Tattarang has launched a $250 million new venture capital business, Tenmile, focused on supporting founders and companies building new health technology and biotechnology solutions.
Tattarang is owned by Andrew and Nicola Forrest.
The company said it will focus on investing in products and solutions addressing unmet medical needs that support sustainable and equitable healthcare.
Tattarang chairman Andrew Forrest AO said, “Our laser-focused approach means we can help early-stage companies, researchers and entrepreneurs tap into seed funding to help them when they need it most, and then provide follow-on support, which is often unavailable through government or public sector funds.
“Tenmile will help Australian researchers and Australian companies, through our extensive knowledge, global networks and dedicated capital to deliver life-changing products and medical treatments in a way that this country has not seen before.”
Tattarang Co-Chair Nicola Forrest said Tenmile had a deep commitment to ethical and sustainable health treatments and technology.
“Tenmile is another demonstration of our focus in using capital as a force for good and will apply Tattarang’s responsible investment framework, including backing female founded and led health businesses,” said Mrs Forrest.
Tenmile is led by Executive Chair Dr Steve Burnell.
“Although Tenmile is focused on opportunities in Australia and on building the broader health sciences commercialisation ecosystem here, we will continue to invest and partner in international markets both for the returns and to support our Australian investees to access markets and capital internationally,” said Dr Burnell.
“Health technology for us encompasses areas as diverse as medical devices, diagnostics, biotech, pharmaceuticals, and even healthcare services. We are particularly excited about emerging opportunities in immunology, oncology, digital health, the microbiome and microbial resistance.”
The company will be headquartered in Perth with team members in Sydney and San Francisco.