Breakthrough Victoria boss Grant Dooley departs

Breakthrough Victoria CEO Grant Dooley has pulled the pin, less than three years into the role, as the $2 billion tech innovation and commercialisation fund sustains continued political pressure and community criticism.

In a statement announcing his departure, the fund said Dooley “intends to spend more time with his family before looking for a new challenge”.

Dooley became the inaugural CEO in November 2021, heading home to Melbourne from Singapore where he was leading ARA Infrastructure. He will stay on for now to support the search for a new CEO.

Under his tenure, Breakthrough Victoria invested in 27 companies, one fund, and six university platforms, committing more than $350 million in capital to the projects.

“The opportunity to serve as Breakthrough Victoria’s inaugural CEO is one that I will forever cherish. In just under three years, BV has been transformed into one of the most active and impactful venture capital investors in Australia,” Dooley said.

“I am incredibly grateful to our staff. The BV team are experienced professionals who pride themselves on their professionalism and commitment to delivering value for money.”

The fund’s chair, former premier John Brumby, praised Dooley’s “dedication, leadership and commitment to the mission”

“BV is poised to continue its growth trajectory, building on the strong foundations he has put in place,” he said.

“Grant’s hard work and dedication, and his ability to build a talented team has BV well positioned to continue investing in innovation for impact.”

But the government-backed investment fund, conceived three years ago by the Labor government, and chaired by has faced headwinds and sustained criticism over the last 12 months, including calls by Adir Shiffman, chair of ASX-listed Catapult Group, and Seek cofounder and VC investor Matt Rockman for its abolition.

In May, Victorian treasurer Tim Pallas cut Breakthrough Victoria’s funding by $360 million over four years.

Supporters argue that the sovereign venture fund is critical to commercialisation for science startups and addresses a funding void for medtech startups, preventing the technology from heading offshore.

In three years, the fund has certainly developed a diverse portfolio, co-investing alongside leading Australia VCs. Some have been deep tech investments alongside the likes of CSIRO-backed VC Main Sequence, such as Quantum Brilliance and fermented dairy alternative Eden Brew’s $25 million Series A.

Last month BV led a $13 million raise for augmented reality app Jigspace, tipping in $4.4 million.

Then there’s firefighting virtual reality training startup FLAIM, baby-saving medtech startup Navi, anti-plagiarism edtech Cadmus, and electric plane engine aerospace startup Kite Magnetics.

With Labor in NSW offering little financial support for state’s startups, they’ve looked south for capital, and pledged to move there too,  including Sydney 5G chipset startup Millibeam.

Breakthrough Victoria also spend $52 million on getting two US companies to set up shop locally, backing California-based test equipment manufacturer Liquid Instruments with $15 million to set up in Melbourne plus $37 million for near-space exploration platform World View.

The fund put up $10 million for a challenge to address recycling solar panels; and supported Melbourne Uni’s new VC fund, Tin Alley Ventures. Then there was backing for the Jumar Biotech Incubator, run by Sydney’s Cicada Innovations at CSL. University of Melbourne has been a major beneficiary among six university innovation partnerships, as part of a $100 million plan that’s also backed Deakin, La Trobe, Monash, RMIT and Swinburne to commercialise research.