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Innovation. Investment. Impact.
The NSW Venture Capital Report 2024 offers a comprehensive analysis of the state’s venture funding landscape, revealing why New South Wales continues to lead Australia's innovation economy. Drawing on verified data from Cut Through Venture and firsth and insights from founders and investors, this report explores funding trends, sector performance, gender equity, and the evolving startup ecosystem in NSW.
A Snapshot of NSW's Venture Landscape
$2.6 billion in venture funding across 203 deals in 2024 — 65% of national capital
NSW produced 7 of the 8 Australian mega-deals over $100M
Fintech, Climate Tech/CleanTech, and Cybersecurity led sector performance
Pre-Seed and Seed deal sizes reached record highs, with NSW median deal sizes outpacing the national average across all stages
NSW's National Leadership in Innovation
NSW secured 57% of Australian venture capital from 2000–2024, despite representing just 31% of national GDP
Home to 17 global tech unicorns, with another 28 in the pipeline
$39B in annual Gross Value Added (GVA) from innovative firms — more than mining and agriculture combined
2024 Funding Trends
Funding Growth
2024 marked an 18% increase in total capital raised compared to 2023
Deal volume rebounded to late-2022 levels, driven by outlier deals and record early-stage activity
Sector Performance
Fintech and Climate Tech/CleanTech were top sectors by both capital raised and deal count
Biotech/MedTech and Deep Tech also saw strong investment growth
AI remained a key enabler, embedded across high-growth verticals rather than as a standalone category
Sector Investment Breakdown
Female Founders and Funding Equity
23% of 2024 deals included at least one female founder — a record high for early stages
However, <1% of total capital went to all-women teams, with no women-led company featured among the 13 largest rounds
Representation dropped sharply post-Seed stage, pointing to persistent structural barriers
Ecosystem Strengths and Challenges
Why Startups Choose NSW
Strategic infrastructure, access to talent, and scale-up expertise
Growing density of global SaaS leaders, AI innovators, and deep tech networks
Supportive founder community and vibrant startup hubs
Areas for Improvement
Gaps remain in Series B+ capital and support for advanced manufacturing
Reduction in grant funding and startup support infrastructure raised concerns
Equity in funding allocation remains an urgent challenge
Featured Startups
Some of the high-growth companies shaping NSW’s startup future:
Axify AI – Agentic AI for customer service
Cauldron – Continuous fermentation biotech
QuantPS – AI-based real estate agent valuation
Humpday – Psychology-backed dating app
MadeComfy – Tech-driven short-term rentals
Download the Report
Explore full funding data, sector insights, and founder perspectives shaping the NSW startup landscape.
