Victoria surpasses NSW in venture capital funding
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The news: Victoria has overtaken New South Wales for the largest share of venture capital raised for the first time in 2025, according to the Victorian Venture Capital report.
The context: Total startup funding in Victoria has reached $2.2 billion across 134 deals, a 2.9x increase from the previous year and marks the second-highest annual result on record for the state.
Victoria is now home to about 4,400 startups, representing a 4.4x increase since 2017. The sector has generated 63,900 jobs since 2004.
What they said: Cut Through Venture founder Chris Gillings said that throughout the history of venture capital in Australia, NSW has held the ‘default’ badge as the national leader. He said 2025 reflects years of sustained support for Victorian startups and serves as a reminder that every state must continue to prioritise the innovation economy to remain competitive.
The source: Cut Through Venture media release
