The mission by Sydney-based technology investor Tidal Ventures to support high-growth Australian startups has been given a boost through a “significant” investment from by the Queensland Venture Capital Development Fund (QVCDF).

While financial details of the investment have not been disclosed, the fund, which is managed by the Queensland Government’s $https://www.businessnewsaustralia.com/100 billion investment arm QIC, is expected to be applied to locally based startups.

Tidal Ventures typically invests in sectors such as cybersecurity, customer experience, and productivity and automation.

“We’re thrilled to receive the backing of the Queensland Government-owned QIC as a significant institutional investor through the QVCDF,” says Grant McCarthy, co-founder and managing partner at Tidal Ventures.

“This funding is a testament to our commitment to growing technology businesses. It will allow us to provide critical capital and strategic guidance to the next generation of Australian entrepreneurs, helping them achieve their full potential and scale globally.”

Tidal Ventures was founded in 20https://www.businessnewsaustralia.com/16 with the aim of partnering with “disruptive companies to revolutionise industries”. The venture capitalist says it engages closely with founders, investing time and expertise at every stage of a company’s journey.

McCarthy notes that the investment from QVCDF will support Tidal’s third fund.

“We’ve experienced significant growth in a short period,” he says.

“Our scale and velocity have reached a point where we’re seeing active interest from institutional investors and are delighted to have attracted the attention and support of QIC.”

Among the current investments by Tidal Ventures are logistics platform Shippit, asset management platform Asseti, sustainable fashion startup Airrobe and cannabis and food industry software provider Blakthumb.

“As an experienced venture capital firm with a technology-first approach, Tidal Ventures is a key player in our strategy to strengthen Queensland’s innovation ecosystem,” says Matiela Baker, QIC’s private equity senior associate.

Baker says the deal will drive investment in innovative, industry-revolutionising local technology startups.

“We’re delighted to work with them as part of the QVCDF and have full confidence that their extensive, hands-on experience building global technology companies will foster Queensland-led innovation and help emerging local software companies scale and grow,” says Baker.

Tidal Ventures says it is committed to supporting investment in the region, with senior investor and Atlassian’s former global people and M&A manager Felicia Lal already on the ground to identify opportunities.

“Queensland, with its thriving tech hub, bolstered by an influx of young talent, strong government backing and excellent universities producing an innovative workforce, is poised for a technology-led, knowledge-based economy,” says McCarthy.

“This presents a promising future for Queensland-led innovation and growth in the technology sector.”