❓ Hon Wilson Tucker asks about the allocation and application status of the $30 million Western Australian Venture Capital Initiative. The Minister provides details on the investment model and application timeline.
AnsweredQoN 1014Legislative Council
QuestionView source ↗
WESTERN AUSTRALIAN
VENTURE CAPITAL INITIATIVE
1014. Hon WILSON TUCKER to the Minister for Innovation and
the Digital Economy:
I refer to the Western Australian
Venture Capital Initiative.
(1) Of the $30 million
budget allocated to the initiative, how much money is designated for co-investment
opportunities with venture capital firms?
(2) How many applications have been
received to date?
VENTURE CAPITAL INITIATIVE
1014. Hon WILSON TUCKER to the Minister for Innovation and
the Digital Economy:
I refer to the Western Australian
Venture Capital Initiative.
(1) Of the $30 million
budget allocated to the initiative, how much money is designated for co-investment
opportunities with venture capital firms?
(2) How many applications have been
received to date?
AnswerView source ↗
I thank the honourable member for
some notice of the question.
(1) There is $30 million
available for investment in a ''fund of funds'' model. This
funding will leverage a minimum of two to one co-investment into the appointed
venture capital funds and for every $1 of the Western Australian government
investment, $1.25 will go directly to support startups and scale-ups that align
to the eight Diversify WA sectors.
(2) The request for proposal is open
until 27 September 2024.
some notice of the question.
(1) There is $30 million
available for investment in a ''fund of funds'' model. This
funding will leverage a minimum of two to one co-investment into the appointed
venture capital funds and for every $1 of the Western Australian government
investment, $1.25 will go directly to support startups and scale-ups that align
to the eight Diversify WA sectors.
(2) The request for proposal is open
until 27 September 2024.
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