Background
Western Australia has historically had a lack of venture capital (VC) funding and Purpose Ventures, WA’s premier VC Fund which launched in March 2023, is working to change this narrative from both the investor and founder perspective.
Approach
Having raised $46m from local investors, and with a strong focus on investing locally, Purpose Ventures received funding from the X-TEND WA program to run a series of educational dinner events for high-net-worth investors, corporate investors and local founders.
For investors, the events helped them understand the advantages of investing in venture as an asset class and for founders learned how to make their startup venture capital investor ready.
Outcome
Each event was sold out, gathering over 150 people across the series. Purpose Ventures received very positive responses from both investor and entrepreneur attendees, who consistently commented on the value of the content and the networking opportunities the events provided.
Purpose Ventures were happy to share that they found the X-TEND WA application process clear and efficient, and the X-TEND team all provided helpful, timely feedback as required.
The recipient stated, "We greatly valued the financial support received through the X-TEND WA Program and look forward to continuing to see the ongoing positive impacts of this on the local innovation ecosystem".
The X-TEND WA Program is one of several grants operating through the New Industries Fund.
Find out more on the X-TEND WA application information page.
