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The Victoria Venture Capital Report 2025 presents a data-driven analysis of the state’s venture ecosystem. Drawing on comprehensive funding data, the report highlights the trends, sectors, and challenges shaping Victoria’s startup growth, and examines the role of government, capital, and community in building a globally competitive innovation hub.
Victoria’s startup ecosystem continues to expand rapidly. The state is now home to around 4,400 startups, representing a 4.4× increase since 2017, with the ecosystem valued at $139 billion and responsible for 63,900 jobs created since 2004.
In 2025, Victorian startups raised $2.2 billion across 134 deals, representing a 2.9× increase from 2024 and the second-highest year on record. The surge in capital reflects renewed investor confidence and increasing activity in larger growth rounds, positioning Victoria as one of Australia’s most dynamic innovation hubs.
Key Highlights
$2.2B in total venture funding announced in 2025
134 total deals, including 112 venture and angel rounds and 22 accelerator investments
Second-highest deal count in Australia, trailing only NSW
Victoria recorded the highest share of capital raised across Australian states for the first time
37% of capital went to startups with at least one female founder, the highest level in recent years
A Strong Year for Venture Activity
Funding Performance by Stage
Victoria saw a shift toward larger rounds in 2025, with notable increases at the growth end of the market.
$20M–$49.9M rounds increased from 4 in 2024 to 17 in 2025
$50M+ rounds doubled from 3 to 6
Smaller rounds declined as investors concentrated capital in fewer, larger deals
Median deal sizes increased across every stage:
Pre-Seed median: $925K
Seed median: $3.2M
Series A median: $15M
Series B+ median: $40M
Sector Insights
Investment activity in Victoria remained concentrated in science-driven and capital-intensive sectors.
Top sectors by capital raised in 2025 included:
Fintech – $759M
Biotech / MedTech – $526M
Climate Tech / CleanTech – $208M
Healthtech – $165M
Biotech and MedTech also recorded the highest deal count, reinforcing Victoria’s global reputation in research-driven innovation.
Artificial Intelligence appeared less dominant as a standalone category, but 75% of funded startups incorporated AI into their products, reflecting AI’s growing role as an enabling layer across sectors.
Gender Equity in Funding
Participation Milestones
Victoria continues to lead Australia in female founder representation in venture funding.
37% of total capital went to startups with at least one female founder
Mixed-gender and women-led teams collectively accounted for a meaningful share of deals
Several large rounds involving female founders helped lift total capital participation
Challenges Remain
Despite strong participation overall:
All-female founding teams captured only 1% of capital in 2025
Early-stage deal participation by female founders declined compared with 2024
Later-stage rounds drove most of the gains in capital allocation
Government Support & Ecosystem Growth
Government programs and ecosystem initiatives continue to play a key role in Victoria’s startup development.
LaunchVic programs have:
Supported hundreds of founders through pre-accelerator and accelerator programs
Helped unlock more than $1.5 billion in private capital
Supported the establishment of 15 new VC funds targeting $570M in capital
These initiatives, combined with strong research institutions, industry partnerships, and a collaborative founder community, have helped Victoria maintain momentum as a startup hub.
Victoria’s Startup Ecosystem
Victoria’s startup scene is moving toward maturity. Strong growth in capital raised, a shift toward larger financings, and continued strength in science-led sectors demonstrate the ecosystem’s evolution.
With a growing founder base, increasing global relevance, and continued government and investor engagement, Victoria is strengthening its position as one of Australia’s most important centres for innovation and venture capital.
