This time last year, we expressed optimism that confidence among founders and investors would return in 2024 and that the worst was behind us.
2024 has delivered on that promise, with $4.0 billion in announced funding and a reinvigorated ecosystem brimming with optimism for the year ahead.
Cut Through Venture and Folklore Ventures gathered input from over 100 industry experts and analysed nearly 1,000 survey responses to provide deeper insights.
The report sources data from public announcements, direct disclosures to our team, and ASIC filings.
The report tracks new market-driven capital inflows into startups, excluding venture debt and secondary transactions. Venture debt is omitted as it is not equity funding, while secondary transactions – though important liquidity events for investors, founders, and employees – do not provide fresh capital to the business. Grants, while a valuable resource for startups, are not included as they do not reflect market-driven investment activity.
Separating these deals is complex and time-intensive, often requiring direct conversations with founders and investors due to opaque and non-standard reporting. As with all private market reporting, some finer details of individual transactions may not be fully validated. However, given the rigor of its processes, the Report team is confident that this is the most accurate representation of primary equity capital flowing into Australian startups.
In the report, we examine the funding trends that shaped 2024 and highlight the bright spots and opportunities for the Australian startup ecosystem in 2025. We hope you enjoy it.
Thank you to our supporters.
And the 92 organisations who contributed their insights.
This report would not be possible without the generous support of countless individuals and organisations who helped make it happen.
Chris would like to give thanks to Simon McKendry, Rhianna Dunn, Alister Coleman, Rochelle Ritchie, Laura Warden, Kristine Pangilinan, Haris Qureshi, Jamyson Gouveros, Esha Arora and Ananya Dave for their time and generosity in compiling the fourth edition of The State of Australian Startup Funding.
