WA's Purpose Ventures seeks to add startups to the mining state's biggest exports
Western Australia's first early-stage venture fund has made its first follow-on investment, a year after its inception.
Western Australia's Purpose Ventures is out to show there is more to the state than mining.
The first Early Stage Venture Capital Limited Partnership (ESVCLP) registered in the state, Purpose Ventures has raised $45 million, despite a tough environment for VCs everywhere.
And the fund, founded by Derek Gerrard and his wife Kylie Gerrard, has now made its first follow-on investment, a year after the fund was born.
“While WA accounts for 10% of the Australian population and contributes over 15% to Australian GDP, when it comes to venture capital, WA has been lacking for an extended period of time,” Derek Gerrard told Capital Brief.
