Startup Genome Report: Melbourne Rises Quickly up Global Ranking

Last Updated: Friday 16 June 2023

Despite a global slowdown, Melbourne’s startup ecosystem has continued to perform against other global cities in the Global Startup Ecosystem Report 2023 (GSER) released today.  

The GSER analysis showed Melbourne has jumped an impressive six places to #33, to be one of the fastest climbing, behind Singapore (+10 spots to #8), Miami (+10 spots to #23), and Zurich (+10 spots to #36).

The report also shows that Melbourne’s early-stage ecosystem value has jumped from $23.6B (AUD) in 2022 to $36.9B (AUD) in 2023 – a 56 per cent jump in the past year.

The number of early-stage deals in Melbourne grew 29%, exits over $50 million grew 27%, and exits over $1 billion grew 50%. Total early-stage funding has risen to $1.4B – this is a 23 per cent increase from last year’s amount of $1.1B.

Melbourne performed strongly in talent, experience and knowledge and is ranked as a top 25 ecosystem in the category. Its universities produce a strong talent pipeline through its deep pool of work-ready graduates from world-class education institutions.

It was also recognised for its sub-sector strengths in Life Sciences, Fintech and AI, Big Data and Analytics

LaunchVic CEO Dr Kate Cornick said the GSER results are an important benchmark to measure the growth of the Victorian startup ecosystem.

“While global market conditions are really challenging Melbourne’s startup ecosystem has bucked a global trend and is continuing to grow. This is an exciting time to be part of the startup sector,” she said.

JF Gauthier, Founder & CEO of Startup Genome said despite recent downturns in investment, this report shows that lean times can often produce high-performing startups.

“Despite current economic challenges, we are confident that, equipped with the right knowledge, entrepreneurs, policymakers, and community leaders everywhere can leverage opportunities to come together and show how innovative technologies can not only continue to drive growth and job creation.”

Access the full report here.