Breakthrough Victoria Fund

Breakthrough Victoria Fund

What is the Breakthrough Victoria Fund?

The Breakthrough Victoria Fund is an initiative to drive investment in translational research, innovation and commercialisation outcomes to accelerate growth in key industry sectors and create jobs.



The $2 billion Breakthrough Victoria Fund will drive investment in research, innovation and commercialisation.

Key industry sectors will be:

  • health and life‑sciences
  • agri‑food
  • advanced manufacturing
  • clean economy
  • digital technologies

This Fund is expected to catalyse significant investment from other industry, university and government sources and is expected to create 15,700 new jobs over 10 years.

The Victorian Government has established a new company, Breakthrough Victoria Pty Ltd, to oversee the Fund. The company, overseen by an expert independent board, will develop an investment plan to identify priority investments and facilitate partnerships between industry and research institutes.

The company will harness the expertise of leaders from industry, business, knowledge institutes and the finance sector. It will also draw on best-practice approaches from other leading jurisdictions.



We know Victoria has some of the best scientists and knowledge institutes in the world, producing some of the best research – that’s why investing now is critical to accelerate translational research, innovation and commercialisation outcomes.

This approach is estimated to create 15,700 jobs over 10 years in key industry sectors such as agri-food, advanced manufacturing, clean economy, health and life sciences, and digital technologies.

The Fund will cement Victoria’s international reputation as a destination for investment, research and global talent.



Up to $2 billion funding will be available.


Eligible Projects

The Breakthrough Victoria Fund will support research and development adoption and commercialisation outcomes across Victoria. It will support projects delivered in partnership with knowledge institutes and industry stakeholders, anchored at key innovation and employment precincts, including Parkville, Arden Macauley, Fishermans Bend, Latrobe Bundoora and Monash Clayton.

Investments will prioritise projects that have strong commercial potential to accelerate productivity, grow exports, support domestic manufacturing and create jobs.

An investment plan will be developed to guide the Fund’s investments. This plan will focus on projects that foster collaborative partnerships between industry, business and research institutes to deliver sector-wide, or multi-sector, benefits.

State funding will seek to leverage contributions from industry, research institutes and other partners, including from the finance and philanthropic sector.



It is anticipated that the first investments will be made in calendar 2021.


More Information


Latest News

3 December 2021 – Bold new agenda to keep Victoria at forefront of innovation

The Victorian Government recently launched a bold new plan to keep Victoria at the forefront of innovation, drive economic growth and create thousands of jobs for generations to come.

The Innovation Statement details plans and investments to propel the state forward, including six clear actions areas that will guide future investments.

Six action areas:

  1. Capitalising on our research and innovation potential
  2. Developing our talent
  3. Cultivating our startup ecosystem
  4. Growing our innovation precincts
  5. Taking Victorian innovation to the world
  6. Delivering innovative services for Victorians

Front and centre of the new agenda is the government’s landmark $2 billion Breakthrough Victoria Fund, which will bridge the gap between discovery and commercialisation and mobilise innovation across key growth sections.


25 November 2021 – Breakthrough Funding To Boost Biotech Start-Ups

Biotech start-ups in Melbourne are set to benefit from a new incubator in Parkville thanks to a substantial investment from the Andrews Labor Government’s Breakthrough Victoria Fund.

The fund’s first investment will help local start-ups overcome barriers to turning ideas into commercial outcomes by providing vital access to sophisticated technology platforms and expert technical support.

The new facility – worth a total of $95 million – will have capacity to host up to 40 biotech start-ups at a time. It will be located within the Parkville Biomedical Precinct and capitalises on existing infrastructure investments.


06 November 2021 – 3D Medical Printing Revolution Win For Patients, Workers

Personalised medical devices such as hips, spines and knees will be made in Victoria thanks to new support from the Andrews Labor Government to expand a world-class 3D medical manufacturing facility in Port Melbourne.

