Founder, Fortescue · angel in 1 deal
Every published round Dr Andrew Forrest took part in, and every parcel of existing shares it bought off another holder. Deals we hold but haven't published yet are not counted.
Companies Dr Andrew Forrest has backed in a published round, and companies whose existing shares it bought off another holder.
| Company | What it does | First invested | Rounds | Led |
|---|---|---|---|---|
| SunCable | 21 Mar 2022, Series B | 1 | 1 |
Fund closes reported for Dr Andrew Forrest, as distinct from the investments it has made.
Companies Dr Andrew Forrest has backed that another company then bought. An exit for the holding, not a deal Dr Andrew Forrest did.
| Company | Bought by | Kind | Announced | Price |
|---|---|---|---|---|
| SunCable | Helietta Holdings | Acquisition | Sep 2023 | - |
| SunCable | Grok Ventures | Acquisition | May 2023 | - |
Stories naming Dr Andrew Forrest. Where several outlets covered the same round, they are bundled under whichever ran the fullest account.
Roundup of three Australian raises: Skopos Bio's $12m seed for targeted cancer radiopharmaceuticals, Trendspek's $6m for infrastructure condition AI, and R2Crete's $750,000 pre-seed for concrete recycling.
Also Startup Daily·This Week in Australian Startups·Cut Through Venture
Melbourne oncology startup Skopos Bio has raised a seed round from Tenmile, Tin Alley Ventures and Yosemite to advance radioactive cancer therapy toward human trials.
Brandon Capital has put roughly $60 million of National Reconstruction Fund money into ten biotech companies and warns R&D tax changes would hurt deep tech; portfolio company Myricx Bio went to Novartis.
Also australiatimes.com
Filings show Canva backed Sharon AI's US$103 million December 2025 raise with Regal, Ellerston, Digital Alpha and others; the Sydney compute provider has since floated on Nasdaq and raised US$2.15 billion more.
Also Dealroom
Zac Altman’s ADHD telehealth startup Kantoko has secured $3.5 million in a Side Stage Ventures-led seed round, with Andrew Forrest’s Tenmile and Go1’s founders investing; the article also recalls his earlier ventures’ sales.
Also Dealroom·Startup Daily·Business News Australia·SmartCompany·ontargetish.com
Orica will proceed with its Hunter Valley green hydrogen plant after a final investment decision, the first under Hydrogen Headstart; earlier government grants to it and CIP's Murchison are recalled.
Orica has reached a final investment decision for its Hunter Valley green hydrogen and ammonia project, confirming government grant support, while other planned Australian hydrogen projects advance slowly or have been abandoned.
Also RenewEconomy
Sparc Hydrogen, a Fortescue-backed joint venture, says its South Australian pilot plant has produced hydrogen continuously using sunlight and a catalyst; Fortescue Future Industries bought its stake in 2022.
A South Australian pilot plant run by Sparc Hydrogen, a venture of Sparc Technologies, Fortescue and the University of Adelaide, has shown sustained hydrogen production from sunlight and water alone.
Sparc Technologies, Fortescue and the University of Adelaide have switched on an Adelaide pilot plant that makes green hydrogen from sunlight without electrolysers.
NSW has granted grid access in its Central-West Orana renewable energy zone to ten wind, solar and storage projects totalling over 7 GW; winners include Squadron Energy, Tilt Renewables, Acen and Lightsource bp.
Future Generation launched Future Generation Women, a gender-lens fund seeded with $100 million from the Minderoo Foundation, with twelve women portfolio managers deciding investments pro bono; the trust is open to wholesale investors.
KPMG administrators took control of ProForm Foods, the company behind the Meet brand, and the piece recalls earlier raises at v2food and All G Foods as the plant-based sector cools.
Andrew Forrest again postpones a decision on the Gibson Island green hydrogen project in Queensland, and his Squadron Energy appoints ex-APA head Rob Wheals chief executive, with Jason Willoughby shifting to chairman.
Michigan is funding Fortescue's new Detroit plant with a US$12.7 million grant plus city tax incentives, where the Australian company will make batteries, chargers and electrolysers from 2025.
Roundup of eight local raises totalling roughly $81.5 million: generative AI, sustainable packaging, VR medical training, optical radar, drinks, preventive health and wholesale retail software.
Also Ten13 portfolio·Startup Daily·Startup Daily·SmartCompany·SmartCompany·Startup Daily·Startup Daily·Startup Daily·Forbes Australia
5B, a New South Wales solar technology firm, has hired Sun Cable's co-founder and ex-CEO David Griffin as its new chief executive, succeeding co-founder Chris McGrath.
SunCable has picked Bell Bay in Tasmania for its manufacturing facility after a two-year site search; the piece also recalls the administration fight that left Cannon-Brookes' consortium in control.
