- Funding
Venture Capital Funds
In addition to direct investment, and grants, Innovation Victoria has a number of strategic investments in a series of leading Venture Capital funds.
Among them are Australia’s largest climate-tech capital firm, a fund led by a renowned oncology researcher and entrepreneur, a fund supporting underrepresented female and diverse founders, a North American fund focussed on Health and Life Sciences and a fund investing in emerging high-growth technology businesses.
All five funds have committed to allocating 25% of the total capital in each fund to Victorian companies.
This initiative adds to Innovation Victoria’s existing fund investment portfolio of Tin Alley Ventures, the Alice Anderson Fund and our seven University Innovation Platform partnerships.
Investing in Venture Capital funds strengthens Innovation Victoria’s pivotal role in transforming the Victorian economy by driving successful IP and research commercialisation. This solidifies IV as a cornerstone of the Victorian innovation ecosystem, supporting all stakeholders and ensuring innovative companies in Victoria have the capital they need to stay, grow, and fuel economic growth for the state.
The Funds
Virescent Ventures Fund II
Virescent Ventures is Australia’s largest and most active dedicated climate technology investor. Born out of the Clean Energy Finance Corporation (CEFC), Virescent Ventures manages more than $500 million across two funds and has made 40 investments to date. Its portfolio spans clean energy, sustainable agriculture, circular economy and smart cities.
Virescent Ventures Fund II is continuing to build on the successful track record of Fund I, investing from seed through to growth stages with a focus on maximising both emissions reduction and commercial outcomes. It has already invested into multiple innovative companies, including Victorian-headquartered companies Relectrify which has developed a world-leading battery solution, and Amber Electric which helps energy users maximise the value of their solar, batteries and EVs.
SYNthesis BioVentures Fund I
Established in Victoria by Professor Andrew Wilks, a renowned researcher and entrepreneur in the fields of oncology and haematology.
The overall theme is to identify a high-potential, scientifically robust pipeline of therapeutic assets, from early discovery through pre-clinical proof of concept and into clinical studies, leveraging the team’s expertise in immunology, immuno-oncology, and inflammatory diseases across multiple modalities and indications. Over 80 per cent of SYNthesis BioVentures’ investments are expected to be in Victoria, leveraging its extensive networks with the Victorian Medical Research Institutes.
Scale Venture Fund 1
Scale’s investment thesis is built on a compelling opportunity in the venture capital landscape: backing female founders. Although women-led startups are increasing, just 3 per cent of venture capital goes to all-women founding teams, and under 20 per cent to startups with at least one-woman co-founder.
Scale Investors was founded in Victoria twelve years ago as an angel syndicate network operating on a deal-by-deal basis. This unique foundation gave the team deep, hands-on experience in sourcing, backing, and supporting female founders—particularly those who are underrepresented and face unique challenges in accessing capital and networks.
Galileo Ventures Fund II
Galileo Ventures is a pre-seed and seed VC firm backing exceptional emerging founders building new technology. Galileo’s Fund I is a top decile fund with investments in leading Australian companies like Relevance AI, Andromeda and Tixel.
Galileo’s founder-led thesis backs our portfolio to expand globally with deep operational support. The firm believe in equitable access to partner-level feedback through a unique no-introductions-needed funding process. The Galileo portfolio has attracted investment from leading global funds, including Andreessen Horowitz, Insight Partners, and Peak XV, alongside top local VCs.
Galileo Fund II is a multi-sector, technology-focused fund investing $250,000 – $1 million into startups at their first rounds. Galileo’s investors include leading institutions, family offices, founders and operators from Australia and the US.
North American Health & Life Sciences Fund
The fifth and final investment will see Innovation Victoria make a cornerstone investment with a specialist North American health and life sciences fund manager as they launch their first Australian fund.
Established nearly 20 years ago, the fund manager has successfully launched five new healthcare funds since, deploying around $500 million USD into more than 100 portfolio companies with a global healthcare ecosystem view, successfully delivering more than 45 portfolio company exits for investors.
The manager’s Australian fund will be set up in Victoria and will see its portfolio companies Australian-domiciled or have material management operations, IP or other activities like R&D occurring in Australia. In addition, at least 25% of the portfolio must be based in Victoria, aligned to BV’s cornerstone capital.
Tin Alley Ventures
Innovation Victoria's first fund investment was in Tin Alley Ventures, a joint venture between Tanarra Capital and the University of Melbourne. It invests in high-potential ventures developed within the University of Melbourne ecosystem and supported the strongest startups to achieve successful exits and greater impact.
The Fund backs startups with strong future return potential, providing capital as well as the skills, networks and connections founders needed to grow their teams, develop commercial-grade products and services, acquire customers and expand globally.
Affiliated companies across the investment lifecycle are considered, from Seed through to Series A, Series B and pre-IPO.