Last Updated: Thursday 9 April, 2026
A new report from LaunchVic and our global data partner, dealroom.co, shows Victorian startups are attracting record levels of investment, leading the nation with $2.4 billion raised in 2025.
The Victorian Startup Growth Report reveals Victoria’s startup ecosystem has grown almost 20-fold over the past decade. The state is now home to 4,400 startups with a combined valuation of $139 billion.
In 2025, Victoria led Australia in venture capital raised, surpassing New South Wales for the first time – and continues to perform strongly against global peers such as Singapore, Stockholm, Berlin and Amsterdam.
Venture capital investment increased from AU$841.7 million in 2024 to AU$2.4 billion in 2025, making 2025 the second-strongest year on record for Victoria. However, growth was driven primarily by a small number of large late-stage megadeals, including Airwallex and Synchron. Early-stage capital fell year on year and is now similar to 2016 levels.
Victoria-based startups have created 66,900 jobs globally, with more than half located in Australia.
Small startups (fewer than 50 employees) account for approximately 38% of startup employment, underscoring the importance of early-stage companies in job creation.
LaunchVic-supported angel groups deployed AU$34.4 million in 2025, up from AU$30.4 million in 2024. Investment activity increased from 101 to 115 investments, supporting 76 startups.
Minister for Economic Growth and Jobs Danny Pearson said Victorian startups are attracting record levels of investment and delivering strong growth and job creation across the state.
“This is another vote of confidence in Victoria as a global business hub, while delivering high-quality jobs and boosting economic growth.”
LaunchVic CEO Dr Kate Cornick said Victoria’s startup sector is gaining momentum, but its impact goes far beyond the numbers.
“Startups are tackling major challenges like health and climate while turning bold ideas into commercial success that ripples through our industry, community and the wider economy,” she said.
