Breakthrough Victoria CEO steps down

Grant Dooley, the CEO of state government-backed venture fund Breakthrough Victoria, has announced he is resigning after almost three years in the role.

“The opportunity to serve as Breakthrough Victoria’s inaugural CEO is one that I will forever cherish,” said Dooley in a statement on Friday morning.

“In just under three years, BV has been transformed into one of the most active and impactful venture capital investors in Australia.”

No replacement was named.

Dooley began in the role in November 2021, after heading ARA Infrastructure in Singapore, managing public and private investment across the Asia-Pacific region. 

“Grant has played a key role in driving Victoria’s innovation and economic growth by leading Breakthrough Victoria as it made important investments in priority sectors like advanced manufacturing and clean energy,” added Victorian economic growth minister Tim Pallas.

BV has funded numerous manufacturing enterprises, such as contract medical device developer Neo-Bionica, gut disorder diagnosis company Atmo Biosciences, and renewables business RayGen.

According to BV it has so far invested in 27 companies, one fund, and six university platforms, with committed capital of more than $350 million.

The resignation was first reported on Thursday by The Australian Financial Review, which has been a regular critic of BV and the perceived wastefulness and politicisation of the fund.

The newspaper noted in its report that BV “employs 42 staff [and] last year spent $10 million – including $1.55 million on consultants from PwC and EY – to invest $74 million, a rate venture capitalists warned was wasteful and uncommercial”.

Picture: Dooley (credit Breakthrough Victoria)

Further reading

Breakthrough Victoria invests in silicon chip company MILLIBEAM

Breakthrough Victoria backs Neo-Bionica

Breakthrough Victoria invests in gut gas detection startup

Breakthrough buys into balloon-based sensing business

Liquid Instruments attracts $15 million investment, will hire “dozens” at upcoming Melbourne site 

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