Despite the relatively small size of Western Australia’s tech market, many locally founded startups are choosing to scale their businesses from the state, as the local innovation ecosystem continues to grow.
The state government began keeping a public record of the innovation ecosystem in September 2022, finding that there were 727 active startups in the state. It also reported that Western Australia-based startups raised had raised $245 million, nearly tripled what they had in 2020.
During this period, the state has launched a 10-year innovation strategy, committed $25.8 million support innovation through the second edition of the New Industries Fund, and has attracted expanding venture capital (VC) interest, including through one of the first state-focused VC funds Purpose Ventures, which raised $45 million this year.
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