The Allan Labor Government has announced a $75 million investment in five specialized venture capital funds to help innovative Victorian companies expand and thrive. This strategic move, led by Minister for Economic Growth and Jobs Danny Pearson, aims to support startups in sectors such as climate technology, health and life sciences, high-growth tech, and female-led businesses.
The investment will be managed through Breakthrough Victoria, which will allocate funds to initiatives including Virescent Ventures Fund II, Australia’s largest climate technology investor, and SYNthesis BioVentures Fund I, a Victoria-based biomedical innovation fund founded by oncology expert Professor Andrew Wilks. Other beneficiaries include Scale Venture Fund I, which addresses the funding gap for female founders, and Galileo Ventures Fund II, which supports emerging tech startups at the pre-seed and seed stages. Additionally, Breakthrough Victoria will partner with a North American fund manager specializing in health and life sciences to launch their first Australian fund.
This initiative complements the government’s broader portfolio, which already includes Tin Alley Ventures and partnerships with seven universities to accelerate research commercialization. Since its establishment, Breakthrough Victoria’s investments have attracted $1.3 billion in co-investment, with projections from EY-Parthenon indicating an estimated $5.3 billion economic impact for Victoria by 2035.
Minister Pearson emphasized that the program is designed to strengthen the state’s innovation ecosystem, create high-skilled jobs, and attract private capital to fuel long-term growth. Breakthrough Victoria CEO Rod Bristow reaffirmed the government’s commitment to aligning venture capital investment with Victoria’s Economic Growth Statement, ensuring that local innovators have the resources needed to drive the state’s economic future.
