Published on Monday, 9 September 2024 at 10:53:13 AM
WA Venture Capital Initiative
The WA Venture Capital Initiative is an investment program designed to attract global Venture Capital (VC) firms to invest in early-stage companies based in Western Australia.
This initiative aims to drive innovation and growth across key industry sectors, supporting the development of startups and scaleups that are pivotal to the state’s economic future.
Program Overview
Managed by the Department of Jobs, Tourism, Science, and Innovation (JTSI) in collaboration with the Department of Health (DoH), the WA Venture Capital Initiative is dedicated to boosting investment in high-potential sectors that are critical to Western Australia’s economic and technological landscape.
Priority Industry Sectors
The initiative is targeted at startups and scaleups in the following priority sectors:
- Energy
- Tourism, Events, and Creative Industries
- International Education
- Defence Industries
- Mining and METS (Mining Equipment, Technology, and Services)
- Space Industries
- Health and Medical Life Sciences
- Primary Industries
Funding and Co-Investment
The program provides cornerstone funding with a requirement for a minimum 2:1 co-investment from appointed VC funds. This means that for every dollar invested by the program, at least two dollars must be committed by the participating VC firms, amplifying the impact of each investment and ensuring robust financial support for early-stage companies.
Application Streams
Applicants can select from two distinct streams based on their focus areas:
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Industry and Technology Development Stream: This stream focuses on supporting companies that drive technological advancement and economic growth within WA's priority sectors.
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Future Health Research and Innovation Stream: Tailored for investments in health-related startups, this stream aims to foster innovation in medical life sciences, healthcare technologies, and other health-focused industries.
Application Period
The Request for Proposal (RFP) for the WA Venture Capital Initiative opened on Monday, 19 August 2024, and will close on Friday, 27 September 2024. Interested VC firms are encouraged to visit the Tenders WA website to register an account or log in to submit their applications. An online debriefing session will be held on Thursday, 5 September 2024, from 12:00 PM to 2:00 PM AWST to provide more information and address queries from potential applicants.
CLICK HERE for more information.
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