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Main Sequence, an Australian venture capital firm, has announced the first close of its third fund, raising $450 million AUD (approximately $303 million). The firm, founded by Australia’s national science agency CSIRO (Commonwealth Scientific and Industrial Research Organisation), has secured funding from new and returning limited partners, including LGT Crestone, NGS Super, Daiwa Securities Group, the Grantham Foundation, Hostplus, Temasek, Australian Ethical Investment, and Morgan Stanley Wealth Management. The third fund also includes CSIRO’s first half of the committed $150 million AUD investment announced by the federal Australia’s Economic Accelerator program.
Main Sequence’s Investment Strategy and Portfolio
With the third fund, Main Sequence plans to make approximately 25 pre-seed and Series B investments. The firm works closely with universities to seek out potential researchers and scientists and to build their technology from scratch through its “venture science” investment model. This model empowers scientists to transform technology in the research stage into real-world solutions.
The new fund will focus on decarbonization and deep tech companies. “First, decarbonisation — we want to ensure more translation of climate research into the solutions urgently needed to address our environmental impact,” said Mike Zimmerman, partner at Main Sequence. The firm will continue to back deep tech startups that build technologies central to Australia’s national interest, including cybersecurity, quantum computing, and advanced semiconductor technology.
Current Status and Future Plans
Including the recent capital, Main Sequence now has more than $1 billion AUD in assets under management. The firm expects to complete the third fund by the end of this year. Main Sequence has supported 53 companies, mainly in Australia, creating more than 2,100 new jobs. Its portfolios include companies like Regrow, Advanced Navigation, Gilmour Space, Samsara Eco, Endua, MGA Thermal, QuintessenceLabs, and Q-CTRL.
Government Support and Collaboration
To boost the technology sector, the Australian government has introduced financial incentives, which have supported tech startups in fundraising, product development, and market launches. Main’s involvement with government agencies, including CSIRO’s On Accelerator and Australia’s Economic Accelerator, as well as university accelerator programs like UNSW Founders’ SynBio 10x program, enables the VC firm to discover cutting-edge technology developers.
This funding round marks a significant milestone for Main Sequence as it continues to invest in deep tech, setting the stage for a new era in the venture capital industry.
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