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Breakthrough Victoria was established with a bold mission: to back the ideas, technologies and companies that would shape Victoria's future prosperity. Over five years, it delivered on that mission, helping build one of Australia's most significant innovation investment portfolios and laying the foundations for the next chapter through Innovation Victoria.

By the time Breakthrough Victoria concluded operations on 30 June 2026, it had committed $529.3 million across 103 investments, supporting breakthrough research, high-growth companies, venture capital funds, the University Innovation Platform partnership with eight Victorian universities, and the Jumar Bioincubator.

Those investments helped create a portfolio with net assets of $824.2 million, generated a cumulative surplus of $246.2 million, and attracted more than $1.8 billion in private capital from investors in Australia and around the world. On average, 11 private sector co-investors participated alongside Breakthrough Victoria in every investment round, demonstrating strong market confidence in Victoria's innovation pipeline.

Beyond the financial results, Breakthrough Victoria's legacy can be seen in the companies it helped grow, the technologies it helped commercialise, the research it helped translate into real-world outcomes, and the jobs and industries it helped create across Victoria.

In its final year, Breakthrough Victoria reported a net result from operations of $165.8 million, net assets of $824.2 million, and management expenses of just $7.5 million, reflecting a disciplined and efficient approach to building long-term value. The organisation also achieved two successful investment exits and established a diversified portfolio spanning critical sectors of Victoria's future economy.

On 1 July 2026, Breakthrough Victoria merged with LaunchVic to form Innovation Victoria, creating a single organisation designed to support innovation from research and startup formation through to growth, scale and investment. The transition reflects the success of Breakthrough Victoria's original mandate and ensures its impact will continue through a new, integrated model focused on growing Victoria's innovation economy.

Breakthrough Victoria leaves behind a stronger innovation ecosystem, a growing portfolio of globally ambitious companies, and a proven model for attracting private investment into Victoria. Through Innovation Victoria, that momentum continues. Bringing together investment, ecosystem development and entrepreneurship under one organisation creates a powerful platform to accelerate innovation, back more Victorian founders and researchers, attract new capital, and strengthen the pathways that turn ideas into thriving businesses.

With deep ecosystem partnerships, a strong investment foundation and a statewide focus on commercialisation and growth, Innovation Victoria is well positioned to continue growing Victoria's innovation ecosystem, attracting investment, creating high-value jobs and contributing to the state's long-term economic growth and prosperity.

Today, the legacy of Breakthrough Victoria lives on in the founders, researchers, investors, companies and institutions it brought together, and in the stronger, more connected innovation ecosystem it helped build for Victoria. Its impact will continue to be realised through Innovation Victoria as the next generation of Victorian innovations, industries and success stories emerge.

To see the great work Innovation Victoria is continuing visit www.innovationvictoria.com .