All G Foods spins its Love Buds plant-based range into a merger with Fenn Foods' vEEF, forming a new entity; All G pivots to fermented dairy, with both companies' earlier raises recapped.
Startup Daily covers Startmate's Winter 2023 accelerator intake of 13 startups, the accelerator's reported fund performance, its backer returns, and an upcoming Demo Day alongside SXSW Sydney.
Billionaire Mike Cannon-Brookes, via a Grok-linked joint venture with Quinbrook, has completed the buyout of SunCable out of administration; the article also recalls earlier raises and names an interim CEO.
Also RenewEconomy·Startup Daily·@AuManufacturing·Startup Daily·@AuManufacturing·@AuManufacturing
Sun Cable cuts scores of jobs and its three founders step back from executive roles as buyers Grok Ventures and Quinbrook finalise the takeover agreed in May.
Also RenewEconomy
A Grok Ventures-led consortium with Quinbrook has agreed to acquire Sun Cable out of administration, reviving plans to ship solar power to Singapore, after Andrew Forrest's side stayed out of the final bidding.
Therapeutic psychedelics biotech Emyria has banked $2.5 million via a share placement co-led by Sixty Two Capital and Taylor Collison, with follow-on from Andrew Forrest's Tenmile, funding MDMA- and psilocybin-assisted therapy and cannabinoid trials.
A weekly roundup reports four Australian companies together securing about $60 million: Unyoked, SpeeDx, Mutinex and Live Verdure, with funds earmarked for European and US expansion and product development.
Sydney diagnostics developer SpeeDx banked $26 million for American expansion, with $5 million from Andrew Forrest's new fund Tenmile and follow-on support from Platinum and Northpond.
Also SmartCompany
Startup Daily profiles the twelve ventures entering Startmate's Summer23 accelerator intake, spanning carbon capture, renewables, health, education, robotics and proptech, with founders named for each.
Tattarang, the Forrests' private investment vehicle, has partnered with Startmate to back women-led startups in its latest accelerator intake, which includes Kapture, Kelpy and Turnto.
Administrators begin selling Sun Cable; Cannon-Brookes' Grok lent $65 million interest-free to retain staff while Forrest's Squadron Energy opposes the Singapore cable plan.
Atlassian's cofounder, through his family firm Grok Ventures, has extended a $65 million interest-free loan to administrator-run Sun Cable, which is up for sale after a founder split; Grok earlier co-led its $210 million Series B.
WA climate tech firm Rumin8 closed the second phase of its seed round, raising US$12 million from Breakthrough Energy Ventures and Harvest Road Group, with existing climate fund investors topping up their holdings.
Also SmartCompany·Techboard
Breakthrough Energy Ventures, the fund led by Bill Gates, took part in a $17.24 million round for Perth climate startup Rumin8, whose cattle feed additives cut methane; Prelude Ventures, Aware Super and Harvest Road also invested.
Also Startup Daily·SmartCompany·AgFunderNews·Startup Daily·Startup News (WA)·AgFunderNews·Crunchbase News
Sun Cable's administrators held a first creditors' meeting and sought interim funding while preparing the company for sale, with Forrest and Cannon-Brookes likely bidders and Iberdrola and Macquarie possible contenders.
The energy minister plays down Sun Cable's move into voluntary administration as a structural change, insisting its Australia-Asia PowerLink will proceed, while co-backers Cannon-Brookes and Forrest have reportedly fallen out.
Solar developer Sun Cable has entered voluntary administration after its two major backers failed to agree on funding, with FTI Consulting appointed and a recapitalisation or sale flagged as likely.
Biotech Aravax has received a US$20 million Series B commitment from Brandon Capital and Tenmile to advance its peanut allergy therapy PVX108 into Phase 2 trials.
Also Brandon Capital portfolio·Startup Daily·Startup News (WA)·Techboard·Startup Daily
Aravax has begun its Series B with a US$20 million investment from Brandon Capital and Tenmile, funding Phase 2 trials of its peanut allergy immunotherapy PVX108 while it seeks further capital.
Also Brandon BioCatalyst portfolio·Brandon BioCatalyst portfolio·Brandon Capital portfolio·Forbes Australia·Techboard·Business News Australia
TagEnergy will proceed with a large battery and wind hub at Mount Fox in Queensland after winning a place in ARENA's battery tender; its Golden Plains wind farm stage reached financial close last month.
Also @AuManufacturing
Profile of Cairns startup Rainstick, which uses artificial lightning to boost mushroom growth. It won $20,000 from Dream Ventures, has taken in $200,000, and joined CSIRO's ON Accelerate with nine other teams.
Sydney ESG supply-chain analytics firm FairSupply has raised a $6.3 million Series A led by AirTree, with Tidal Ventures, Minderoo Foundation and QIC investing, following Minderoo's earlier 2021 backing.
Also SmartCompany·Forbes Australia·AgFunderNews·Forbes Australia