The Queensland government is creating a new $150 million fund for venture capital firms in a bid to revive innovation funding in the state after its share of national capital raises fell to eight per cent last year.
The Venture Capital Development Fund (VCDF) will launch with government co-funding of $75 million, unlocking a potential $150 million for early-stage Queensland companies.
The new fund is likely to be announced in next week’s state Budget but has already been confirmed by the Palaszczuk government under pressure on its innovation results.
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