The Victoria Venture Capital Report 2024 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 is maturing rapidly, with significant progress made in investment depth, government support, and founder-led innovation. In 2024, startups in Victoria raised $748 million across 130 deals, marking a 29% increase from the previous year. This growth, coupled with deep R&D roots and active government intervention, positions Victoria as a national leader in biotech, cleantech, and advanced hardware.
The report, prepared by Something Ventured and supported by LaunchVic and Cut Through Venture, provides essential insights for investors, founders, and policy makers.
Key Highlights
$748M in total venture funding, the second-highest in Australia
130 total deals, with 98 venture capital and 32 accelerator rounds
Victoria accounted for 19% of total national funding and 31% of reported deals
29% of deals included at least one female founder — the highest share on record
Median deal sizes increased across all stages except Pre-Seed
A Strong Year for Early-Stage Activity
Funding Performance by Stage
Seed and Series A deal sizes rose in line with national medians
Series B+ rounds rebounded modestly after a 2023 dip
Pre-Seed median fell ~25%, driven by a decline in $1M rounds
Surge in Under-$5M Deals
Small rounds (<$5M) rose significantly year-over-year
Moderate activity in the $10–$20M bracket, with 22 deals >$10M
Sector Insights
Victoria saw strong investment in R&D-heavy industries:
Unlike national trends, Fintech lagged in Victoria, while AI served as an enabler rather than a lead vertical.
Gender Equity in Funding
Participation Milestones
Mixed-gender and all-women teams hit 29% deal share
Victoria led all states in share of capital to women-led startups
Nine percent of funding went to all-women teams, up from 3% in 2023
Challenges Remain
No all-women teams featured in the largest funding rounds
Series B+ female participation remains below national average
Government Support & Ecosystem Growth
LaunchVic and state agencies played a pivotal role:
Supported 8 new VC funds and 1 angel network
Enabled $239M in private capital flow
Delivered investor education to 109 individuals
Maintained strategic programs like Base Camp and VC Catalyst
Victoria’s startup community is further bolstered by international trade offices, university partnerships, and regional incubators like RocketSeeder and SproutX.
Featured Startups of 2024
Alt. Leather – Bio-based leather alternatives for fashion and automotive
Gaia EnviroTech – Circular economy leader in anaerobic digestion tech
Humpday – IRL-first dating app tackling loneliness with psychology
Matched – Peer-matching platform for learning and growth
Deeligence – AI-powered legal due diligence automation
Dr Glitter – Crystalized oral health delivery format disrupting wellness
MoreGoodDays – Chronic pain digital therapy platform
Conry Tech – Smart HVAC systems redefining energy efficiency
Victoria’s startup scene is moving toward maturity. Strong early-stage momentum, an increasingly diverse founder base, and strategic government investment make Victoria one of Australia’s most dynamic regions for innovation.
