Seven venture capital firms will be supported to invest in local WA start-ups, thanks to a $45 million commitment from the State Government’s WA Venture Capital initiative.
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 WA Government today announced a further $15 million has been committed to the WAVC, bringing total Government investment to $45 million.
“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,” said premier Roger Cook.
“High-growth start-ups are proven job creators, capable of adding thousands of new positions at a faster rate than other sectors.”
The WAVC invests in VC firms to stimulate growth in the local ecosystem, while supporting and growing entrepreneurial talent and businesses in the State.
This funding has the potential to drive the diversification of the WA economy, providing start-ups across the nine Diversify WA priority sectors with essential capital and expert guidance 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.