A $40m venture capital fund aimed at investing in West Australian seed/start-up ventures with significant growth potential launches.
The new vehicle has been established under the Australian Government’s Innovation Investment Fund, a venture capital program that supports the development of new fund managers in early stage venture capital investing.
The fund is made up of $20m from the Commonwealth and $20m raised from the private sector.
It will specialise in ventures with a primary focus on areas like life sciences (including medical devices, pharmaceuticals, biotechnology), and information technology, media and communications.
In order to generate investment opportunities, the fund will work with research organisations, industry networks and West Australian universities. The team has experience in early stage investing, has strong linkages to WA tertiary institutions and will provide access to management, operational and business development expertise.