WA boosts venture capital fund to $45 million

The Western Australian government has allocated $45 million in venture capital funding to supercharge local start-ups.

Seven venture capital firms have been selected following a Request for Proposal, and will be supported to invest through the state 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 state government 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.

Four of the funds are WA-based, with the remaining firms from outside WA:

• Purpose Ventures – WA-based VC fund working in the fields of education, health and medical life sciences
• 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.

The Innovation and the Digital Economy and Medical Research Minister Stephen Dawson said: “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.”

Picture: Innovation and the Digital Economy and Medical Research Minister Stephen Dawson