Perth Blooms Green: Tech Giant Founders Factory Lands in WA
Catalyzing environmental innovation in Western Australia, a $7.2 million government grant propels the establishment of Founders Factory’s inaugural Australian base in Perth. It poised to empower startups addressing biodiversity, sustainability and decarburization challenges.
Western Australia’s environmental innovation scene is set for a significant boost with the arrival of global tech accelerator Founders Factory. The company is establishing its first Australian base in Perth, supported by a $7.2 million grant from the WA government. This investment encompasses $2.4 million annually over three years expressly allocated to a new Founders Factory nature and biodiversity tech accelerator program.
This targeted program will spotlight key areas critical to WA’s environmental sustainability, including reforestation and protection, land management, regenerative agriculture, water and costal region management, sustainable infrastructure and the circular economy.
Founders Factory isn’t going it alone. Mining giant Rio Tinto is also joining the initiative, contributing over $15 million to a separate accelerator program. It is dedicated to fostering breakthrough technologies in decarburization, exploration processing and remediation.
Combined, these investments provide Founders Factory with a substantial war chest of $21.6 million to support 72 startups. The program will target both existing WA startups and those looking to establish a presence in the state. Founders Factory will establish a dedicated Perth team to deliver a comprehensive four-mouth program. This program will provide crucial support to startups in areas like product development, operations, commercialization, data science, partnership building and fundraising.
Founders Factory will also actively attract international founders to WA. This influx of international talent will not only provide a valuable knowledge exchange but also create a vibrant ecosystem for investment, testing and scaling locally produced environmental technologies.
“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 maximize their chances of success.
My government is committed to decarbonizing our economy by 2050 and it’s vital that we support local start-ups developing the technology to reach this goal.
This three-year partnership will further cement WA’s position as a global leader in research and development, helping to diversify the economy and create the jobs of the future.”
WA Premier Roger Cook hailed the arrival of Founders Factory as a major coup for the state.
With a proven track record of launching a backing over 300 companies globally, Founders Factory’s arrival in Perth, coupled with Rio Tinto’s involvement, signifies a significant commitment to fostering a thriving green tech ecosystem in Western Australia.
