We’re delighted to announce that TEN13 has secured its first institutional mandate, appointed as a VC manager under the Queensland Venture Capital Development Fund (VCDF), managed by QIC. The $130m VCDF program, backed by the Queensland Government, is designed to accelerate early-stage investment across the state.
The appointment, finalised after more than a year of due diligence, marks a really important milestone for TEN13, which has until now operated as a syndicated venture platform backed by a network of co-investors including high-net-worth investors, family offices, and incredible operators.
Founded by Steve Baxter and managing partner Stew Glynn, TEN13 has invested more than $110 million into 50 companies globally, including Queensland success stories Go1 and Clipchamp (acquired by Microsoft).
QIC’s Head of Asia Pacific Private Equity, Crystal Russell, said that: “TEN13’s appointment to the QVCDF reflects its contribution to Queensland’s early-stage technology ecosystem. With a track record of supporting great early-stage technology companies and an experienced and respected team, TEN13 brings both capital and global know-how to Queensland’s technology ecosystem”.
As part of the mandate, we’ve also made our first VCDF-backed investment into OneMRI, an exciting Brisbane healthtech startup offering affordable, preventive full-body MRI scans led by multiple time founders and execs Gopi Sara, and Go1 cofounder - Dr Vu Tran and Andrew Barnes. With our latest mandate, we co-led OneMRI’s oversubscribed $2.5 million seed round with OIF Ventures, with other aligned early-stage investors joining for the journey. See here for recent coverage on their round.
We’ve been excited to see that Queensland’s venture market has been gathering momentum, with $417 million raised across 109 deals in FY25, up 37 per cent on the prior year, according to the Queensland Venture Capital Report. Enterprise software and healthtech remain the largest sectors of activity.
Mr Glynn said the VCDF mandate was “a defining moment” for TEN13. “It validates our differentiated investment model and signals the confidence in Queensland founders who can now access more capital and global networks while continuing to build from here” he said.
Thank you to all of our investors, supporters and partners in the Queensland and Australian startup ecosystem. With this latest mandate, we are excited to be doubling down on our work with founders, and the startup ecosystems in Queensland and beyond.
A reminder about who we are
We're building out Australia & New Zealand's largest syndicated venture capital platform, with 500+ investors made up of early employees, executives, and founders of some of the world's most exciting companies.
If you are excited about investing in global startup companies alongside us and our investors then you can sign up here (AUS/NZ Sophisticated investors only).
Safe Travels,
The TEN13 Team