About
WELCOME to Pinery Capital - We are the only syndicate led by someone who spent 19 years as the actual customer for GovTech startups
WHAT WE INVEST IN
We back high-impact, high-moat businesses operating in:
GovTech – Startups solving inefficiencies in data management, security, and digital transformation for governments.
Climate, Environment & Sustainability – Startups capitalising on the shift toward a regenerative and restorative economy.
HOW WE EVALUATE DEALS
Startups working in the Environment & Government industries don't fail because they lack exceptional products—they falter because they can't find partners who genuinely understand their unique landscape. Too often, they reshape themselves to align with expectations that don't reflect their reality.
Thankfully, we already speak your language.
When you talk to us, you'll find no blank stares, no vague promises to "circle back," just clear understanding. We're investors who grasp the nuances of your industry.
When you talk to us, you won't need to explain why procurement takes nine months, or why that "yes" from an enthusiastic public servant doesn't mean what you think it means. We already know.
Before we invest, we screen every opportunity with four questions:
✔ Does this business solve a critical problem? Is it a problem that governments or policymakers must address?
✔ Can it embed itself as infrastructure? Once established, will it become the default choice?
✔ Do the founders understand how to sell into complex markets? Can they play the long game?
✔ Is the market large enough for multi-year, high-value contracts?
DEAL FLOW: WHY WE SEE WHAT OTHERS MISS
GovTech & B2G – Mastering the Rulebook
Government procurement is all about rules, but the best businesses know how to work with them rather than against them. Formula 1 has strict rules, too, but the winning teams don't just race; they master the rulebook, optimise every detail, and turn constraints into an edge.
We spent 15 years managing multi-billion-dollar government contracts and leading multi-million-dollar procurements across healthcare, transport, security, and essential services. We know how GovTech companies get entrenched, how contracts are shaped long before they hit the market, and how to turn procurement rules into a strategic advantage.
Our belief is that the government goes shopping when it's hungry. Companies may not know when that moment will come or how to be in the right place at the right time. But for those who do, when the need hits, the government doesn't hesitate.
We don't just invest in GovTech; we help companies master the game and win the deals that matter.
Regenerative Deal Flow – Turning Nature into an Asset Class
The best environmental investments aren't just sustainable; they restore, regenerate, and create compounding value over time. These aren't short-term plays; they are forever markets that industries, communities, and ecosystems will depend on for decades.
We back founders that turn undervalued assets into economic engines, whether marine biodiversity credits, ecosystem-backed currencies, or nature-based infrastructure. Where others see risk through a lack of understanding, we see inevitable value creation.
Unlike fast-scaling tech, regenerative industries require patient, multi-generational capital. The shift toward a nature-backed economy is accelerating; we believe the winners will be those who embed themselves into the fabric of this transformation.
WHY WE INVEST IN GOVTECH & ENVIRONMENTAL MARKETS
At first glance, GovTech and Environmental markets might seem worlds apart. One involves navigating procurement rules, and the other involves regenerating ecosystems. But both share a core investment principle:
They are "forever markets."
Where They Align:
- Structural Demand → These markets aren't driven by trends but by necessity. Infrastructure, resilience, and sustainability aren't optional.
- Entrenched Contracts → Once a solution is adopted, switching costs are high. The businesses that secure these deals become the backbone of critical services.
- Inevitable Growth → Regulations, risk management, and climate realities are forcing systemic change. We invest where markets are shifting from optional to essential.
THE PINERY CAPITAL ADVANTAGE
At Pinery Capital, we understand that actual value is more than just profit; it's about scarcity, perception, and long-term impact. In the 17th century, pineapples weren't just fruit; they were a status symbol, so rare and desirable that they cost the equivalent of $8,000 today. Their worth wasn't in their taste, but in their exclusivity —an asset people recognised long before it became commonplace.
That's how we invest - We appreciate value before the market does.
Team
Mat Voller - Advisor, Investor, Startup Boards.
Mat spent 20 years in government, including 6 years in procurement, buying complex goods such as infrastructure, blood, technology, and services, and learnt the invisible rules that can determine which startups actually win government contracts.
Here's what most investors miss: In the US, one in four unicorns has government contracts. In Australia, we have one. Of the $3.2 billion Australian governments spent on technology in FY 24/25, startups captured just $52 million—not because their products are wrong, but because they fundamentally misunderstand how government actually buys.
That's the gap where Pinery Capital invests.
Mat backs operators who become the default capital source in markets traditional investors overlook: GovTech startups navigating 18-month sales cycles, regenerative aquaculture operators banks won't finance, and founders patient enough to build infrastructure rather than chase quick exits.
He also leads AQX, a debt-financing company that provides equipment capital to oyster, mussel, and seaweed farmers—delivering both financial returns and measurable ocean restoration. He sits on the Oceanfarmr board and mentors founders building in complex, overlooked markets.
Mat backs operators over opportunists. He writes Not on the Panel, where he teaches the $100+ billion secret inside Government.
His philosophy: Value isn't found—it's cultivated. Like the 17th-century Pinery builders who invested time and resources to grow their own pineapples instead of renting them for status, Mat backs founders who build greenhouses, not just display the fruit.