Startup · Agriculture and food
Venture firm backing sustainable agriculture and food tech
Brisbane, QLD
Every published round Mandalay VC 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 Mandalay VC has backed in a published round, and companies whose existing shares it bought off another holder.
| Company | What it does | First invested | Rounds | Led |
|---|---|---|---|---|
| Cropify | 29 Aug 2024 | 1 | 1 | |
| Harvest B | 12 Sep 2025, Seed | 1 | 1 | |
| Nbryo | Nov 2025, Seed | 2 | 0 | |
| Restoke | 24 Sep 2024, Seed | 1 | 0 | |
| YieldX Pty Ltd | 31 Mar 2025, Seed | 1 | 0 |
Companies Mandalay VC's own portfolio page lists that no published round yet places it in. The page is the source; the round is being looked for.
| Company | Site |
|---|---|
| Agscent | - |
| agscent.com | agscent.com ↗ |
| cropify.io | cropify.io ↗ |
| FUL Foods | - |
| fulfoods.com | fulfoods.com ↗ |
| haelen.com.au | haelen.com.au ↗ |
| harvestb.io | harvestb.io ↗ |
| https://yield-x.com/ | yield-x.com ↗ |
| Naturo (Haelen) | - |
| nbryo.com | nbryo.com ↗ |
Fund closes reported for Mandalay VC, as distinct from the investments it has made.
| Fund | Announced | Committed | Target | Close | Sources |
|---|---|---|---|---|---|
| Mandalay Fund I | 21 Jun 2022 | $16.8m | $50m | Interim | Techboard, @AuManufacturing, Startup Daily |
Investors that coverage says has money in a fund Mandalay VC runs. This is a stake in the fund, not in any company the fund has backed.
| Investor | Fund | Sources |
|---|---|---|
| NRMA | Mandalay Fund I | @AuManufacturing, Startup Daily |
Companies Mandalay VC has backed that another company then bought. An exit for the holding, not a deal Mandalay VC did.
| Company | Bought by | Kind | Announced | Price |
|---|---|---|---|---|
| No portfolio company of Mandalay VC is recorded as having been acquired. | ||||
Companies Mandalay VC acquired or merged with, per published coverage. Buying a company is not investing in one: nothing here counts in the deals column.
Every investor coverage indicates participated in a round Mandalay VC raised.
| Investor | Rounds | Invested |
|---|---|---|
| Queensland Investment Corporation | Accelerator | - |
| Name | Role | Sources |
|---|---|---|
| Al Fullerton | Managing Director | @AuManufacturing, Startup Daily |
| Mark Gustowski | Managing Partner | Forbes Australia, SmartCompany, Startup Daily, Mandalay Venture Partners team page |
| Philippe Ceulen | Partner | Startup Daily, Mandalay Venture Partners team page |
| Timothy Hui | Partner | LaunchVic, Forbes Australia, Startup Daily, Mandalay Venture Partners team page |
Stories naming Mandalay VC. Where several outlets covered the same round, they are bundled under whichever ran the fullest account.
Breakthrough Victoria recounts how its joint fund with La Trobe University seeded hydroponics developer YieldX, now running a commercial greenhouse in Victoria and expanding to India via a deal with Zomato's Hyperpure.
Also LaunchVic
Roundup of eight funding deals: Synchron's Series D, plus raises by Lumonus AI, Hullbot, Nbryo, Cytophenix, Giftbee, Understanding Zoe and Zeligate, spanning medtech, robotics, agtech and AI.
Also Startup Daily·Startup Daily·Startup Daily·Startup Daily·SmartCompany·Startup Daily·Startup Daily
Cattle genetics startup Nbryo has landed $10 million co-led by Tenacious Ventures and AgriZeroNZ, plus an $18 million research grant, to commercialise its embryo technology.
Also Beef Central / Grain Central·SmartCompany·Startup Daily·nbryo.com·nbryo.com
Queensland cattle-breeding biotech Nbryo has secured $10m in seed backing co-led by Tenacious Ventures and AgriZeroNZ, alongside an $18m research grant from the Gates Foundation and Meat and Livestock Australia.
