Purpose Ventures

Some of Perth’s most experienced venture capitalists are seeking to raise more than $100 million for startup investment.

Purpose Ventures, a new fund to invest in Western Australian startups, has raised at least $37 million, including a $10 million foundation investment from a major local entrepreneur.

Three new local funds proposing to focus on early-stage investment are raising expectations.

Health tech has taken a front seat in recent months thanks to the combined funding from government and private sectors.

Two new specialist investor networks were launched in Western Australia this week, adding extra capital raising avenues for local startups.

Newly launched investment fund Purpose Ventures has boosted its war chest to $45 million and made its third commitment, to a local education startup.

One of two new investment syndicates, VentureX Capital has a specific objective.

Perth-based startup fund Purpose Ventures has maintained its local focus, with its first $3 million fully invested in WA companies, the latest being pharmacogenomics company Gene S.

A new hub in the north-west is another step in building an innovation ecosystem in the region.

Perth-based Purpose Ventures has deployed almost 10 per cent of its $46 million fund in its first year of operations, including a recent top-up of its stake in startup PlanCare.

Perth fund Purpose Ventures led a $3 million raising for Victorian robotics company Andromeda.

A Perth-founded startup that provides an online platform for those wishing to rent community space has received $2 million from Purpose Ventures as it targets expansion to the UK.

The state government will invest a further $15 million in venture capital firms to stimulate cashflow into WA-based startup businesses.

Venture Capital investment in Western Australia has significantly slowed, falling from $140 million in 2023 to $80 million in 2024, according to a new report.