Victoria has brought together startup agency, LaunchVic, and the $2 billion Breakthrough Victoria fund to launch Innovation Victoria – the next stage of the state’s innovation ecosystem investment.
Breakthrough Victoria was established in 2021 as an independent investment company funded by the state government. In five years, it has made more than 100 investment commitments, committed more than $500 million, attracted $1.5 billion in co-investment and delivered $86.7 million in capital returns. Several agrifood companies have received funding, including Eden Brew, which recently submitted its precision-fermented milk protein to FSANZ for assessment, Harvest B, Number 8 Bio, Jupiter Ionics, Smart Paddock, and $2.4 million for sustainable insect protein manufacturing company, Viridian Renewable Technology.
LaunchVic has helped transform Victoria’s startup ecosystem over the past decade, now home to more than 4400 startups, with the ecosystem’s value growing from $7 billion to $139 billion over that period.
By combining the capabilities and activities of Breakthrough Victoria and LaunchVic, the organisation stated Innovation Victoria can focus on helping more ideas turn into successful companies that can scale, compete globally and contribute to Victoria’s future economy.
The Innovation Victoria board will be led by chair Geoff Tarrant, and deputy chair Monique Conheady, who were previously on the boards of LaunchVic and Breakthrough Victoria, respectively.
Breakthrough Victoria CEO, Rod Bristow, will lead Innovation Victoria as it continues to back founders, support research commercialisation, attract investment and help build the companies and industries that will shape Victoria’s future economy.
“Victoria already has one of the fastest-growing startup ecosystems in the world. Innovation Victoria is about building on a great legacy and taking that to the next level. We’re aligning the right capability, capital and connections so more local ideas can scale faster, attract investment and compete globally,” said Bristow.
“Updates to follow as we maximise our impact for Victoria, creating a more connected organisation and facilitating access to the right support, connections and opportunities at every stage from early ideas and commercialization to growth and global scale.”
Head to innovationvictoria.com for further information and updates.
