Victorian startups worth $132 billion

The 2024 Victorian Startup Growth Report shows that Victoria’s startups are now valued at $132 billion. The report reveals Victoria is on track to be one of the world’s leading startup hubs within the next five years.

The state has also outpaced key global hubs including Singapore, Sydney, Tel Aviv, Stockholm, Amsterdam and Berlin over the past decade.

Startups are small, early-stage businesses that have the potential to grow fast. They may be run by one or two founders and create a unique and innovative service or product to disrupt the market.

This sector success is supported by the Victorian Government’s startup agency LaunchVic, established in 2016. The report shows that more than 3,500 startups have launched in Victoria since then – a 26-fold increase.

The report found that Victoria’s venture capital landscape has grown faster than the Australian and global average. More than $841 million has been invested in startups over the past year. This is 7.5 times higher than in 2014 and is outpacing the global average of 3.4 times over the same period.

Victoria is home to more than 50% of Australia's startups across the Enterprise Software and Healthtech sub-sectors. One third of the nation’s Fintech startups are also based here.

The Victorian Government’s Economic Growth Statement highlights Victoria’s plan to turbocharge investment and innovation in the state and drive job creation.

To read the full report, visit the Launch Vic website.