About this programme
Breakthrough Victoria is a Victorian Government-owned investment company that backs commercially scalable innovation with a clear benefit to the state's economy and wellbeing. It was set up to provide patient capital across the full lifecycle of an idea, from research translation through to growth-stage expansion, rather than a single grant round or one-off scheme.
The fund invests as an equity investor, not a grantmaker. It looks for genuinely innovative ideas that solve a real problem or disrupt an existing market, backed by a strong founding team, evidence of progress, and a plan that scales. Priority sectors are advanced manufacturing, agri-food, clean economy, digital technologies, and health and life sciences, with advanced manufacturing and agri-food currently emphasised.
Breakthrough Victoria is in the process of merging into a new entity, Innovation Victoria, and its site now points visitors toward innovationvictoria.com for that transition. The pitch process and investment stages described here are what the official Breakthrough Victoria pages currently document; founders should expect the Innovation Victoria site to become the primary reference as the merger completes.
Companies of any growth stage can apply, including businesses based outside Victoria, provided the investment supports their expansion into the state. Applicants need an established business entity and documented access to, or ownership of, the relevant intellectual property before submitting a pitch.
How it works
Breakthrough Victoria invests at three main stages, each with a typical (not guaranteed) cheque size: Research Translation & Pre-Seed for early-stage, largely pre-revenue founders, around $150,000; Venture Capital for high-growth emerging businesses nearing revenue, in the $1-5 million range; and Growth Capital for mature businesses expanding operations, in the $10-15 million range.
Beyond direct company investment, Breakthrough Victoria also makes platform investments, co-invests through funds, and runs a Fellowship Program — routes that sit alongside the three core stages rather than replacing them.
The fund expects other investors in the round. It caps its own participation at no more than one-third of a funding round, so it structurally requires co-investors and will not crowd out the rest of the capital stack.
Support after investment scales with the size of the equity stake — this can include a board seat, observer rights, or access to Breakthrough Victoria's network, and follow-on investment is possible as a portfolio company grows.
Who can apply
Companies at any growth stage are welcome to apply, from pre-seed through to growth-stage. Businesses that are not based in Victoria can still apply if the investment will fund their expansion into the state.
Breakthrough Victoria does not provide grant funding — every investment is equity, so applicants need to be comfortable giving up a stake in the business in exchange for capital.
Applicants must have an established business entity in place, and documented access to or ownership of the intellectual property underpinning the venture.
How to apply
- Submit a pitch deck through the online form on the Submit Your Pitch page (breakthroughvictoria.com/submit-your-pitch/).
- The Breakthrough Victoria investment team reviews and assesses the submission.
- Shortlisted proposals go through detailed due diligence.
- The investment team prepares an investment recommendation memo.
- The Investment Committee reviews and approves (or declines) the proposal.
- The Board approves the investment and a term sheet is issued.
- Once invested, the company receives ongoing portfolio support from Breakthrough Victoria.
Documents you’ll typically need
- Pitch deck covering: the problem being solved, the innovative solution, market size and entry strategy, competitive advantage, progress to date, financial sustainability model, team qualifications, Victoria-specific impact, and the funding amount requested with intended use.
- A detailed pitch-deck checklist is available for download from the Submit Your Pitch page.
Frequently asked
Does Breakthrough Victoria give grants?
No. Breakthrough Victoria invests as an equity investor only — every deal involves giving up a stake in the company in exchange for capital. There is no grant option through this program.
Can a business based outside Victoria apply?
Yes. Companies that are not headquartered in Victoria can apply, as long as the investment is intended to fund the company's expansion into the state.
How much can we ask for?
It depends on the stage of the business. Research Translation & Pre-Seed investments are typically around $150,000; Venture Capital investments typically run $1-5 million; Growth Capital investments typically run $10-15 million. These are typical figures on the official page, not fixed ceilings.
Do we need other investors already committed?
Breakthrough Victoria expects co-investors to be part of the round and will not put in more than one-third of the total raise, so the application should reflect a realistic path to the rest of the capital, even if it isn't fully locked in yet.
What happens after we submit a pitch deck?
The investment team assesses the submission, and shortlisted companies move into detailed due diligence, followed by an investment recommendation memo, Investment Committee review, and Board approval with a term sheet if the deal proceeds.
Is Breakthrough Victoria still the right place to apply, given the Innovation Victoria transition?
As of the official site, Breakthrough Victoria is in the process of becoming Innovation Victoria, and the Submit Your Pitch process described here is what is currently live on breakthroughvictoria.com. Check innovationvictoria.com directly for the latest status before applying, since the entity and process may have moved by the time you read this.
What sectors does Breakthrough Victoria prioritise?
Advanced manufacturing, agri-food, clean economy, digital technologies, and health and life sciences, with advanced manufacturing and agri-food currently emphasised on the official pitch page.
Reviewed 2026-08-16. Programmes change — confirm current eligibility, amounts and deadlines on the official page before you apply. CapEasy is a private consultancy and is not affiliated with any government authority.