A new $30 million initiative has been implemented to help scale up local start-ups and grow the ecosystem, helping to create the jobs of the future. The initiative — called Western Australian Venture Capital (WAVC) — will take a ‘Fund of Funds’ model to encourage VC investment in the state.
The initiative was kickstarted due to the success of the WA Venture Support (WAVES) program which helped three venture capital funds get started in WA — FundWA, Purpose Ventures, and Quokka Capital. FundWA and Purpose Ventures have been actively investing in WA startups since their inception.
The funding is provided to start-ups with the necessary investments, expert guidance, and support in hopes to spur on more start-ups to expand their operations in Western Australia.
The funding will go to Venture Capital, and they will use those funds to invest in start-ups. When Venture Capital invests in start-ups, they will provide the necessary support for the start-ups to expand their operations in Western Australia
Premier Roger Cook said, “Our WA Venture Capital Initiative will supercharge the State’s innovation ecosystem, helping us to attract and retain high-performing start-ups here in WA.”
Western Australia currently holds a 10.9% national population share, and its GSP is 63% above Australia’s GDP per capita as of 2023. However, Western Australia’s venture capital ecosystem is currently ranked near the bottom of the country against all jurisdictions, with only 2.1% of the national share.
According to Innovation and the Digital Economy Minister Stephen Dawson, “Increasing our State’s venture capital ecosystem will benefit all of us, it will encourage more investment and encourage others to choose WA as a base of operations and the place to innovate.”
For further information on WAVC, including how to apply, see here.
