Queensland tech incubator receives more funding

State government provides two years of additional funds for ilab

Queensland technology incubator, ilab, has received two more years of government funding to help startups in the state.

Over the past two years, ilab’s Germinate program has invested $300,000 in new startups including online clothing store Tiger Temple and bridal industry venue matching service, Veliability.

ilab program director Leigh Angus said the funding was a sign of confidence in the incubator.

“We are thrilled at the announcement of the next round of funding which will enable us to continue our work to support entrepreneurs and technology startups as they develop their ideas,” she said in a statement.

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In addition, a $1.5 million private investment fund has been established by ilab, Artesian Venture Partners and Uniquest. This will invest in a subset of graduates from ilab’s Germinate program.

Artesian Venture Partners has committed to raising a majority of the $1.5 million fund and will be inviting private investors to participate.

According to the firm's managing principal Jeremy Colless, the ilab incubator is already producing startups that are attractive to private investors.

Follow Hamish Barwick on Twitter: @HamishBarwick

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