McGowan Government supports new early stage venture funds
- Three early stage venture capital funds will receive operational funding support from the McGowan Government through the WA Venture Support program (WAVES)
- WAVES is a new pilot program to encourage more early stage funding of local startups and scale-ups
- The three-year grant program aims to encourage the formation of new early stage venture funds in WA
Funding for early stage startups in Western Australia is set for a boost, as the McGowan Government supports three new venture capital funds through the WA Venture Support (WAVES) pilot program.
Purpose Ventures Fund, Fund WA and Quokka Capital will each receive $100,000 in matched annual funding from the WA Government for three years, to assist with operational expenditure.
Headed by some of the State's most notable venture capital leaders, the three new funds are expected to become operational in the coming months and will be enabled to support more local startups and scale-ups.
The WAVES pilot program was established to support new venture capital funds that are set up in WA, with the prime purpose of addressing the early stage funding gap.
Boosting funding for local startups and scale-ups is essential to the growth and diversification of WA's economy, and the creation of jobs across sectors.
The McGowan Government's economic development framework, Diversify WA, highlights science, innovation and technology as a cross-sector activity that improves value and productivity across the economy.
WA's Innovation Strategy also highlighted 'access to capital' as a key priority action area for the innovation ecosystem.
In addition to WAVES, the McGowan Government initiated a market sounding process last month to identify venture capital interest in WA and how to further encourage greater investment into the State.
WAVES is funded through the McGowan Government's $16.7 million New Industries Fund, which supports new and emerging businesses to diversify the WA economy and create new jobs.
For more information on WAVES, visit: https://www.wa.gov.au/organisation/department-of-jobs-tourism-science-and-innovation/western-australian-venture-support-waves-2022-2025-pilot-program
Comments attributed to Innovation and the Digital Economy Minister Stephen Dawson:
"The WAVES program is designed to attract the funds that will support the commercialisation of promising ideas generated by WA's growing early-stage innovation ecosystem.
"We look forward to working with Purpose Ventures Fund, Fund WA and Quokka Capital to grow the venture capital available to WA startups and scale-ups.
"The McGowan Government is intent on driving venture capital investment to ensure a valuable, viable and sustainable local innovation sector well into the future."
Comments attributed to State Development, Jobs and Trade Minister Roger Cook:
"WA has never been short of great business ideas.
"More than ever, we want to help those ideas turn into a reality for startsups and scale-ups.
"This is another terrific initiative to support local businesses and diversify our economy to create the jobs of the future.
Innovation and the Digital Economy Minister's office - 6552 5800
State Development, Jobs and Trade Minister's office - 6552 6500