Early-stage investment in the real economy — Energy, Industrials, and Agriculture — where Australia's competitive advantages are greatest and capital is most scarce.
Three converging megatrends will reshape the global economy over the next two decades. Australia — with its unique endowment of resources, geographic position, and research capability — is exceptionally placed to lead. Yet Australian hard-tech remains chronically under-funded at the earliest stages, creating a structural pricing arbitrage that Bandera is built to exploit.
For the first time in history, the cheapest way to create energy is not starting a fire. Solar and wind have made electrons the dominant energy paradigm — driving the electrification of transport, heavy industry, and HVAC as both economics and national security concerns accelerate the shift from fossil fuels.
Low-cost intelligence will increasingly be applied to physical industries — triggering a boom in robotics and autonomy that will transform energy, heavy industry, and agriculture. AI-native competitors will emerge with fundamentally different cost structures, eroding the incumbency advantages of legacy providers.
The end of Pax Americana, the rise of China as a peer competitor, and a breakdown of the rules-based order are driving a collapse in confidence in globalised supply chains. Nations are rapidly re-investing in sovereign supply chain security — with critical minerals, energy, and food security at the centre.
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We invest in companies tackling the most pressing unsolved problems in energy, industrials and agriculture — where the market need is vast, the incumbents are slow, and the right technology can reshape an entire sector.
We back jockeys, not just horses. At the earliest stage, founder quality is the single most important variable. We look for technical excellence combined with commercial instinct — and coachability.
We invest in companies that marry hardware and software to create truly defensible moats. The largest and most durable technology companies — from Apple to TSMC to SpaceX — have always been full-stack.
An independent Solo GP structure designed to enable speed and conviction in an asset class that rewards contrarian decision-making. No consensus required. Absolute accountability. The mandate to back the "weird" and "difficult" hard-tech that institutional funds with committee-based decision-making cannot.
All capital deployed upfront. No reserves held for follow-on. This maximises initial ownership (targeting 10%), eliminates signalling risk at later rounds, and creates a large pool of pro-rata allocations that LPs can access for direct follow-on investment.
No board seats taken. Advisory support focused on high-leverage network introductions and commercial discipline — not administrative burden. Enables prioritisation of companies that are succeeding and maximises time spent on activities that drive returns.
Tiered carry structure with an 8% hurdle rate (full catch-up), 20% carry below 25% IRR, and 25% carry above. Co-investment rights for larger LPs. Pro-rata rights conferred directly to LPs. Right of first refusal on secondary share sales. The structure is designed to create multiple ways for LPs to compound their exposure to the best companies.
By capitalising on structural pricing arbitrage at the pre-seed and seed stage of Australian hard-tech, Bandera targets returns that are uncorrelated to public market cycles and superior to comparable asset classes.
LPs gain privileged access to the technologies reshaping the global economy — from battery materials and drone robotics to AI-driven agriculture — before they reach mainstream consciousness or public markets.
A portfolio that matters to Australia's future prosperity. Every investment is in a company building something real — creating jobs, strengthening sovereign capability, and driving productivity in industries that form the backbone of the economy.
Australia possesses world-leading solar and wind resources, abundant critical mineral deposits — lithium, copper, nickel, rare earths — and vast arable land with the potential to serve as the Indo-Pacific's food bowl.
Combined with world-class universities, a stable legal system, and strategic relationships spanning the US, China, India and South-East Asia, Australia is uniquely positioned to be a global leader in the real economy sectors that will define the next century.
Yet Australia systematically under-invests in hard-tech innovation — investing 3x more than the US in residential housing and only one-third as much in venture capital. Australian hard-tech startups are significantly undervalued relative to global peers. This is the arbitrage Bandera captures.
At the pre-seed and seed stages, Australian hard-tech startups face a severe shortage of available capital.
Bandera invests early, builds conviction, and helps portfolio companies make the transition to well-capitalised US markets — where valuations are materially higher.
Renewable generation, grid infrastructure, storage, and the full stack of electrification. Targeting the technologies that solve 'Gridlock' — the challenge of storing and moving cheap electrons.
Advanced materials, robotics, autonomy, and industrial efficiency. Companies applying cutting-edge technology to sectors that have seen decades of underinvestment in innovation.
Precision agriculture, supply chain innovation, and agri-biotech. Unlocking Australia's potential as the food bowl of the Indo-Pacific through technology-led productivity gains.
