Queensland startups receive funds from QVCDF via Mandalay

Brisbane-based Mandalay Venture Partners has deployed the first tranche of funds from the Queensland Investment Corporation's (QIC) Venture Capital Development Fund (QVCDF) into two Queensland startups, Nbryo and Naturo.

These pioneering companies are engaged in livestock genetics and milk processing, respectively.

Nbryo, founded by Euan Murdoch, formerly the founder of Herron Pharmaceuticals, focuses on bovine embryo production. The company's advanced technology significantly accelerates genetic improvement processes, allowing livestock producers to achieve in seven days what traditionally takes seven years.

Naturo, led by Jeff Hastings, has developed a non-thermal milk processing technology called the Haelen method. This innovation not only improves milk digestibility but also extends milk shelf life from 14 days to 60, opening international market opportunities.

Mandalay Venture Partners is one of five venture capital firms selected by the Queensland Government to receive a portion of the AUD $130 million QVCDF aimed at supporting state startups. As a Seed to Series-A investor, Mandalay can write cheques ranging from AUD $150,000 to AUD $1.2 million. Their investment into Nbryo and Naturo is at the higher end of this spectrum, indicating strong confidence in these initiatives.

Managing Partner Mark Gustowski explained the strategic significance of these investments.

"We are thrilled to support Nbryo and Naturo through the first deployment of QVCDF funds. These companies exemplify the innovative spirit of Queensland and align perfectly with our mission to drive sustainable growth and technological advancement in the agritech and food sectors."

"This investment not only accelerates their development but also enhances Queensland's reputation as a leading destination for startup innovation."

Gbps investments in agritech startups remain limited in Australia, with less than 2% of national venture funding directed toward the sector. Mandalay aims to address this imbalance by highlighting the sector's potential for delivering substantial returns. Their focus on food security, sustainability, and Environmental, Social, and Governance (ESG) principles underscores the lucrative opportunities within agritech.

"QIC's investment into Mandalay, alongside the NRMA and various family offices, provides a signal to the market that the sector remains a priority for Australia," added Gustowski.

"Australia exports more than 70% of its agricultural products to global markets, amounting to approximately AUD $80 billion. This positions our agritech and foodtech sectors to transform Australia into Asia's food bowl. By leveraging our startups, we can export not only premium products but also advanced capabilities and technology, driving innovation and growth in international food markets."

Jeff Hastings, Founder and CEO of Naturo, emphasised the transformative potential of their Haelen technology.

"Through our revolutionary 'Haelen' technology, we're not just transforming milk; we're setting new standards for nutritional integrity and freshness in the ready-to-drink market. Our process responds directly to the consumer's growing preference for natural, health-enhancing products that don't compromise on taste or quality."

Hastings noted that the technology's ability to extend milk's shelf life and improve its nutritional profile positions it strongly in markets such as sports recovery, toddler nutrition, gut health, and elderly care.

Nbryo's Co-founder Euan Murdoch and CEO Gerard Davis highlighted the revolutionary impact of their embryo transfer technology on livestock breeding.

"Embryo transfer as a technology has long been a powerful tool for accelerating genetic improvement in livestock, but its adoption has been limited due to high costs and complexity."

"Nbryo is revolutionising this landscape by making embryo transfer technology accessible and affordable for commercial producers," Davis said.

Murdoch and Davis further stated that the investment from Mandalay marks a significant milestone for Nbryo.

"Nbryo is very excited to be partnering with Mandalay. Receiving their financial support is a key endorsement of our plans and technology development progress."

"We look forward to leveraging their knowledge, networks and experience as we commercialise the Nbryo platform with the intent to have a significant positive impact on productivity and sustainability of beef and dairy systems in Australia and globally."