- Cook Government's $45 million WA Venture Capital Initiative supported 19 local start-ups in first year
- Part of government's efforts to diversify WA's nation-leading economy
- More than $150 million in venture capital to be deployed over six years, supporting growth of high-potential local companies
- All selected funds are establishing a WA presence, bringing new expertise and investment networks into the State's innovation ecosystem
More start-ups than ever before are diversifying Western Australia's nation-leading economy with the Cook Government's $45 million Western Australian Venture Capital Initiative (WAVCI) delivering strong early results.
Announced at West Tech Fest last year, the initiative aims to expand the pool of venture capital (VC) available in WA and accelerate the growth of innovative businesses across the State's priority sectors, with 19 local start-ups supported in the 12 months since it was launched.
Following a comprehensive selection process, seven VC funds were appointed under the program: Artesian, Melt Ventures, Skalata Ventures, Purpose Ventures, FundWA, Brandon Capital Partners, and Health Translation Group.
Several funds have already made investments into WA-based companies, providing critical early-stage capital to support growth, commercialisation, and job creation, with more investments to flow before the end of the year.
Over the next six years, more than $150 million in VC will be made available to Western Australian start-ups through WAVCI.
Current investments span 75 per cent of the State's priority sectors, including energy, creative industries, international education, defence industries, health and medical life sciences, and primary industries.
The initiative has also strengthened Western Australia's innovation ecosystem, with all participating funds establishing a local presence.
Purpose Ventures, Brandon Capital Partners, and FundWA have expanded their existing WA operations, while Melt Ventures, Skalata Ventures, Health Translation Group, and Artesian are establishing new offices in the State, bringing additional expertise, networks, and support to local founders.
Jointly delivered with the Department of Health, WAVCI is funded through the Investment Attraction Fund and the Future Health Research and Innovation (FHRI) Fund.
As stated by Premier Roger Cook:
"Diversifying our nation-leading economy is one of my top priorities, and just one year on, our venture capital initiative is delivering exactly that.
"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.
"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."
As stated by Science and Innovation and Medical Research Minister Stephen Dawson:
"This initiative is giving Western Australian founders the support they need at a critical stage, helping turn great ideas into successful, scalable companies.
"The strong early uptake shows the value of bringing new venture partners and fresh expertise into our local ecosystem.
"The Cook Government is committed to strengthening our State's innovation ecosystem and helping WA build a more diverse economy for the future."
