The National Reconstruction Fund (NRF) has kicked off the year in explosive fashion, leading a $217 million Series E funding round in rocket manufacturer and newly minted unicorn Gilmour Space Technologies.
After three years in operation, the federal government’s manufacturing investment vehicle is finally showing signs of the vision outlined by former industry minister Ed Husic, who argued that “the march of modern economies is one towards the complex”.
That has not come without turbulence.
The NRF Corporation has already weathered whistleblower allegations, first reported by Capital Brief, of governance failures and a workplace culture marked by high staff turnover and low morale. An investigation ultimately cleared the fund of serious misconduct.
A separate audit by the Australian National Audit Office found the fund had deployed millions of dollars without a formal financial strategy and failed to obtain conflict-of-interest declarations from suppliers involved in due diligence.