Prefabricated Maverick solar units with superior energy density, deployable significantly faster and cheaper than traditional approaches — especially for remote industrial and mining sites.
Smart building energy analytics connecting to electrical equipment to detect faults and create maintenance work-orders. Won tenders with Disney, Google and Westfield; subsequently acquired by a strategic buyer.
High-efficiency miniaturised BullAnt chiller enabling a decentralised HVAC system that reduces energy consumption by ~50% in commercial buildings and data centres.
Onboard sensors providing hyperlocal real-time ocean current forecasts feeding AI-based routing algorithms, reducing vessel fuel spend by ~10%. First at-sea trial saved US$1,000/day.
Deploys small modular batteries in suburban areas installable in days with no grid upgrades. 60 sites live across metropolitan Sydney; approvals secured for 5,000 more.
Cloud-connected dosers on cattle water troughs enabling unprecedented consistency, precision and traceability in nutritional supplementation while reducing labour costs.
AI-based machine-vision algorithms determining livestock weight to 98% accuracy using a standard iPhone camera, enabling real-time health and growth monitoring without manual weighing.
Semi-autonomous free-swimming underwater robots cleaning ship hulls and propellers to reverse biofouling, which increases fuel consumption by up to 30%. Customers include Maersk and SF Bay Ferry.
Drone-based power line stringing and monitoring — cheaper, safer and faster than legacy helicopter-based approaches. Expanding across Australia, India, USA and Canada with Adani, PG&E and Powerlink.
Project developer connecting industrial facilities, EPCs and capital providers for waste-heat to energy projects, turning stranded thermal energy into a new revenue stream.
AI-based solar generation and demand forecasting enabling utility-scale asset owners to optimise energy trading. Selected by the US Department of Energy to pilot its F-AST tool.
Microscopic riblet-based drag-reduction film applied to aircraft wings, improving fuel efficiency by up to 10%. Won $10M+ in US DoD R&D contracts; trials with Singapore Airlines, Delta and Vueling.
Proprietary electro-chemical process extracting and refining rare earth elements to high purity at lower cost with no toxic footprint. Secured a $38M p.a. offtake with a leading magnet manufacturer.
Variable electronic frequency seed treatment mimicking lightning to drive faster, more robust seedling growth, with potential for significant yield increases across a broad spectrum of crops.
Renewable land access platform providing regional landowners with market information, standardised documents and financing to unlock the value of long-term energy leases. Originated 2.5GW of projects.
Seaweed-based livestock feed supplement that reduces methane emissions and improves feed conversion efficiency. Listed on the ASX in November 2025. Customers include Fonterra, Grill'd and Morrisons.
Proprietary silicon-graphite anode material for EV batteries increasing range by up to 20% and reducing charge time by 40%, using widely available inputs. Customers include Tesla, Panasonic and SAIC.
Jeremy is an experienced early-stage investor who has built a portfolio of leading Australian hard-tech startups across the energy, industrials, and agriculture sectors as founding partner of Bandera Capital.
Prior to Bandera, Jeremy was a founding employee of the corporate venture capital funds of Lane Crawford Joyce Group and Woolworths (W23), where successful investments included Eucalyptus, Sonder and Samsara.
He began his career as a management consultant at LEK Consulting, specialising in private equity transactions and first-principles analytical due diligence. He holds a BCom (Liberal Studies) from Sydney University with First Class Honours in Economics.
"Jeremy dives deep into the tech, gaining a more thorough understanding of the problem than any other VC we have dealt with, thereby giving him a greater appreciation of the significance and need for the solutions he backs."
"Jeremy didn't just write a check — he rolled up his sleeves and guided us through the messy jump from pre-seed uncertainty to an over-subscribed seed round. He added commercial discipline and real momentum, materially accelerating our march to climate-smart farming at scale."
"Jeremy stands out as one of the very few Australian venture investors willing to back deep-tech breakthroughs at the earliest stage. His conviction in Sicona's vision — driven by rigorous research into our silicon anode technology — gave us the ability to accelerate our plans."
"Jeremy backed us early with a deep understanding of the sector and a clear view of why we matter in it. He has been sharp, responsive, and easy to work with the whole way through."
Bandera Ventures Fund I is raising A$20M to back Australia's best early-stage hard-tech founders. Minimum commitment A$200k. ESVCLP structure.
jeremy@bandera.capital