April 20, 2026
Victorian Startup Growth Report – 2025 review
A close look at Victoriaʼs startup sector, VC investment trends and value generation over time, across the startup lifecycle. Produced with LaunchVic.
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Selected charts
Companion charts derived from this report — open any chart in full-screen on the right side.
Victoria's VC nearly tripled in 2025 — overtaking NSW for the first time
Victorian startup VC raised, 2024 vs 2025 (AU$). $0.8B → $2.4B, led by megadeals Airwallex and Synchron — making Victoria #1 in Australia for the first time.
The two rounds that defined Victoria's 2025
Airwallex (Series F, US$300M) and Synchron (Series D, US$200M) raised a combined US$500M — the engine behind Victoria's record VC year.
While VC tripled at the top, Victoria's angel networks grew steadily
LaunchVic-supported angel groups: 101 → 115 deals (+14%), AU$30.4M → AU$34.4M deployed (+13%), backing 76 startups in 2025.