Victoria’s Startup Growth Report

Research

Victoria’s Startup Ecosystem is Growing

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Explore how Victoria is outpacing global startup hubs, driving job creation, and attracting investment.

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3,500+

Victorian startups

A$132B

Total ecosystem value

63,900

Employed globally by Victorian startups

Top sectors

Enterprise Software
HealthTech
Fintech

Victoria’s startup ecosystem is outpacing global hubs like Singapore, Sydney, Tel Aviv, Stockholm, Amsterdam, and Berlin, according to the Victorian Startup Growth Report 2024 by LaunchVic and Dealroom.co.

The report reveals that Victoria is now home to over 3,500 startups collectively valued at AU$132 billion—a remarkable 26-fold increase since 2016, when LaunchVic was established, and the ecosystem was valued at just AU$5 billion.

Key Insights from the Report:

Job Creation Powerhouse: Victoria’s startups have generated 63,900 jobs, with 59% based in Australia. Nearly half of local startup jobs come from companies founded in the last decade.
Increasing Venture Capital Investment: In 2024, AU$841.7 million was invested in Victorian startups—7.5X higher than in 2014, outpacing the global average growth of 3.4X over the same period.
Funding Challenges & Opportunities: While early-stage investment remains steady, pre-seed funding levels have remained unchanged since 2016. Late-stage investment continues to be a challenge, reflecting the ecosystem’s high proportion of early-stage startups.
Closing the Seed to Series A Gap: 17% of Victorian early-stage startups have successfully reached Series A, with significant growth ahead.
Top Sectors Driving Growth: Enterprise Software and HealthTech lead Victoria’s startup landscape, followed by Fintech—together accounting for 50% of Australian startups in these sectors.
University Spinouts on the Rise: Victoria is home to approximately 180 university spinouts, contributing $2.9 billion in value to the ecosystem.
Government Support Driving Growth: LaunchVic’s Alice Anderson Fund and Breakthrough Victoria rank among the top 10 most active VC funds in the state, demonstrating the impact of the Victorian Government’s investment in startups.