Queensland, Woolworths invest in manufacturing

The Queensland government and supermarket Woolworths have separately invested in early stage venture and development capital to support manufacturers.

Queensland treasurer Cameron Dick announced the state had backed a $61 million capital raising by Gold Coast-based rocket manufacturer Gilmour Space Technologies.

He did not reveal the size of the state’s investment, however the capital injection from the Business Investment Fund would support the state’s Space Industry Strategy.

Meanwhile supermarket chain Woolworths has announced two venture capital investments.

The first, a $4 million investment in startup accelerator Seedlab Australia will help business founders develop new food and beverage, home and personal care products.

The Seedlab accelerator program will identify founders and ventures in categories such as artisan foods, health and wellness, and more sustainable products, offering them the chance to pitch to the Woolworths buying teams to gain distribution.

The second investment by Woolworths venture capital arm, W23 was part of $3.5 million raised by plant-based proteins startup Harvest B.

The capital raising was led by Aura Ventures and will help set up a manufacturing plant to supply food manufacturers with plant-based proteins to make ‘meatless’ meat and other products.

Harvest B has also won a $1 million grant from the Advanced Manufacturing Growth Centre Commercialisation Fund.

Gilmour Space CEO Adam Gilmour welcomed QIC’s participation in its Series C raise.

Gilmour said: “This investment will directly support the growth of Australia’s sovereign space and manufacturing capabilities,.

“It will help us work with more local suppliers, hire more graduates, and retrain more skilled workers from other industries to help us build and launch Australian-made rockets and satellites from Queensland.”

Picture: Gilmour Space Technologies

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