New Report Highlights Record Growth for Victorian Startups Announcements A new report from LaunchVic and our global data partner, dealroom.co, reveals Victoria’s startup ecosystem is growing rapidly and is on track to be one of the world’s leading startup hubs within the next five years. Victoria has outpaced key global hubs including Singapore, Sydney, Tel Aviv, Stockholm, Amsterdam and Berlin over the past decade. The Victorian Startup Growth Report highlights that Victoria’s startup ecosystem has undergone remarkable expansion with more than 3,500 startups now valued at $132 billion – a 26-fold increase since LaunchVic’s establishment in 2016. Our startup sector has also emerged as a powerful job creator, generating 63,900 new jobs since 2004. Victoria’s venture capital landscape has grown faster than the Australian and global average, with $841.7 million invested in startups over the past year, 7.5 times higher than in 2014 and outpacing the global average of 3.4 times over the same period. Victoria is home to more than 50 per cent of Australia’s startups across the Enterprise Software and Healthtech sectors, and a third of the nation’s Fintech startups are also based here. ‘Frontier technology’ which includes deep tech, biotech, and advanced manufacturing is now a leading segment in Victoria, highlighting the state’s strengths in innovation. The Victorian Startup Growth Report also shows that LaunchVic’s Alice Anderson Fund and Breakthrough Victoria are among the top 10 most active venture capital funds in the state, ranking 2nd and 6th respectively – demonstrating the impact of the Victorian Government’s support for the sector. Commercialisation of university innovation is also gaining pace with Victoria now home to around 180 university spinouts, making up 5 per cent of the state’s startups and contributing $2.9 billion in value. But our ecosystem still faces some hurdles. Pre-seed funding hasn’t kept pace with startup creation, and only 17% of seed-funded startups reach Series A (compared to 34% in Tel Aviv). Still, the long-term trajectory remains strong. LaunchVic CEO Dr Kate Cornick highlighted the momentum of Victoria’s ecosystem: “The report highlights the incredible growth of Victoria’s startup ecosystem since 2016. If we continue this trajectory for the next five years, we will be on par with some of the world’s leading startup hubs.” Download the full report
