The 18 year old musician was presented with a cheque for the money at a ceremony at the House of Commons attended by music industry representatives and MPs.
Vanessa was selected to receive the prize via the UK Music and DCMS Rehearsal Spaces scheme, which is also part of the Parliamentary live music and venue competition Rock the House.
She was selected as winner of the award by a panel of music industry experts. The panel agreed that Vanessa's talent and potential deserved to be honoured.
Vanessa Reed, executive director of PRS for Music Foundation, said: ‘We are thrilled to celebrate PRS for Music Foundation’s ongoing collaboration with UK Music and the complementary roles our organisations play within the music industry by giving this award to Vanessa Murray who uses the UK Music rehearsal space in Liverpool.
‘As with many of our other artist development funds, I'm sure that this grant will help Vanessa to take her career to the next level and I look forward to the release of her new EP which she is making with the help of our award.’
Find out more about Vanessa and her music from her Facebook page.