"Sydney has the best of both worlds — world-leading economic strength and lifestyle, making it the best place in the world to grow a startup."
Sydney’s close-knit but fast-growing startup ecosystem had a banner year in 2021. More than AU$10 billion ($7.6 billion) was invested in Australian firms across 682 deals, three times the AU$3.1 billion ($2.3 billion) invested in 2020. Among the largest of these deals was the $231.5 million that Sydney-based sustainable Bitcoin mining company Iris Energy raised in its Nasdaq IPO in November. Plant-based meat company v2food raised an AU$149 million ($113 million) Series B in August 2021, while Harrison.ai raised a AU$129 million ($98 million) Series B in December 2021. Not long after, in February 2022, HR platform Employment Hero raised AU$181 million ($137 million) in a Series F round, which put its pre-money valuation at AU$1.07 billion.
Home to unicorns Canva and Zip Co, Sydney’s startup ecosystem is also attracting international investment. Early-stage investment firm The Fund announced in 2021 that it is expanding to Australia. The Fund is targeting $3.5 million and will invest in approximately 40 startups.
The Network Readiness Index, which ranks the application and impact of information and communication technology in economies around the world, placed Australia #13 out of the 130 economies on its 2021 list. The UNCTAD Technology and Innovation Report 2021 ranked Australia #12 overall and first in skills. SIGGRAPH Asia announced that Sydney would host its 2023 conference and exhibition.
Ecosystem by the Numbers
Reasons to Move Your Startup to Sydney
Quality of Life
The 2021 Cities of Choice ranking placed Sydney at #10 in the world for quality of life, with it being cited as an example of a “comfortable city.” The NSW Government is extending Sydney’s affordable rental housing scheme, and the city aims to add over 10,000 affordable rental properties in the next 15 years, with 600 currently in the pipeline.
Supportive Business Environment
Selected Startup Organizations
Startup Genome Members
Featured Articles from
Are you interested in diving deeper into this ecosystem? Drop us a message. Our Ambassadors and Partners can plug you in.