An estimated $30 million investment by the Victorian government’s troubled venture capital fund Breakthrough Victoria turned sour after beneficiary Seer Medical was forced to slash jobs amid a cash flow crisis.
The revelation adds to pressure on the three-year-old fund, which is facing calls to wind itself up amid board ructions and a struggle to find suitable recipients for its $2 billion in taxpayer funds.
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Tom Richardson writes and comments on markets including equities, debt, crypto, software, banking, payments, and regulation. He worked in asset management at Bank of New York Mellon and is a member of the CFA Society of the UK as a holder of the Investment Management Certificate. Connect with Tom on Twitter. Email Tom at tom.richardson@afr.com
Patrick Durkin is Melbourne bureau chief and BOSS deputy editor. He writes on news, business and leadership. Connect with Patrick on Twitter. Email Patrick at pdurkin@afr.com
