Australia

Melbourne

Early-Globalization Phase
MEMBERS:
LaunchVic

We have seen the Victorian startup ecosystem rapidly mature in the last four years. Having a dedicated startup agency, LaunchVic, has been instrumental in helping to deliver the right support services to entrepreneurs, investors and talent.

Dr Kate Cornick
CEO at LaunchVic

Sub-sector Strengths

Life Sciences

Melbourne has more than 180 life science organisations equating to approximately US $12 billion in economic activity. Home to at least two locally bred life science success stories; Mesoblast, Clinuvel Pharmaceuticals, it is only one of three cities in the world to have two top 20 universities in the global biomedical rankings. Successes like these highlight the role of the BioMelbourne Network in fostering the Life Sciences sector, as well as the national Biomedical Translation Fund (BTF), which, in 2017, awarded a $5.7 million grant to SummatiX, a medical informatics startup.

Fintech

While Fintech startups account for just 7% of Victorian startups, they have emerged as some of Australia’s best startup success stories. Unicorn Airwallex ($160 million Series D in 2020), as well as scaleups Moula ($20 million in Series D in 2019) and Afterpay all originated here. In the last financial year, Victorian Fintech companies dominated key funding rounds, accounting for almost 80 per cent of the $2 billion allocated to Australian startups.

Why you should invest in Melbourne

TOTAL EARLY STAGE FUNDING
$363 m
GLOBAL AVG.
$431 m
ECOSYSTEM VALUE
$4.8 bn
GLOBAL AVG.
$10.5 bn
Top 15 APAC Ecosystem
Performance
Top 15 APAC Ecosystem
Talent
7
Exit Growth
INDEX
6
Investor Activity
INDEX
3
Funding Growth
INDEX

Reasons to move your startup to Melbourne

MEDIAN SEED ROUND
$541 k
GLOBAL AVG.
$494 k
MEDIAN SERIES A ROUND
$2.8 m
GLOBAL AVG.
$2.7 m
SOFTWARE ENGINEER SALARY
$56 k
GLOBAL AVG.
$42.1 k

Strong Tech Presence

Startups have access to corporate customers such as Alibaba, Google, and Amazon, which have local offices. Global unicorns such as Square, Zendesk and Stripe as well as local unicorn Airwallex call Melbourne home.

Inclusion

One in three founders are women; one in three founders are born overseas and 2% of founders are from indigenous peoples (representing 1% of the Victorian population).

COVID-19 Policy

The Victorian State Government has waived 2019/20 payroll tax for Victorian businesses with annual taxable wages of up to $3 million to assist them with their cash flow. The Federal Government’s $130 billion JobKeeper program is also assisting startups, subject to eligibility, to remain connected with their highly skilled people so they’re in a position to quickly restart operations post COVID-19.

Startup Community

Startup Genome
Members

Startup Genome
Partners

Potential(x)
ygap First Gens Accelerator Program
ASTN HeadStart
Cyrise
SBE Australia, Springboard Tech
SBE Australia, Springboard Life Sciences
SBE Australia, E3
Runway Hq
ACMI X
BioMelbourne Network
Inspire9
Rome2rio
Runway Geelong
Startup Bootcamp
Startup Victoria
York Butter Factory

Featured Articles from
Local Ambassadors

Daniel Shaw-Dennis
Daniel has over 20 years’ experience in technology and digital transformation. He has passion and experience growing organizations, enjoys the occasional keynote and a frequent coffee.
Daniel Shaw-Dennis | Ambassador
Would you like to be an ambassador in Melbourne?
Contact Us

Get connected

Are you interested in diving deeper into this ecosystem? Drop us a message. Our Ambassadors and Partners can plug you in.