life cycle, as well as the complexities of shift-based workforces in businesses that have between 100 and 10,000 employees. The Fund exited Roubler in 2020.
Vayeron is solving the primary cause of bulk materials handling conveyor system downtime and fires on conveyors. Vayeron’s product is the Smart-Idler® which solves these issues via automated IoT sensors for monitoring and detection of conveyor roller failure in critical belt conveyors.
DMC is a med-tech start-up company, established to disrupt a large global market through the development of emergency drug-device combination products for advanced drug delivery in critical and emergency care applications. Its first applications are focused on the delivery of adrenaline in acute life-threatening allergy (anaphylaxis) and cardiac arrest.
An open marketplace that connects those who love to cook with those who love to entertain, through their innovative technology platform and business model.
An Australian first platform that distils key information and helps general medical practices make task prioritisation, process improvement and profit growth simple. The Fund exited Cubiko in 2022.
A financial services platform that enables organisations to account for their true value. It enables both non-financial (environmental, social, cultural impact) and financial ($) to be managed and measured.
Builds autonomous lightweight agricultural robots for field crop production. Through an ecosystem of partners developing apps and attachments for use with SwarmBots, SwarmFarm intends to become the core platform for autonomous agriculture.
A global online marketplace that connects travellers with local and professional photographers who turn their holiday memories into something extraordinary. The Fund exited TravelShoot in August 2019.
An education and compliance portal for the child, disability and aged-care sector. The Fund exited MiCare in December 2020.
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More information
For industry and business support, visit the Business Queensland website.
Startups can find resources and assistance on the Chief Entrepreneur website.
Details on other Queensland Government programs can be found on the Advance Queensland website.
Last updated: 7 March 2024