Western Australia commits $630,000 to seed local venture funds
What's the deal? The Government of Western AustraliaDealroom has a profile for this one. Try Dealroom → is deploying US$582.4K (roughly $630,000) through its WA Venture Support (WAVES) program to back early-stage venture funds based in the state. The co-investment scheme hands up to three selected funds a maximum of US$64.7K each per year for three years.
Why now? Western Australia accounts for 17% of Australia's GDP but just 1.5% of the country's early-stage venture industry. The government frames the gap bluntly: WA "does not have an established early stage venture industry," despite available investment capital.
What's the endgame? WAVES funds either new venture funds set up in WA for the first time, or existing interstate funds that place an employee in the state. Three recipients — Purpose VenturesDealroom has a profile for this one. Try Dealroom →, Fund WADealroom has a profile for this one. Try Dealroom →, and Quokka CapitalDealroom has a profile for this one. Try Dealroom → — will each receive matched annual funding to cover operational costs.
The three funds are run by what the government calls some of the state's "most notable venture capital leaders." They are expected to become operational in the coming months and to back more local startups and scaleups.
The signal: The grant is small by venture standards, but it targets a structural problem: a funding desert for early-stage innovation in a resource-heavy economy. By subsidising fund operations rather than startups directly, Western Australia is betting that building local investment infrastructure will close the gap over time.
Read more: wa.gov.au
Image credit: aussiejeff
