Western Australian Startup Funding in Review 2023 (With March 2024 update)

Techboard is pleased to present its very first funding review focused on startup funding in Western Australia.

This Review includes in depth analysis of Startup Funding in Western Australia including breakdowns by deal size, funding label and category. The review also contains many breakdowns by founding team gender.

This review can be read in conjunction with our National Funding Report, Australian Startup Funding in Review 2023.

Highlights from the Review and update include:

2023

Private investment in Western Australian startups in 2023 sat at the second highest level since 2018, with just over $90m of announced investments.
Western Australia experienced a 46% drop in announced private funding from 2022 levels, a much larger proportional drop than the 38% seen nationally.
The state saw a decline in its proportion of national funding in 2023, from 2.49% in 2022 to 2.13% in 2023 but an increase in its share of the number of deals from 6.53% to 8.45%.
On a per-capita basis the state did not perform well, only coming in ahead of Tasmania (and the Northern Territory which did not appear in the analysis due to a statistically insignificant level of startup investment.
The two largest announced investments for Western Australian Companies in 2023 (Rumin8's $25m and Vitruvian’s $21.8m) comprised 52% of total Western Australian funding.
The trend of Western Australian being ahead of the nation for gender diversity in startup investments on a proportional dollar basis continued in 2023, with solely women founded ventures securing just over 7% of announced private investment. Companies with at least one woman founder accounted for just under 40% of all private funding for the year. This compares very favourably to the whole of Australia results of 3.88% of total private investment for solely women-led ventures and 15.42% for companies with at least one female founder.

MarQ24

The March Quarter 2024 saw a spike in funding and the second highest Quarterly result for WA captured to date of $67.16m, slightly behind the highest result captured for the March Quarter 2022 ($73.52m).
For the March Quarter 2024, one single transaction for RealtyAssist (for $38.7m) accounted for 58% of the quarter’s raises by dollar amount.

The Review is published on Canva and contains interactive charts using the Flourish platform recently acquired by Canva. While the Review can be viewed on mobile, the best viewing experience will be on a larger screen.

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