New Industries Fund: WA Venture Support WAVES

Purpose and Program Overview

The New Industries Fund – WA Venture Support WAVES program is a Western Australian Government pilot initiative designed to boost early-stage venture capital investment into local startups and emerging businesses. The program aims to bridge the funding gap in Western Australia’s innovation ecosystem by encouraging the establishment and operation of new early-stage venture funds within the state. WAVES supports the growth of WA-based innovators and entrepreneurs by facilitating commercially viable investments that help diversify the economy and create new jobs.

Funded through the McGowan Government’s broader $16.7 million New Industries Fund commitment, WAVES provides matched operational funding to selected venture capital funds over a three-year pilot period. Up to three venture funds can receive annual matched funding of $100,000 each for three years, supporting their capacity to invest in WA startups. This initiative plays a critical role in strengthening the state’s innovation landscape and attracting more capital to WA’s promising early-stage companies.

Key Grant Details

• Grant amount: Up to $100,000 per eligible venture fund annually, matched for three years
• Application open: Applications for the pilot program are currently closed; the pilot runs through 2022–2025
• Application close: Closed for current pilot; future opportunities to be announced as relevant
• Eligible industries/business types: Early-stage venture capital funds established in WA for the first time, or existing funds establishing a physical presence in WA
• Co-contributions: Matched funding arrangement; recipients must match the $100,000 annually
• Location applicability: Western Australia only

Priority Sectors

WA Venture Support WAVES program is open to a broad range of innovative sectors, without explicitly limiting eligibility to specific industries. The focus is on supporting venture capital funds that invest in promising early-stage innovation and technology companies contributing to WA’s economic diversification and growth.

Funding Scope

• Minimum/maximum amounts: Fixed matched funding of $100,000 per venture fund, per year, for up to three years
• Funding categories: Operational support for venture capital funds to enable investments in early-stage startups
• Project timeline: Three-year pilot program duration (2022–2025), with annual matched funding provided

Grant Amount in Total

• Total of $900,000 allocated across up to three venture funds over the three-year pilot

Eligibility Criteria

• Must be a venture capital fund newly established in Western Australia, or an existing Australian VC fund establishing a physical WA presence for the first time
• Demonstrated capacity to invest primarily in WA-based startups and emerging businesses
• Financial and governance structures are in place to manage government-matched funding
• Commitment to supporting WA’s innovation ecosystem growth
• Compliance with Western Australian Government funding requirements

Eligible Activities and Expenses

• Operational costs related to managing and establishing the venture fund presence in WA
• Activities that enable investment and support for early-stage WA startups and entrepreneurs
• Costs that facilitate the fund’s capacity to contribute to WA’s venture capital ecosystem

Assessment Process

• Competitive selection of up to three venture funds based on strategic alignment and potential impact
• Evaluation criteria include:
  • Fund’s commitment and strategy to invest in WA startups
  • Capacity to leverage matched funding for operational effectiveness
  • Contribution to diversification and strengthening of WA’s innovation sector
  • Experience and track record of the fund’s management team

Recent Program Updates

• The WAVES pilot program is active from 2022 through 2025, with funding awarded to three initial venture funds: Purpose Ventures Fund, Fund WA, and Quokka Capital
• Fund recipients receive matched funding annually to support operational costs and build early-stage investment capacity
• The program complements the broader $16.7 million New Industries Fund, supporting innovation and emerging business growth in WA

Application Tips

• Confirm the venture fund’s eligibility as a new or newly established presence in WA
• Prepare detailed operational and investment plans demonstrating commitment to WA startups
• Ensure governance and financial controls meet government funding requirements
• Highlight the fund’s strategy to contribute to WA’s innovation ecosystem and job creation
• Monitor official WA Government channels for any updates on future application rounds

Where to Get Help

Consider consulting with a professional grant specialist like Pattens Group. We offer initial assessments to review your business’s eligibility and evaluate how well your project aligns with the grant’s objectives. You can also visit relevant government websites for application templates and further guidance.