维多利亚州创业增长报告——2025年回顾

Why this report? LaunchVic works with Dealroom to take a data led look at Victoriaʼs startup ecosystem.The report tracks how the ecosystem is growing, where value is being created, andwhat this means for jobs, investment and long term economic impact. UsingDealroomʼs global startup intelligence platform, it brings together a comprehensiveand comparable picture of Victorian startups and where we sit globally. “Startups are a key engine ofeconomic growth in Victoria.There are now close to 5,000startups founded since 1990employing 67,000 people.Early-stage companies aredoing much of that heavylifting, which is why continuedsupport for startup formationmatters.” This yearʼs report follows the full startup journey, from early stage formation throughto breakout and late stage scale. It looks at how investment, value and jobs areevolving across Victoriaʼs key sectors, and how startups are contributing to growth atdifferent stages of maturity. For an ecosystem of its size, Victoria continues to hold its own. When compared withsimilarly sized ecosystems such as Singapore, Stockholm, Berlin and Amsterdam,Victoria performs strongly on measures such as venture capital growth, value creationand job outcomes. Together, these insights help founders, investors, policymakers and institutionsunderstand how far the ecosystem has come and where the next opportunities are tosupport its next phase of growth. Leigh JasperChair of the BoardLaunchVic Scope of the report Benchmarking ecosystems The ecosystems of Tel Aviv, Singapore,Stockholm, Sydney, Amsterdam and Berlinprovide useful global benchmarks as to whatcan be achieved in Victoria, as they arecities/states with similarly sized populationsthat are also recognised as globally leadingecosystems. Change in report scope -VC and Demographics What is a startup? Throughout the report, “startup” is used tocommonly refer to all subtypes of eligiblecompanies, including startups, scaleups andunicorns. The majority of the datapresented in this report is made availableon the Victoria startup ecosystem database,which is powered by Dealroom inpartnership with LaunchVic. Previous editions of this report used acustom scope that combined all unicornswith a rolling 20-year cohort of VC-backedcompanies. This limited comparability toother global ecosystems and couldintroduce discrepancies as the time windowshifted each year. Report scope - Jobs The employment section of this report covers1.8K+ Victorian-based startups founded since2005 that have at least two employees inAustralia and contribute to local (Australian)startup job creation, and all unicorns HQ inVictoria, founded since 1990. Foreignstartups with a presence in Victoria andstartups that relocated out of Victoria areexcluded. The report draws on data collected as ofJanuary 2026 covering the year ending 31December 2025.When not specifiedotherwise, data is provided in AUD (referredto as AU$). In this edition of the Victoria report, VC anddemographics align with the methodologyused across Dealroomʼs global ecosystemresearch. The report now covers all unicornsand 900+ VC-backed companies HQ and/orfounded in Victoria since 1990, ensuringconsistent year-on-year analysis and directcomparability with other leading startupecosystems. Please refer to the methodology section at the end ofthis report for more details on our approach. What you need to know. Medtech & enterprisesoftware - Victoriaʼsleading sectors Victoria-based startupshave created 66.9k jobs Victorian startups raisedAU$2.4B in 2025 Victorian startups arenow worth combinedAU$139B Victorian venture capitalinvestment has grown 7.8x inthe last 10 years, faster than theGlobal VC average of 2.5x. 37.3k jobs created by Victorianstartups are based in Australia -56% of the total. Startups founded since 2004,along with unicorns, are nowworth a combined $AU139B, upfrom $7B in 2016. More than half of all AustralianHealth and Enterprise Softwarestartups are in Victoria. The majority of jobs created byVictorian startups are at smallcompanies of under 50 people.These companies collectivelyaccount for 14.1k Australianjobs. Whilst early-stage venturecapital has dropped over thelast few years, breakout capitalis at its highest since the recordyears of 2021-2022. Late-stageinvestment is at a record high ofAU$1.5B. 763 of 1,676 enterprise softwarestartups, and 708 of 1,610Health startups are in Victoria. The Victorian startup ecosystemhas grown 19.9x since 2016,faster than Singapore, and morethan twice as fast as Berlin, TelAviv, Amsterdam andStockholm. Health and Enterprise Softwareare the two mostventure-funded sectors globallyin the last three years, andperennially among the top threealong with Fintech. The top five employers accountfor over 8k jobs - 22% of theworkforce in Australia. 1Victorian startups in numbers 2VC landscape update3Jobs in Victorian startups Victorianstartups are nowworth acombinedAU$139B Relatively young startupsfounded between 2015 and201