TEN13 has secured its first institutional mandate, having been appointed as a venture manager under the $130 million Queensland Venture Capital Development Fund.
Steve Baxter and Stew Glynn’s VC syndicate made its first investment under the mandate by contributing to last month’s $2.5 million seed raise for OneMRI.
Gylnn said the mandate helped show TEN13’s model maturity.
“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.
The move formalises the Brisbane firm’s shift from a pure syndicate to an institutionally backed VC and follows more than a year of due diligence.
Queensland Investment Corporation’s head of APAC private equity Crystal Russell said the TEN13 partnership was all about supporting the Queensland innovation 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,” she said.
Queensland started backing VCs in with its new fund in early 2024, kicking in with Antler, Five 5, Main Sequence, Mandalay and Salus.
The state-funded pool of cash has also been keep a herd of accelerator programs well watered.
TEN13 has deployed more than $115 million into 50-plus companies through its syndicated model, which pools capital from over 500 co-investors including high-net-worths, family offices and operators.
Portfolio highlights include Queensland successes Go1 and Clipchamp, which was acquired by Microsoft in 2021.
The VCDF announcement lands amid a rebound in Queensland startup funding.
The inaugural Queensland Venture Capital Report found $417 million raised in the state in FY25, up 37 percent year-on-year, with enterprise software and healthtech among the busiest categories.
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