WA govt, Rio Tinto back Founders Factory Australia launch
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The news: UK-based venture studio and startup accelerator Founders Factory will launch its first Australian location in Perth, with support from Rio Tinto and the Western Australian government.
The numbers: Rio Tinto and the WA government will commit $21.6 million into two separate startup programmes, run by Founders Factory, that will focus on nature tech and mining decarbonisation tech. The investment will be deployed across 72 startups, either already operating in WA or looking to deploy there in the future.
Started in 2015, Founders Factory runs programs in cities including London, Milan, Berlin, Johannesburg and New York, and has backed more than 300 companies around the world.
The context: The tech investor said it plans to build a local team in Perth who will provide a four-month program supporting startups with product development, operations, commercialisation, data science, partnerships and fundraising.
The state government's contribution of $2.4 million a year over three years (totally $7.2 million) will establish Founders Factory's nature and biodiversity tech accelerator program, with areas of focus including reforestation and protection, land management, regenerative agriculture, water and coastal regions, sustainable infrastructure, and the circular economy.
Rio Tinto's share of the joint investment will launch a separate accelerator program to back the development of breakthrough technologies in decarbonisation, exploration processing and remediation.
What they said: WA premier Roger Cook said: “Securing the internationally renowned Founders Factory for Perth is a major coup for our state.
“This is the first time the tech accelerator has operated in Australia, providing a springboard for innovative local businesses to reach an international audience and maximise their chances of success.
“My Government is committed to decarbonising our economy by 2050 and it’s vital that we support local start-ups developing the technology to reach this goal.
Rio Tinto iron ore CEO Simon Trott said: “Technology has always been at the forefront of our industry and Western Australia can be the Silicon Valley of the global mining industry.
“With the backing of industry and the state government, local and international start-ups will receive investment opportunities and access to real-world testing and scaling support, helping Western Australia’s innovation economy to grow.”
Founders Factory president George Northcott said: “Preserving nature and the decarbonisation of industry are key challenges in the world today and we are thrilled to be extending our operations to Perth to support more founders in these domains.
“We are grateful for the partnership of both the Government of Western Australia and Rio Tinto and believe that in combination we can help more local founders be successful whilst commercialising the best global technologies within the WA ecosystem.”
The source: Founders Factory media release
