Rod Bristow Takes the Helm at Breakthrough Victoria, Poised for Growth and Impact
Breakthrough Victoria has appointed Rod Bristow as Chief Executive Officer, marking an exciting new chapter in the organisation's growth. With a distinguished track record in finance, investment and environmental markets, Bristow is well-positioned to build on Breakthrough Victoria’s success.
Bristow joins Breakthrough Victoria at a time of significant momentum. The fund has secured a portfolio of 33 companies, direct investment of over $300 million and attracting $1.06 billion in co-investment. The companies supported by Breakthrough Victoria are not only fostering innovation but also boosting the wider Victorian economy, engaging over 1,200 local suppliers and exporting to global markets.
Breakthrough Victoria is also the founding funder of the highly successful Jumar bioincubator labs at CSL as well as the $100m University Innovation Platform, now supported by five Victorian Universities.
A Leader with a Passion for Impact
Bristow, who most recently served as CEO of Sydney and Singapore-based VC firm Investible, brings over 30 years of experience across stockbroking, asset management, wealth management, agribusiness, and the not-for-profit sector. His career has been defined by embracing innovation and a deep commitment to the intersection of capital and impact, making his move to Breakthrough Victoria a natural fit.
“I was drawn to BV’s overt approach to making a difference,” Bristow said. “The opportunity to deploy capital that has a positive impact outcome for Victoria and Victorians is an exciting mission to be part of.”
His career trajectory has been anything but conventional. Beginning in the timber industry, he later co-founded an environmental management business (being part of the team that completed Queensland’s first carbon trade in 2001) before moving into financial services.
Working with Australia’s largest financial institution opened his eyes to the transformative power of capital when directed strategically. This experience, combined with his time in not-for-profit and leading investment teams deploying across multiple asset classes, has shaped his belief in alternative assets and venture capital in particular as a tool for economic, and social and environmental progress.
A Strong Foundation to Build On
Breakthrough Victoria’s portfolio companies are making significant strides in their respective fields, demonstrating real-world impact and innovation.
Breakthrough Victoria invests in innovation and entrepreneurs to bring transformative technologies to market. This impact is being felt globally, with 57% of portfolio companies exporting and 83% planning to within a year. Additionally, 88% commercialise Victorian IP or innovations*.
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.
A Vision for the Future
Bristow sees Breakthrough Victoria playing a critical role in addressing the state’s economic challenges by driving investment into high-potential sectors delivering growth, now and into the future. He emphasises the importance of co-investment with the private sector, recognising BV’s ability to crowd in private investment and support companies with long-term, patient capital.
“We're not the single solution to future economic, social and environmental benefit for Victoria, but we're certainly part of it,” he said. “The ability for government investment to work alongside private venture capital and the wider investment community to back sectors that otherwise may not receive investment is highly synergistic.”
Looking ahead, Bristow envisions Breakthrough Victoria evolving into an evergreen, perpetual fund deploying hundreds of millions of dollars annually. He is keen to leverage his experience and understanding of global investment models, ensuring BV’s approach is agile, strategic, and impactful.
“We’re early in our investing journey,” he acknowledged. “Key focus areas will include identifying and investing in founders and companies aligned to our mission and supporting to successfully exit, delivering a strong capital recycling model. Execution is key—we can have the best strategy in the world, but without great execution, it’s just theory.”
Getting to Work
For Bristow, immediate priorities include getting to know the BV team, understanding the organisation, and strengthening strategic partnerships across the VC and wider investment landscape. He recognises that Breakthrough Victoria’s success will be built on collaboration, both with co-investors and the broader ecosystem.
“There are organisations worldwide that have been on this journey before us. We need to learn from them, understand what worked and what didn’t, and apply those lessons to our own strategy.”
As he settles into the role, Bristow remains focused on the bigger picture: delivering impact, creating opportunities, and ensuring Breakthrough Victoria is a powerhouse of innovation and growth for years to come.
“I’m ready to get my feet under the desk,” he said. “There’s a lot to do and a bold mission to achieve and I can’t wait to get started.”
*Figures as at June 30, 2024.