Brissie fund plans $30m investment in startups

Brisbane-based early growth-stage fund Sprint Ventures says it will back more tech founders in health and AI under a $30m deal with the Queensland Investment Corporation.

QIC is investing in Queensland startups with Sprint Ventures.

Brisbane-based early growth-stage fund Sprint Ventures says it will back more tech founders under a new multi million dollar deal with the Queensland Investment Corporation (QIC).

Sprint has secured a binding term sheet from the QIC-managed Queensland Venture Capital Development Fund (QVCDF) to invest as a cornerstone investor once Sprint raises matching capital for its upcoming Sprint Fund 3. Sprint’s plan is to raise $30m to invest into up to 30 businesses across a range of sectors.

QIC private equity investment director Leo Channon says the deal is aimed at bridging the funding gap for startups. Venture capital firms funded by the QVCDF program have already invested more than $8 million into seven Queensland start-ups.

“Sprint is a home-grown Queensland firm that invests across a number of important sectors for Queensland innovation, including AI and automation, health tech, aged care, climate and infrastructure tech,” Channon says.

Sprint managing partner Georgia Barkell (illustrated) says the QVCDF will increase the number of investments the firm can make in some of Queensland’s fastest-growing sectors, particularly health. “Boasting a strong commitment to healthcare and one of Australia’s fastest-growing populations, Queensland presents a wealth of opportunities to digitise its healthcare system,” she says. “With excellent universities, well-equipped hospitals, government funding, and innovation hubs, the state is well-positioned to lead the way in digital healthcare.”

She adds the state also is experiencing a climate tech sector boom fuelled by government investment in renewables and cutting-edge conservation solutions.

“Queensland is rapidly emerging as a global leader in climate action, and this positions Sprint to be at the forefront of sustainability investing, partnering with entrepreneurs, universities and ClimateTech accelerators such as EnergyLab,” Barkell says.

Coffee break

Phillip Di Bella’s The Coffee Commune has launched a new app designed to help cafe owners access expert knowledge, industry information, and partner discounts. “It’s an information highway” says Di Bella, the founder and managing director of the Bowen Hills based company. “There’s education, information about what’s current and what’s not, tips and tricks to get the best out of your people. We’ve put it all together in one app to help cafes connect”. The launch of the app comes as Credit Watch warns one in 13 hospitality businesses face failure over the next year. Di Bella says the strategy is to build a powerful network of members to give the industry the buying power necessary to stay viable in a tough market and combine the knowledge, expertise and skills of the network. The app, called Coffee Commune Connect is available free for members or $19.99 per month for others.

Star effort

Finally some good news for troubled casino group Star Entertainment, with the company recognised as 2024 employer of the year and finalist at the recent 2024 Australian LGBTQ+ Inclusion Awards. The awards recognise Australia’s top organisations for LGBTQ+ inclusion, based on the results of the Australian Workplace Equality Index (AWEI). Capping off the achievement, The Star was also awarded gold employer status, solidifying its position as a leader in LGBTQI+ inclusion within Australia.

Star is planning to open it $3.9bn Queen’s Wharf casino resort in the heart of Brisbane in August. The project featuring four new luxury hotels, more than 50 new restaurants and bars and around 1,500 apartments will dominate the CBD, employ thousands of workers and attract more than 1.4 million visitors each year