Victoria's Startup Ecosystem 2023 - LaunchVic

Victoria’s Startup Ecosystem 2023

Victoria’s startup value reaches $100 billion+ despite VC slowdown

A new report by LaunchVic and global startup and VC platform has found Victoria’s entire startup ecosystem value has jumped from $91B to $103B in the past year.

After a couple of record years VC investment in Victorian startups has returned to 2018 levels, with $668M of VC investment reported as being raised between January and November 2023. This reflects a global downturn in VC funding.

Rounds between $15M and $100M remain above pre-pandemic levels, while there have been no mega rounds of $100M+ in 2023. Early-stage funding continues to remain below $100m investment per annum, with little movement since 2016.


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Enterprise value


Jobs created globally


Startups and scaleups in Victoria


Ecosystem growth since 2016

“This year has been tough for startups attracting venture capital. Despite this, Victoria’s ecosystem has continued to grow with a valuation now greater than $100B and a total jobs increase of 12.5 per cent since the last employment report in 2020.”

Dr Kate Cornick, CEO, LaunchVic