Investible partners with UNSW’s TRaCE to launch Australian-first co-investment partnership for climate tech

The first of its kind in Australia, this co-investment scheme is modelled on successful frameworks from Israel and Singapore, offering a bold new approach to commercialising university research. By combining TRaCE’s deep R&D capabilities with Investible’s $32.7M Climate Tech Fund and expertise in scaling early-stage startups, the initiative addresses critical funding gaps that often hinder climate-tech ventures.

The $280 million TRaCE program is a collaboration between the Commonwealth Government, industry, UNSW and the University of Newcastle, aiming to accelerate a pipeline of disruptive technologies out of the lab and into local manufacturing and global deployment. The program spans the innovation lifecycle, from research and development through to de-risking, demonstration, deployment, and manufacturing.

Ben Lindsay, Investment Principal at Investible, highlights the significance of this collaboration: “This partnership is a testament to Investible’s ability to catalyse groundbreaking ideas into scalable businesses. The Investible Climate Tech Fund has already supported 29 startups to date, and TRaCE’s innovative approach enables us to deepen our impact by de-risking and accelerating high-potential technologies.”

Gabriella Nunes, Research & Commercialisation Director at TRaCE, echoed the impact of this collaboration. “TRaCE’s research and R&D capabilities, combined with Investible’s expertise and ASEAN market connections, create a unique pathway for our startups. Through this co-investment scheme, our goal is to provide more funding to high-potential technologies, attract VCs in earlier, and build a sustainable cycle of capital for the university to reinvest into a greater number of startups.”

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Addressing the critical challenges of startups

Charlie Ill, CEO of Investible has played a role in bringing similar partnerships to reality in overseas technology ecosystems such as Singapore, and is optimistic about their potential in Australia. “TRaCE has shown tremendous foresight in adopting this model. By co-creating this solution with Investible, they’ve set a new benchmark for how Australian universities can transform research into commercial outcomes,” he said.

Climate-tech startups face multiple "Valleys of Death" on their path to commercial viability. These challenges—ranging from the high costs of early development to unproven market traction—can deter private investment at critical stages. The TRaCE-Investible partnership directly tackles these barriers by leveraging a co-investment structure designed to de-risk early-stage ventures.

A key feature of this scheme is its buy-back mechanism, enabling TRaCE to recycle funds and reinvest in future startups. This approach creates a sustainable pipeline of funding while offering startups the capital and strategic resources needed to succeed.

The model in action: DeCarice

The partnership’s impact is already evident in its first co-investment, announced in August, with DeCarice, a hydrogen-diesel hybrid technology startup. Initially supported by TRaCE’s R&D Project Fund and Climate 10x Accelerator, DeCarice also secured pre-seed investment from Investible.

Through the partnership, DeCarice has also benefited from an Industry PhD program, which seconded a commercially focused researcher to the company, further accelerating its journey from lab to market.

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Goran Bozic, CEO of DeCarice, credits the ecosystem for their success, saying “This partnership provided not just capital, but the strategic support we needed to attract VC funding and scale effectively.”

Investible has been able to provide commercial introductions to DeCarice, and the founding team regularly catchup with Investible to discuss strategic approaches to the company’s growth.

“The team at Investible have been proactive in their support of DeCarice” continued Goran, “we have been thrilled to work with Ben and the team, and look forward to scaling our venture in partnership with them.”

A transformative collaboration

This scheme underscores the potential of combining world-class research with the capital and expertise needed to commercialise it. By forging this partnership, TRaCE and Investible are setting a new standard for how climate-tech ventures can bridge the gap between innovation and impact.

Investible remains committed to driving innovation across the Asia-Pacific region, and the TRaCE partnership is yet another example of our leadership in enabling transformative change in climate tech.