Tenmile

Tenmile is a 250 million dollar evergreen healthcare investment fund backed by Tattarang, the private investment company of Andrew and Nicola Forrest, and operates from Perth with a thesis focused on accelerating breakthrough life sciences and precision neuroscience companies. The evergreen structure is the firm’s defining feature; without the fund-life constraints of conventional venture vehicles, Tenmile can hold positions and recycle capital on timelines that match the actual development of the companies it backs rather than the artificial deadlines imposed by ten-year fund lives.

The healthcare thesis concentrates on biotech, AI in healthcare, and mental and behavioral health, with portfolio activity that includes Syndeio in precision neuroscience. The firm is willing to back ambitious science with long timelines, including therapeutic platforms, novel mental health interventions, and AI applied to drug discovery and clinical research. The Tattarang backing gives Tenmile a single-source capital base that operates more like a strategic family office than a traditional limited partner pool, which translates into different incentive structures and a broader willingness to support unconventional approaches.

Check sizes typically run from one to five million dollars, though the evergreen structure and Tattarang capital base allow the firm to scale checks substantially in higher-conviction positions and follow on through subsequent rounds. The firm participates at seed, Series A, and Series B, with stage flexibility shaped by the specific company rather than rigid fund construction. Geographic focus is Australia with selective international activity, particularly in neuroscience and biotech where the relevant scientific networks are concentrated in specific global hubs. Founders should expect the firm to engage seriously with companies regardless of headquarters when the science fits the thesis.

The team is small and works closely with Tattarang’s broader investment activity, supported by access to scientific advisors and a network shaped by the Forrest family’s philanthropic and commercial interests in healthcare. The combination of evergreen structure and family office backing produces a firm that operates differently from conventional venture in ways that matter for founders working on long-horizon problems.

For founders, Tenmile is most useful when the company is building genuinely novel science with timelines that conventional venture would find uncomfortable. Useful introductions tend to involve clinical and scientific advisors in neuroscience and biotech, philanthropic and strategic partners in the Forrest network, and selectively other patient capital sources for downstream rounds. Post-investment engagement is collaborative and shaped by the company’s specific needs; the firm is willing to be deeply involved when management wants that and to provide steady support without overreach when management prefers more autonomy. Founders looking for a conventional venture experience with quarterly reporting rituals and standardized milestone reviews will find the firm’s posture less structured. For biotech, AI healthcare, and mental and behavioral health founders pursuing ambitious long-horizon science, Tenmile is one of the more interesting capital sources in the ANZ market.