Nearly 20 Western Australian start-ups have benefitted from the State Government’s venture capital fund, launched last year.
The Government recently boosted the WA Venture Capital Initiative (WAVCI), adding $15 million to the initial $30m allocation.
Over the next six years, more than $150 million in VC will be made available to WA start-ups through WAVCI.
The fund aims to accelerate growth of innovative businesses across WA priority sectors, including in energy, creative industries, international education, defence industries, health and medical life sciences, and primary industries.
Through a ‘fund-of-funds’ model, the State Government will invest in VC firms to leverage funding for WA-based start-ups. Seven funds have been appointed:
- Artesian: global alternative investment management firm specialising in public and private debt, VC and impact investment strategies.
- Melt Ventures: provides capital, expertise and advice to advanced manufacturing-focused Australian start-ups with global ambitions.
- Skalata Ventures: early-stage VC firm supporting founders through pre-seed and seed funding with long-term capability building to help them scale impactful, sustainable companies.
- Purpose Ventures: Perth-based VC fund backing purpose-driven founders to have a global impact.
- FundWA: WA-based seed to series-A fund, backing innovative, high-growth and scalable opportunities at the early commercialisation stages.
- Brandon Capital Partners: supporting life science companies from proof-of-concept through to commercialisation.
- Health Translation Group: purpose-focused charity supporting WA medical research to sustainably deliver on research translation and health technology commercialisation.
Several of these funds have already made investments into WA-based companies, providing early-stage capital to support growth, commercialisation and job creation.
They have also been strengthening their WA presence:
- Establishing new offices in WA: Artesian, Melt Ventures, Skalata Ventures and Health Translation Group.
- Expanding existing WA operations: Purpose Ventures, FundWA and Brandon Capital Partners.
WA Premier Roger Cook said the fund played a key role in diversifying the State’s economy.
“There are now more local start-ups gaining access to the capital and expertise they need to grow, and we’re seeing new venture capital funds establish themselves in our State, backing local talent and strengthening the foundations of our innovation economy,” he said.
“This initiative is helping to diversify Western Australia’s future by supporting the high-potential companies and industries that will drive the jobs of tomorrow.”
