The state government will invest a further $15 million in venture capital firms to stimulate cashflow into WA-based startup businesses.
The state government will invest a further $15 million in venture capital firms to stimulate cashflow into WA-based startup businesses.
The new funding adds to a $30 million commitment made by the state government in September, and will be distributed between seven groups, including Perth-based Purpose Ventures and FundWA.
Another local recipient is Health Translation Group, founded by research outfits Harry Perkins Institute of Medical Research, Lions Eye Institute and the Perron Institute.
The remaining recipents are national firms Brandon Capital Partners, which has had a long presence in WA through venture partner Katharine Giles, along with Artesian Venture Partners, Skalata Ventures and Melt Ventures.
The initiative is a co-funding agreement which will see the seven groups contribute $105 million into the WA startup ecosystem.
The seven firms were chosen through a request for proposal process; which invited applications from interstate and international VC firms.
The funds must be invested in WA-based businesses.
WA Premier Roger Cook said the initiative would grow the local startup sector, diversify the economy, and create local jobs.
“High-growth start-ups are proven job creators, capable of adding thousands of new positions at a faster rate than other sectors,” he said.
“Growing the number of VC firms in our state also means local start-ups don’t have to move east to secure investment, retaining talent here in WA.
“I have no doubt that the seven successful recipients of this increased funding will bring new skillsets and perspectives to our VC ecosystem.”
