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.
Key findings
- Victorian startups are now worth a combined AU$139B, up from AU$7B in 2016, with the 2015 to 2019 founding cohort accounting for AU$41B of that value.
- Victorian startups raised AU$2.4B in 2025 and led Australia on VC funding for the first time in five years, ahead of New South Wales at AU$2.3B.
- Victorian venture capital investment grew 7.8x over the last 10 years, three times the global average of 2.5x.
- Only 17.6% of Victorian seed-stage startups go on to raise a Series A, sixth among seven peer ecosystems and half the 35.3% rate in Tel Aviv.
- Victoria-based startups have created 66.9K jobs, 27.3K of them in Victoria and 29.6K in the rest of the world, so 44% of the employment they create sits overseas.
Get the complete report
Fill out the form below to access the full report.
Selected charts
Companion charts derived from this report — open any chart in full-screen on the right side.
Victoria's VC nearly tripled in 2025 — overtaking NSW for the first time
Victorian startup VC raised, 2024 vs 2025 (AU$). $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.