The Queensland Government is investing in a Gold Coast company to support safety during a housing construction boom.
Gold Coast company Buildsafe will receive support through the $100 million QIC-managed Business Investment Fund (BIF), in partnership with Colinton Capital and Minderoo.
Queensland Treasurer and Investment Minister Cameron Dick said it will allow Buildsafe to hire more than 40 new staff and increase production of their industry-trusted products.
“Supporting high-growth businesses is central to Queensland’s COVID-19 Economic Recovery Plan, and we’re pleased to be working with Buildsafe to create more local jobs,” Dick.
“Queensland dwelling approvals are up more than 37 per cent since May 2020, generating significant demand for the building height safety solutions provided by Buildsafe.
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“With Buildsafe’s 20-year track record of innovation and development, the company are in a strong position to capitalise on Queensland’s construction boom, and our investment will ensure they do.”
Buildsafe provide height safety solutions, including fall-guards, scaffolding, walkway systems, void platforms, and temporary fencing, to companies like Metricon, Mirvac, Coral Homes and Brighton Homes.
The company has grown over 20 years to have almost 500 employees and 150 trucks.
Dick said the government’s stake in Buildsafe was the second strategic investment made through the BIF.
“The Business Investment Fund is increasing access to growth capital for Queensland businesses, with two investments now complete in Buildsafe and Gilmour Space Technologies,” he said.
“Backing Queensland businesses to innovate and grow, strengthening supply chains across the state and creating new jobs for Queenslanders is what our economic recovery plan is all about.”
Buildsafe CEO Milton Young said the support of the Queensland Government will ensure the company can secure more jobs, continue research and development, and contribute to the state’s economic recovery.
“Buildsafe is an Australian-owned, national business, spread across three states, however, we can see the growth potential that Queensland offers, which is why we have chosen to drive our head office and business here,” Young said.
“We want to remain leaders of the industry, to continue providing state-of-the-art site safety and a dedicated customer service team to grow and strengthen the construction industry for years to come.”