Govt seeks new venture capital fund

The state government is seeking global backers for a new venture capital fund focused on a broad suite of industries including defence, mining, and agriculture.

A tender was this week released by the Department of Jobs, Tourism, Science and Innovation, and Department of Health, for two venture capital streams which require proponents to raise at least $2 from private sources for every $1 committed by the state government.

The funds’ purpose will be to back startup and scaleup businesses in the resources, tourism, education, defence, space, medical, primary, and creative industries.

Fund WA chief executive Glenn Butcher said venture capital was a proven model to grow new businesses.

“The commitment to funding local startups and scaleups is exactly the kind of forward-thinking strategy we need to drive innovation and economic growth in our state,” he said.

Western Australia has already capitalised on its strengths to create a world-class environment for creating companies to service the successful agricultural and resource industries.

“We believe WA can further develop on its existing strengths and mitigate its weaknesses to successfully diversify the state economy.

“We can’t afford to let another Canva slip away, and with this bold action, we’re setting the stage for a future where the next wave of global innovators chooses to grow right here, in the heart of Western Australia.”

Tenders close on September 27.