Local travel itinerary branding specialists, Didgigo, have received a $500,000 boost as the latest recipient of the Government’s Business Development Fund (BDF).
Deputy Premier and Treasurer, Jackie Trad, made the announcement while visiting Cairns today, saying the innovative business was the first in the region to receive funding under the program.
“We support local business innovation because it creates jobs for Queenslanders today and into the future,” Ms Trad said.
“This investment recognises the potential in Digigogo and is a fantastic example of Government and private enterprise working together to get positive outcomes for Queensland businesses and the people they employ.
“Through this fund we are investing $80 million in backing our local entrepreneurs – and already it has helped to generate more than 400 jobs across the State.”
Ms Trad said the BDF was part of the Palaszczuk Government’s Advance Queensland strategy which supported programs that drive innovation, build on Queensland’s natural advantages, and help to raise the State’s profile as an attractive investment destination.
The Fund invests up to $2.5 million, alongside private sector co-investors, to help businesses transform their ideas and innovations into a commercial reality.
Investment decisions are made by an independent panel that assesses each application on their merits, with Fund activity overseen by QIC (formerly Queensland Investment Corporation).
Under the initiative businesses need support from a co-investor in addition to the State Government. In Didgigo’s case, Singapore-based venture capital firm Rajah Blue Holdings has teamed with Cairns-based investor Coral K Partners as co-investors.
Didgigo CEO Matt McKinley said a recent trip to the world’s largest tourism trade fair, the ITB Berlin event in Germany, had underlined the growing need for the company’s collaborative itinerary and experience platform.
“The Didgigo platform consolidates bookings, curated content, communications and real-time location data into creative print, web and mobile offerings,” he said.
“We welcome this investment and support from the State Government which will allow us to take our business to the next level and grow to meet future need.”
Rajah Blue Director Mark Radford recognised that Didgigo was unique in a space that was growing in value year-on-year globally.
“This additional investment has turbo-charged Didgigo’s international expansion by being able to accelerate the development and technical resources ahead of schedule.”
Cairns MP Michael Healy said it was exciting to see a local Cairns business competing in the innovation, start-up space.
“This is a win, win both for the travel agents and their prospective clients and I am very proud and pleased to see that it is a home-grown product, originating in Cairns,” he said.
“This is a great example of Government and private enterprise working together to bring Queensland into the forefront of innovation.”
More information about Queensland’s Business Development Fund including investments to date or to get information on how to get involved as a start-up or as an investor visit www.treasury.qld.gov.au/growing-queensland/business-development-fund