UniQuest Extension Fund

The UniQuest Extension Fund (UEF) is a dedicated venture capital fund based in Brisbane, Australia, focused on catalysing the growth of start-up companies emanating from The University of Queensland (UQ) community. Established in 2024 with a significant capital commitment of $32 million, the UEF provides crucial early-stage capital, coupled with strategic skills and extensive industry connections, to help UQ-affiliated entrepreneurs translate their innovative ideas into global impact. This includes supporting students, researchers, and alumni in developing commercial-grade products and services, driving customer acquisition, and facilitating international expansion.

Administered by UniQuest Pty Limited, UQ's renowned commercialisation company founded in 1984, the UEF leverages decades of experience in intellectual property (IP) management and start-up creation. The fund's unique structure features three distinct capital reserves: a $2 million Pre-seed reserve, a $10 million Seed reserve, and a $20 million Follow-on reserve, each designed to support companies through various stages of their growth. This strategic allocation ensures patient capital is available across the critical early development phases, helping ventures navigate the challenging 'valley-of-death' to achieve maturity.

What sets the UniQuest Extension Fund apart is its deep integration with the UQ innovation ecosystem and its hands-on approach. Beyond financial investment, the UEF team actively supports its portfolio companies through introductions to academic experts, industry leaders, and other venture capitalists, aiming to solve problems and enhance business value. The fund does not typically lead investment rounds, preferring to act as a crucial partner in syndicates. Its investment thesis prioritises companies with proprietary technology, strong early market validation, and exceptional founders, seeking a clear path to sustained growth and investor returns across a broad mandate that includes medical, food and beverage, renewable energy, and agricultural technology sectors.

Key achievements of the UEF since its establishment include committing $11.8 million across 19 start-up companies and 22 SAFE (simple agreement for future equity) note investments into ventures completing the UQ Ventures iLab accelerator program. Notable portfolio companies include Convergence Medical, developing medical robotics; Lucia Bio and Curlew Bio, focused on biotech and anti-inflammatory drug discovery; and a Series B investment in Vicebio, a UQ vaccine development start-up acquired by Sanofi for up to US$1.6 billion. This track record demonstrates the fund’s commitment to fostering high-impact, homegrown Queensland technologies.

Leadership of the UniQuest Extension Fund is spearheaded by Dr Ben Phillis, serving as the Head of the Extension Fund and Investment Fund Manager. Dr Phillis brings extensive expertise in pharmaceutical innovation and commercialisation, with a background in drug development, business development, and research translation from his prior roles at Mayne Pharma and his academic pursuits in pharmacology and toxicology. His leadership ensures the fund's investment strategy is robust, supporting scientific excellence and commercial viability in UQ's spin-out companies.