$30 million Venture Capital Initiative
The WA Government is investing $30 million to generate additional venture capital funding in Western Australia and grow this industry.
Despite WA's economic strength, the State's venture capital ecosystem is currently ranked second last against all jurisdictions in the country, with only 2.1 per cent of the national share.
Through a 'Fund of Funds' model, the State Government will invest in venture capital firms to leverage funding for WA-based start-ups. This new initiative builds on the successful WA Venture Support (WAVES) program, which helped 3venture capital funds establish in WA to support local innovation.
This cornerstone funding supports a minimum of 2:1 co-investment into appointed VC Funds. There are 2 streams that applicants can select:
- Industry and Technology Development stream; and/or
- Future Health Research and Innovation stream
Applications for interested parties are open and closes on Friday 27 September. Register and submit your applications online via the Tenders WA website.
More information is available on the WA Government website for the Department of Jobs, Tourism, Science and Innovation.
Published on: 05 September 2024
Investment attraction fund
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