Also SmartCompany·Beef Central / Grain Central·AgFunderNews·SmartCompany·Startup Daily·nbryo.com
Nbryo closed a A$10 million round co-led by Tenacious Ventures with AgriZeroNZ, QIC, the Murdoch family and Mandalay, and has drawn over $18 million in grants from Gates Foundation and Meat and Livestock Australia.
Weekly roundup covering 19 Australian and New Zealand raises, headlined by Andromeda Robotics' $23m Series A, plus Freckle, Marloo, X-Hemp, Harvest B, Wable, Starboard and Techstars Sydney's 12-startup cohort.
Also SmartCompany
Harvest B, a Sydney-based protein maker, raised a $3.5 million pre-Series A with Mandalay Venture Partners leading and Breakthrough Victoria contributing $2 million, alongside a $2.2 million federal grant and a 2021 seed round.
Breakthrough Victoria is putting $2 million into protein technology company Harvest B, joining a $5.6 million pre-Series A round with Mandalay VC leading and several other backers.
Agtech spin-out Gaia Project Australia has raised $1.7 million from Breakthrough Victoria, La Trobe University's Eagle Fund, Mandalay Venture Partners and LaunchVic to commercialise plant-spacing technology that lifts leafy green yields.
Melbourne agtech YieldX has raised seed capital from the Eagle Fund, Mandalay and LaunchVic's Hugh Victor McKay Fund to commercialise its NASA-recognised growing technology, with first commercial farm builds planned in Victoria and India.
AgTech firm YieldX has attracted a $1.7 million round, with Breakthrough Victoria and La Trobe University's Eagle Fund contributing $500,000 apiece alongside Mandalay Venture Partners and LaunchVic's Hugh Victor McKay Fund.
Breakthrough Victoria's update announces its Eagle Fund co-investment with La Trobe University, an $18 million pre-seed vehicle, and details $1 million backing each for agtech startup Yield X and diagnostics spin-out ExCelligent DX.
Roundup of six Australian funding rounds this week: InDebted, Evolt, Restoke.ai, Mary Technology, Matilda and Demtech.ai, with investors, amounts, InDebted's valuation and a secondary component for early backers and staff.
Also Australian FinTech·SmartCompany·Startup Daily·Australian FinTech·Fintech News Australia·Business News Australia
Australian hospitality-tech startup Restoke.ai has closed a $5.1 million round led by Rampersand, with Mandalay, Archangels, BC Growth and Stage2 Capital participating, to fund US expansion.
Weekly round-up of four Australian raises: Shift's $35 million Series D, Inform Ag's $7 million Series A, Cropify's $2 million round and WhyHive's $600,000 pre-seed.
Grain-grading AI startup Cropify has landed $2 million, anchored by Brisbane agrifood VC Mandalay Venture Partners with Singapore's Hatcher+ — their first joint deal — while Mandalay's own fund has drawn roughly $27 million in commitments.
Roundup covering seven Australian companies' recent raises — Splend, Rich Data Co, Slice, InvestorHub, Eyeonic, Graceview and Monty Compost Co — from fleet electrification finance to AI compliance and compost-monitoring seed rounds.
Weekly roundup: InvestorHub banks a $4m Series A extension led by EVP, while Brisbane compost-tech maker Monty Compost Co picks up $1 million from Skalata, Antler and other backers.
Also SmartCompany
Queensland's government has set up a venture capital fund managed by QIC and has put in $133 million, partnering with five VC firms so local startups can draw on matched funding.
Australian startups Diraq, Marqo, and Hatch secured funding rounds. Ansarada was acquired by Datasite. Bupa launched a new venture fund, and the Queensland government backed several VCs and accelerators.
Queensland's government is committing $130 million across five venture firms — Antler, Five V Capital, Main Sequence, Mandalay and Salus — via a new fund to widen early-stage funding for local startups.
Queensland's government has committed another $55 million to its VC fund, lifting its total outlay to $130 million; five firms including Antler and Main Sequence are set to benefit.
Techboard's monthly roundup logs June 2022 Australian funding events, including GO1's Series E, Edrolo's Series B, two acquisitions, several new funds reaching closes, and accelerator intake announcements.
Also Techboard
Mandalay Venture Partners' sustainability-focused agrifood tech fund has secured over $21 million in commitments toward a $50 million target, with NRMA as cornerstone investor plus personal commitments from Phillip St Baker and Angus Cameron.