- Cook Government's WA Venture Capital initiative
(WAVC) awards $45 million in funding to partner with seven venture capital
firms
- WAVC boosts early-stage VC investment to support
local start-ups to scale up and create local jobs
- Partnership will secure $150 million in new
venture capital funds to be invested back into the WA innovation ecosystem
Seven venture capital
firms will be supported to invest in local WA start-ups, thanks to a $45
million commitment from the Cook Government's WA Venture Capital initiative
(WAVC).
The partnership will see
the chosen firms invest a total of $150 million back into the WA innovation
ecosystem, supporting local start-ups to scale up and create local jobs.
Initially a $30 million
investment, the Cook Government today announced a further $15 million has been
committed to the WAVC, bringing total Government investment to $45 million.
The WAVC invests in VC
firms to stimulate further growth in the local ecosystem, while supporting and
growing entrepreneurial talent and businesses in the State.
This funding will drive
the diversification of the WA economy, providing start-ups across the nine Diversify
WA priority sectors with essential capital, expert guidance and support to grow
their operations in WA.
A Request for Proposal
saw a range of firms apply from across the country and around the world, with
seven firms selected following a competitive assessment process.
Four of the funds are WA-based,
with the WAVC providing the support needed to continue to grow and expand their
presence locally.
The remaining firms from
outside WA show how the WAVC can attract co-investments from large national and
international VC funds, supporting local start-ups.
Jointly run with the
Department of Health, the WAVC initiative is made up of funding from the
Investment Attraction Fund and the Future Health Research and Innovation Fund.
For more information: https://www.wa.gov.au/government/announcements/venture-capital-funding-boost-local-start-ups-and-scale-ups
Comments attributed to Premier Roger Cook:
"By attracting more venture
capital investment to WA, my Government is growing our local start-up sector,
diversifying the State's economy and creating quality local jobs for the
future.
"High-growth start-ups
are proven job creators, capable of adding thousands of new positions at a
faster rate than other sectors.
"Growing the number of VC
firms in our State also means local start-ups don't have to move east to secure
investment, retaining talent here in WA.
"I have no doubt that the
seven successful recipients of this increased funding will bring new skillsets
and perspectives to our VC ecosystem."
Comments attributed to Innovation and the Digital Economy and Medical
Research Minister Stephen Dawson:
"The WA Venture Capital initiative
uses a 'Fund of Funds' model which allows the WA Government to have its funding
matched and surpassed for each recipient.
"The support the WAVC
brings to local start-ups and scale-ups will help them thrive in competitive
markets.
"Investing in our Western
Australian innovation ecosystem is setting up our State for the future,
diversifying our economy and creating quality local jobs."
WA Venture Capital initiative recipients:
- Purpose Ventures - an industry agnostic fund;
- FundWA - a
VC fund dedicated to WA ventures and diversifying the local economy;
- Brandon Capital Partners - life science VC firm in Australasia with a presence in WA;
- Health Translation Group - WA-based VC fund founded by three local medical research
institutes: Harry Perkins Institute of Medical Research, Lions Eye Institute
and the Perron Institute;
- Artesian Venture Partners - one of the largest VCs in Australia, which has an early-stage
platform in agrifood, energy, health and medical technology, defence and space;
- Melt Ventures - VC fund with targeted investments in clean tech, IOT and
advanced manufacturing; and
- Skalata Ventures - eastern states-based VC fund focused on diversifying economies.
