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The Victorian State Government's private investment company that has backed deep tech startups like Samsara Eco and Aravax now has fresh leadership as Rod Bristow, the former head of early-stage investment firm Investible, takes on the role of CEO at Breakthrough Victoria.
Bristow resigned from Investible in August last year, around two weeks after Breakthrough Victoria's then-CEO Grant Dooley announced his departure following a three-year stint with the group.
To date Breakthrough Victoria has secured a portfolio of 33 companies through $300 million of direct investment, as well as attracting $1.06 billion worth of co-investment. It is also the founding funder of the highly successful Jumar bioincubator labs at CSL (ASX: CSL) as well as the $100 million University Innovation Platform, now supported by five Victorian Universities.
Almost one in every five portfolio companies at Breakthrough Victoria overlap with Investible's portfolio, including Bygen, Eden Farm, JigSpace, Kite Magnetics, Quantum Brilliance and Xefco.
Bristow joins the group with more than 30 years’ experience encompassing the stockbroking, asset management, wealth management, agribusiness and not-for-profit sectors. As of late 2024 he also sits on the board of leading crowdfunding equity platform Birchal.
"My focus will be building on the strong foundations the team and the Board at Breakthrough Victoria have laid and, on behalf of all Victorians, contributing to its ongoing growth and success," says the incoming CEO.
Breakthrough Victoria highlights the economic growth its portfolio companies are fuelling across the state, collaborating with more than 1,200 local suppliers to bring innovations to market.
The impact of these investments also extends globally as 57 per cent of portfolio companies are already exporting, with 83 per cent planning to do so within the next year. Additionally, 88 per cent have commercialised Victorian intellectual property (IP) or innovations.
"I congratulate Rod on his appointment and look forward to him building on Breakthrough Victoria’s strong performance that has generated more than $1 billion in private investment - improving lives, creating jobs and bolstering economic growth in Victoria," says the state's Minister for Economic Growth, Danny Pearson.
"We are thrilled to welcome Rod to Breakthrough Victoria, with his proven track record in Venture and leadership, we are confident that he will build on our strong foundations, continuing our work investing in innovation and delivering positive and sustainable environmental, social and economic impact for Victorians," adds Breakthrough Victoria chair John Brumby.
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