Start-ups and investors claim they have been left in the dark by the Victorian government’s venture capital fund Breakthrough Victoria having its funding slashed.

The fund, led by former premier John Brumby, is expected to receive $1.68 billion over 15 years rather than the $2 billion over 10 years announced when the fund was launched, two senior sources at the fund told The Australian Financial Review on condition of anonymity because they were not authorised to speak publicly.