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How to resolve AdBlock issue? Vic Govt invests $75m in venture capital funds to grow innovative businesses
THE VICTORIAN Government is investing in venture capital funds with the goal of offering more innovative Victorian companies the support they need to grow.
State Finance and Economic Growth and Jobs Minister, Danny Pearson has announced a $75 million investment in five specialist venture capital funds that target climate-tech, health and life sciences, high-growth technology businesses and female founders.
“We’re backing Victorian innovation to grow our economy and create more secure, high-skill jobs,” Mr Pearson said. “When local ideas succeed, our whole state benefits. 
“By helping startups and emerging businesses get the investment they need, we’re attracting private capital, boosting confidence, and building the industries and jobs of the future.”
Breakthrough Victoria will invest in the funds, including Virescent Ventures Fund II, Australia’s largest and most active dedicated climate technology investor, and SYNthesis BioVentures Fund I, founded in Victoria by oncology expert and professor, Andrew Wilks, with a focus on pioneering biomedical innovation.
Scale Venture Fund I targets the critical gap in venture capital for female founders. Currently only 3% of funding goes to startups led by all-women founders.
Galileo Ventures Fund II, a second-time fund manager, invests in emerging founders at the pre-seed and seed stages, with a focus on high-growth technology sectors.
Breakthrough Victoria will also make a cornerstone investment with a specialist North American health and life sciences fund manager as they launch their first Australian fund.
This builds on the Victorian Labor Government’s existing portfolio of funds, which includes Tin Alley Ventures and seven University Innovation Platform partnerships – supporting intellectual property and research commercialisation.
“Breakthrough Victoria is committed to boosting investment in venture capital funds, aligning with Victoria’s Economic Growth Statement,” Breakthrough Victoria CEO Rod Bristow said.
“This initiative will ensure innovative companies have the capital to grow and drive economic growth for our state.”
The government’s direct investments have already leveraged $1.3 billion in co-investment since it was established and this latest activity will further shape the future of Victoria’s economy.
An independent report by EY-Parthenon found Breakthrough Victoria’s portfolio is on track to generate $5.3 billion in economic impact for Victoria by 2035.
This initiative is one of many outlined in the Labor Government’s Economic Growth Statement, released in December last year.