Minister for Innovation, Medical Research and the Digital Economy Jaala Pulford said the new investment will enable Melbourne-based 3DMEDiTech to transform its existing facility, supercharging Victoria’s advanced medical manufacturing sector and reducing wait times for Victorians needing implants.

The project will create 91 new highly-skilled jobs for Victorians and accelerate the commercialisation of new medical technologies. 3DMEDiTech’s Port Melbourne base will be one of the largest and most advanced 3D personalised medical manufacturing facilities of its kind in the world – and the only one in Australia.


28 October 2021 – Investment Expert To Lead Breakthrough Victoria

Investment in research, innovation and growth is set for a big boost in Victoria with the appointment of experienced international funds manager Grant Dooley as Chief Executive Officer of Breakthrough Victoria.

Grant Dooley will manage the $2 billion Breakthrough Victoria Fund. The fund will drive investment in key industry sectors such as health, life sciences, agri-food and advanced manufacturing. Mr Dooley was previously an Executive Director and Head of Asia for Hastings Funds Management.


23 September 2021 – Renowned Scientists Added To Scientific Advisory Group

Melbourne’s mRNA capabilities are being boosted with the addition of Professor Ricky Johnstone and Dr Minna-Liisa Änkö. Their additions come hot on the heels of a fellow SAG member Dr Barney Graham being named by Time Magazine as one of the world’s 100 most influential people.

The Scientific Advisory Group is harnessing the expertise of its members and, in consultation with mRNA Victoria, supporting the development of mRNA vaccine manufacturing and research.

Victorian Government is investing $50 million to build mRNA capability, which will equip Australia with vaccine support for protection against coronavirus and future pandemics.


19 September 2021 – New COVID Immunity Test is being developed to keep the community safe

A new finger prick test that can quickly assess a person’s immunity to COVID-19 and whether they need a coronavirus booster shot is being developed with funding support from the Victorian Government.

The COVID-19 NAb-Test shows the level of immunity present in individuals. It will also be able to predict a person’s immunity to new and emerging variants of COVID-19.

The COVID-19 NAb-Test is still at the prototype stage but could benefit Victorians within the next year. It was funded through a $500,000 grant as part of a $31 million investment into coronavirus research, world-leading experts from the Burnet Institute and Doherty Institute developed the test inside 12 months.



15 July 2021 – Victorian Partnership Produces Global Health Solutions

An innovative Andrews Labor Government partnership with industry and academia has been extended, with Victorian medical researchers and early-stage medtech entrepreneurs producing results that are changing lives.

Established in 2018, the Johnson & Johnson Innovation Partnering Office is a public-private collaboration between the Government, Johnson & Johnson Innovation LLC and Monash University.

The Partnering Office works with emerging pharmaceutical, medical device, healthcare companies and academic researchers across Victoria to provide commercialisation training and networking support at no cost, to accelerate life-science research towards commercialisation.



17 June 2021 – Renowned Scientists Lead mRNA Victoria Advisory Group

Leading global vaccine experts have been enlisted to provide advice on Victoria’s mRNA manufacturing capability. Dr. Barney Graham is the Deputy Director of the Vaccine Research Center at the National Institutes of Health in the United States, and he collaborated with the American company Moderna to develop their mRNA vaccine.

The Victorian government is investing $50 million to develop mRNA capability, which will provide Australia with a competitive advantage. The creation of the new body solidifies the Government’s commitment to driving innovation and research, building on the establishment of the $2 billion Breakthrough Victoria Fund.



24 March 2021 – John Brumby on Victoria’s $2b innovation fund

Victoria’s $2 billion commercialisation fund will lead to a “quantum shift” for the state, according to former Premier John Brumby, who will chair the new fund.

The Breakthrough Victoria Fund, which will provide funding to local companies for R&D adoption and commercialisation over the next decade, is now up and running with the government establishing a new company and appointing its board and chief executive officer.


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