Tenmile is backed by an initial capital allocation of $250 million from Tattarang, one of the largest diversified private investment groups in Australia, owned by Andrew and Nicola Forrest.
The company will focus on investing in products and solutions addressing unmet medical needs that support sustainable and equitable healthcare. With evergreen seed and expansion capital that does not have the constraints of typical closed-end funds, and the breadth and depth of Tattarang’s international relationships, Tenmile is uniquely positioned to support founders and teams throughout their journey.
Tattarang Chairman Dr Andrew Forrest AO said Tenmile was different to other venture capital funds operating in Australia because it was solely dedicated to health technology and can act fast and with confidence, without obligations to investors and lending providers.
“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,” Dr Forrest said.
“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,” Mrs Forrest said.
Tenmile is led by Executive Chair Dr Steve Burnell, who has extensive experience building new, innovative healthcare businesses and in biotech investment, mergers and acquisitions, along with an experienced team of health technology, science and investment specialists.
“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,” Dr Burnell said.
“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, which will be headquartered in Perth, with team members in Sydney and San Francisco, will have a global outlook. It has already partnered with San Francisco-based Rock Health and is a partner in its latest digital health fund.
Tenmile is named after a permanent and reliable pool of clean water on the Ashburton River, in Western Australia, which has supported people and wildlife for millennia: an appropriate name for a new organisation that will support Australia’s most innovative entrepreneurs and impactful health ideas with reliable capital.
Tenmile already has a growing portfolio of investments including:
Emyria is an innovative drug development company backed by unique and proprietary clinical evidence, focused on the development of medicinal cannabinoids and psychedelics.
Carina Biotech is an Australian pre-clinical immunotherapy company established to research and develop chimeric antigen receptor T cell (CAR-T) therapies that could provide new approaches to treating solid cancers.
Rock Health is making healthcare massively better by investing in the next generation of entrepreneurs, advising major corporations on what matters in digital health, and working to scale health equity for all humanity.