QIC backs Tidal Ventures' third fund for tech startups
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The news: Technology investor Tidal Ventures has secured a "significant institutional investment" from the Queensland Government to support and invest in Australian startups with a focus on cybersecurity, customer experience, and productivity and automation.
The numbers: Tidal said the investment by the Queensland Venture Capital Development Fund (QVCDF), which is managed by the state-owned investing company Queensland Investment Corporation (QIC), will support the VC's third fund.
The context: Sydney-based Tidal is an operator-led technology investor with a focus on vertical AI. The firm — which was co-founded in 2015 by former Macquarie executive director Murray Bleach, former Yahoo director Grant McCarthy, and ex-Atlassian product lead Wendell Keuneman — invests in early-stage B2B software companies, such as Shippit, FrankieOne and PredictHQ.
What they said: Tidal's co-founder and managing partner McCarthy said: "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".
QIC senior associate Matiela Baker said: "As an experienced venture capital firm with a technology-first approach, Tidal Ventures are a key player in our strategy to strengthen Queensland's innovation ecosystem."
The source: Tidal Ventures media release
