Australia Venture & Startup Report 2025 (Dealroom)

Summary

• Australia is #1 globally in unicorns created per VC dollar invested, with 1.22 unicorns for every $1B invested.p.3
• Australia's tech sector has generated $360B in value, up 6.5x since 2018.p.5
• Australia is home to 6 decacorns and ranks #5 globally, despite raising <$34B in VC since 2000.p.7
• VC investment in Australia in 2024 held steady at $2.8B.p.13
• Fewer than 30 seed funds completed 5 or more deals in the past year, far below India (81), Europe (525) and the US (601).p.19
• Nearly 40% of early-stage capital in Australia comes from overseas, a higher share than in the United States and Europe.p.20
• Australia has 470+ VC-backed AI startups with a combined AI enterprise value of $11.7B.p.27

Key insights

1. The Australian tech ecosystem is the #2 fastest growing globally, with a combined ecosystem value of $360B growing 2.5x since 2020.p.3
2. Australia ranks #2 globally for VC-backed ecosystem value growth between 2020 and 2024.p.6
3. Australia ranks #8 globally for VC-backed exit value since 2020.p.9
4. The Australian tech sector is now the 3rd largest contributor to GDP, yet venture funding as a percentage of GDP is well below other developed market peers.p.11
5. Australian Seed and Series A valuations remain 25% lower than in the US.p.18
6. New South Wales captured 62% of all venture investment in Australia since 2020.p.16
7. Canva was most recently valued at $32B in a secondary transaction in Nov 2024.p.22
8. 2024 was Australia's second-largest year for venture-backed exits, fuelled by Blackstone's acquisition of AirTrunk in 2024.p.23
9. Combined AI enterprise value in Australia has grown 3.4x since 2019.p.27