Brighter Super will invest A$50 million in start-up businesses in the state of Queensland under a partnership with Queensland Investment Corporation (QIC) that was announced on Monday.
Brighter Super, which manages $34 billion for 280,000 members, and QIC, an investment manager with $112 billion under management, said they would invest in high-growth businesses in the state, where both organisations are based.
Initial investments under the mandate will include booking and event management platform Attekus and autonomous agriculture business SwarmFarm Robotics.
“We believe that investing in these businesses has the potential to produce strong returns for Brighter Super’s members whilst contributing positively to Queensland’s economy and productivity,” Brighter Super Chief Executive Officer Kate Farrar said in a media release.
Brighter will invest alongside the QIC-managed Queensland Business Investment Fund (QBIF) to support innovative Queensland companies in sectors benefitting from high growth thematics such as artificial intelligence, digitisation, ‘agtech’, ‘healthtech’ and ‘frontier tech’.
The companies will have significant Queensland growth potential, align to the state’s economic strength and strategic priorities, drive innovation or technology, demonstrable traction and a capacity to build a scaled global business, and a demonstratable product market fit and revenue traction.
Brighter Super last year announced it would invest an extra $500 million in Queensland assets in the next three to five years on top of the $1 billion already invested in the state.
QIC Chief Executive Officer Kylie Rampa said the partnership connected capital, capability and a commitment to Queensland.
“Since 2016, QIC has invested in more than 85 local businesses, enabling exceptional founders to create over 1,300 jobs by building real-world solutions within a thriving, sustainable ecosystem,” Rampa said in a media release.
