Victorian Startup Growth Report 2024 (LaunchVic)

Summary

• The Victorian startup ecosystem reached a combined valuation of AU$132B in 2024, representing a 26.4x growth since 2016.p.5
• Victorian startups raised AU$842M in venture capital funding in 2024, with early-stage investment remaining stable.p.5
• Frontier tech accounts for 19% of total ecosystem valuation at AU$25.5B+ across 400+ startups.p.24
• University spinouts in Victoria are valued at AU$2.9B in 2024, up from AU$77M in 2014.p.27
• Victorian-based startups have generated 63.9K jobs globally, with 37.9K of those jobs located in Australia.p.6
• Victoria accounts for 47% of all $1B+ Australian unicorns founded since 1990.p.11

Key insights

1. Late-stage investment in Victoria has experienced a slowdown, recording no mega+ funding rounds of $250M+ over the last two years.p.5
2. Victoria hosts 608 of Australia's 1,181 enterprise software startups and 595 of its 1,195 health startups.p.13
3. International investors supply almost all the capital for late-stage funding rounds of AU$100m+ in Victoria.p.21
4. Frontier technology spinouts from universities generate 92% of Victoria's total spinout enterprise value.p.28
5. Small companies with 2 to 50 employees represent 36% of local startup employment, generating 13.6K jobs.p.32
6. The top five Victorian startup employers account for 20% of the local startup workforce with over 7.6K jobs.p.5
7. Startup companies founded after 2014 account for 46% of all Australian jobs created by Victorian startups.p.34