Expressions of Interest for Venture Capital Partnerships with the Western Australian Government through the Future Health Research and Innovation Fund
The Western Australian (WA) Government, through the Future Health Research and Innovation Fund (FHRIF) Advisory Council (AC), invites Expressions of Interest (EOI) from Venture Capital (VC) firms interested in partnering to accelerate the growth of health and medical-related technology companies in WA.
Future Health Research and Innovation Fund
The FHRIF was established as a sovereign wealth fund by WA Government in 2020. It was created by repurposing the existing 2012 WA Future Fund with seed capital from the Royalties for Regions Fund, with the purpose of setting aside and accumulating a portion of the State’s mining royalties for use by future generations of Western Australians. Investment and interest returns from this $AU1.7 billion Fund provide a secure source of funding to drive health and medical research, innovation and commercialisation, in perpetuity.
The FHRIF is governed by an independent Advisory Council and is overseen by the WA Minister for Medical Research.
One of the Priority Goals of the FHRIF is to establish innovation programs and initiatives to support topical and/or early stage ideas and enable opportunities for these innovative ideas to secure follow-on funding and investment from commercial/other funders.
WA Government’s role in the Partnership Fund
The WA Government through the FHRIF will be a cornerstone investor and a full commercial partner in the fund. The WA Government will not be involved in the investment decision making process.
The WA Government will:
- develop an Investment Plan and Responsible Investment Policy
- obtain approvals for the Investment Plan and Responsible Investment Policy
- collaborate with the Partnership fund manager to develop the Fund Mandate
- be represented on an advisory body that governs the fund’s adherence to its Fund Mandate.
Submit your EOI
|
Download Word document EOI form (Worldwide) (Word 227KB) |
- To leverage State contributions to attract additional investment into WA-based health and medical technology companies.
- To foster innovation in WA health and medical-related technology sectors.
- To provide additional value for the sector such as training and mentorship.
Open to all VC firms globally, with a particular focus on those with a strong track record in health and medical-related technology investments.
- Financial Commitment: Firms must commit to at least doubling the contribution of the State into WA health and medical technology companies over a 4-year time horizon.
- Sector Focus: Demonstrate the firm’s experience and track record in investing in health and medical-related technology, including case studies or examples of past investments.
- Authorised Financial Service: The firm must be appropriately authorised to provide the financial services that is to be provided with respect to the fund.
- Additional Value: Articulate the additional value and non-financial support your firm can provide (e.g. training and mentorship).
- Submission: EOI submissions to be received by Wednesday 18th October 2023
- Review: Shortlisted applicants will virtually present their EOIs to the FHRIF AC and the independent Chair of an expert selection committee, on 30th October 2023.
- Request for proposal: Following the EOI process, the WA Government will invite selected firms to provide a detailed proposal of their offering.
- Successful fund manager notified: The WA Government will contact all suppliers who responded to the request for proposal.
- Contract negotiations and co-design of fund: Contract negotiations will begin with the Partnership fund manager. The WA Government and the fund manager will start the co-design process to establish the fund.
Interested Venture Capital firms are invited to submit their EOIs by 18th October 2023. To facilitate a comprehensive assessment for shortlisting, applicants are required to provide the following information:
- Investment Strategy: Outline the firm's investment focus and strategy, particularly in relation to health and medical-related technology.
- Financial Commitment: Provide a detailed plan on how your firm will meet or exceed the requirement to double the State's contribution into WA-based companies over a 4-year period.
- Sector Focus: No less than the State's contribution must be invested into health and medical-related technology in WA. Demonstrate the firm’s experience and track record in investing in health and medical-related technology, including case studies or examples of past investments.
- Additional Value: Describe what additional resources or value-add services the firm can offer, such as training and mentorship, or other in-kind contributions.
- Team Credentials: Introduce the key team members who will be involved in this partnership, including their expertise and roles.
- Legal and Compliance: Confirm the firm's ability to comply with local laws and regulations and provide any necessary documentation to support this.