Breakthrough Victoria has appointed Rod Bristow as its new chief executive officer, managing the Victorian government’s $2 billion Breakthrough Victoria fund. He takes over from inaugural CEO Grant Dooley, who decided to step down in August 2024.
Bristow joins as the fund prepares for expansion, after securing a portfolio of 33 companies, totalling over $300 million of direct investment, and attracting $1.06 billion in co-investment. One of the most recent investments was $2.4 million into sustainable insect protein manufacturing company, Viridian Renewable Technology, a leader in the alternative protein space.
Breakthrough Victoria also founded the successful Jumar Bioincubator at CSL as well as the $100 million university innovation platform, now supported by five Victorian universities.
Bristow has more than 30 years of experience in stockbroking, asset management, wealth management, agribusiness and not-for-profit sectors. Prior to joining Breakthrough Victoria, he was CEO of Sydney and Singapore-based venture capital firm Investible.
“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,” said Bristow.
Breakthrough Victoria’s investments are fuelling economic growth across the state, with its portfolio companies collaborating with over 1200 local suppliers to bring innovations to market. The impact of these investments extends globally, as 57 per cent of portfolio companies are already exporting, with this number expected to grow to 83 per cent within the next year.
These achievements highlight the growing impact of the portfolio, but as the VC landscape remains challenging, the focus continues to be on long-term investment to drive sustained innovation and global success.
Breakthrough Victoria chair, John Brumby, said the board was thrilled to welcome Bristow.
“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,” said Brumby.
