The chief executive of $2 billion state government-financed venture capital fund Breakthrough Victoria is to step down.
Former Singapore-based ARA Infrastructure head Grant Dooley was appointed chief executive when Breakthrough Victoria was launched by the then Daniel Andrews-led Labor state government in November 2021.
Dooley said he had decided to step down, having led the organisation through its establishment phase, to allow a new chief executive to take the business on to the next stage of its growth journey. He will stay on to support the search for his replacement.
“The opportunity to serve as Breakthrough Victoria’s inaugural chief executive is one that I will forever cherish,” Dooley said. “In just under three years, Breakthrough Victoria has been transformed into one of the most active and impactful venture capital investors in Australia.”
Breakthrough Victoria was criticised by the state’s Coalition Opposition earlier this year for lack of transparency and high operating expenses.
Criticism also came from technology entrepreneur and investor Adir Shiffman who argued that the expenses of the fund to its rate of investment would be unviable for a private fund. Shiffman said the funding would be better spent on reducing government debt.
Breakthough Victoria’s latest annual report, released in March, showed the fund employed more than 50 people, including former state public servants and political staffers, at a cost of almost $9.9 million. The fund had also spent more than $1.55 million on consultants, including PwC and EY.
The fund invested only $73.7 million in the 2023 financial year but had total expenses of $22 million.
Inaugural director Andrew Bassat, co-founder of Square Peg Capital, has left the board and several other directors have also left or indicated they plan to leave.
Victorian Treasurer Tim Pallas said turnover of board members was normal and replacements would be recruited.
In its 2024 Budget in May, the government effectively cut Breakthrough Victoria’s funding. Pallas said the $2 billion, originally to be provided over ten years would be provided over 15 years, reducing annual calls on consolidated revenue.
Pallas said Dooley had “played a key role in driving Victoria’s innovation and economic growth” overseeing advanced manufacturing and clean energy investments”.
To date, Breakthrough Victoria has committed capital of more than $350 million to 27 companies, one fund and six university commercialisation platforms.
Investments so far this calendar year have included:
Energy usage optimisation technology company Amber Electric, $4.5 million;
Peanut allergy treatment drug company Aravax, unspecified contribution to $US22 million funding round;
Solar power and water energy storage company RayGen, $20 million;
Green ammonia production technology company Jupiter Ionics, $4 million.
Stratospheric balloon exploration company World View, $37 million;
Sustainable textile finishing technology company Xefco, unspecified contribution to $10.5 million funding round;
Activated carbon production company Bygen, lead contribution to $2.56 million round.
Medtech manufacturing services company Neo-Bionica, $5 million.
Scientific instrument company Liquid Instruments, $15 million.
Augmented reality image generating technology company JigSpace, $4.4 million.
Fabless semiconductor company Millibeam, $3 million.
Image: Breakthrough Victoria chief executive Grant Dooley.