QIC and Virescent Ventures Back Net Zero Startups
Local startups in Australia focusing on innovative climate solutions get financial support from QIC.
The aim is to help Australia achieve its net zero and carbon reduction goals at a faster pace.
Queensland Investment Corporation (QIC), a Brisbane-based investment company, has partnered with Virescent Ventures, an Australian climate tech venture capital (VC) firm, to support startups in developing solutions for achieving net zero goals.
QIC helped Virescent Ventures raise $125 million in its first phase. Other investors include Westpac and the Clean Energy Finance Corporation (CEFC).
QIC chose Virescent Ventures because it is known for supporting climate tech startups and is very much connected to the Australian green energy sector. Their link with CEFC also comes in handy in identifying promising climate tech projects.
QIC aims to extend support to early-stage companies focusing on innovative climate solutions addressing challenges like carbon emissions, resource management, and climate adaptation. For example, it has partnered with Blume Equity, a European climate investor working on nature conservation and circular economy projects.
Read more: Plug and Play Fund for Startups Tackling Climate Crisis
QIC Private Equity Investment Director Lottie Bryon said: "As a first point of call for many high-quality climate startups, the Virescent team are recognised as standout active investors with a strong commitment to accelerating growth for meaningful impact.
“The expertise and touch points into the clean energy sector afforded through their connection to the CEFC provide a unique origination model that delivers attractive climate tech opportunities.
“Acknowledging the significant investment required to reach net zero, providing early-stage companies with growth capital to address emerging opportunities in this enduring secular trend sits at the core of our climate mandate strategy.”
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Source: QIC
