The Western Australian (WA) Government’s $45 million WA Venture Capital Initiative (WAVCI) is delivering strong early results, with 19 local start-ups supported in the first 12 months since its launch.
Announced at West Tech Fest last year, WAVCI has expanded the pool of venture capital available in WA to help accelerate the growth of local businesses.
Following a comprehensive selection process, seven VC funds were appointed under the program: Artesian Health Translation Fund, Skalata Ventures, Melt Ventures, FundWA, Purpose Ventures, Brandon Capital Partners and the Health Translation Group.
Delivered in partnership with the Department of Health, WAVCI is funded through the Investment Attraction Fund and the Future Health Research and Innovation Fund.
Several funds have already made investments into WA-based companies, providing critical early-stage capital to support growth, commercialisation and job creation.
Current investments span 75 per cent of the WA Government’s priority sectors, including energy, creative industries, international education, defence industries, health and medical life sciences, and primary industries.
The initiative has also strengthened WA’s innovation ecosystem, with all participating funds establishing a local presence over the past year.
The locally-based partners bring a wealth of existing networks and knowledge of the WA economic landscape, while the remaining interstate firms bring a diversity of skillsets and perspectives.
Over the next six years, WAVCI will enable more than $150 million in venture capital funding for WA start-ups.
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