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Victorian government-backed startup agency LaunchVic will support seven venture capital (VC) funds and back pre-accelerator programs at four universities as part of a $3.75 million investment to strengthen the state’s startup ecosystem.
At the 2025 Victorian Startup Gala last night, Minister for Economic Growth and Jobs Danny Pearson revealed $2.1 million in funding for VC funds to back local founders.
Advance VC, Boson Ventures, FundBase, Scale, Tidal Ventures, Triple Bubble and Unlock Capital will each receive $300,000 to set up in the state through LaunchVic’s VC Support Program.
The funds are expected to collectively raise over $275 million in early-stage capital, targeting local startups from seed to Series A.
Student entrepreneurship will also get a lift, with $1.45 million in grants awarded to Australian Catholic University (ACU), Deakin University, Federation University and La Trobe University to deliver pre-accelerator programs on campus – expanding startup support to over 90,000 university students across the state.
Aussie Founders Club will also scale up its founder events series with a $200,000 grant to deliver more than 60 community events over three years.
“The Victorian Government through LaunchVic continues to invest in startups and Victoria’s future,” Minister Pearson said.
“Innovation is a key part of a strong and growing economy, and we’re proud to back Victoria’s startups and help build an ecosystem in Victoria where entrepreneurs prosper and contribute to economic growth.”
LaunchVic CEO Dr Kate Cornick said the funding was designed to create a whole-of-ecosystem lift.
“Victoria’s startup ecosystem continues to grow and this targeted support will help it to reach its full potential," she said.
“This latest funding will provide whole of ecosystem support across many areas including strengthening the venture capital landscape, backing startups emerging from universities and fostering a diverse and thriving grassroots community.”
The latest investment follows a $5.1 million announcement from LaunchVic in March for five accelerator programs - ANDHealth, MAP, the MedTech Actuator, Startmate and Startupbootcamp - which are expected to support up to 165 early-stage enterprises, as well as the Wade Institute of Entrepreneurship.
The Victorian Startup Growth Report published this year by LaunchVic and its global partner dealroom.co showed the state had outpaced key global hubs including Singapore, Sydney, Tel Aviv, Stockholm, Amsterdam and Berlin over the past decade.
Victoria’s venture capital landscape has grown faster than the Australian and global average with $841.7 million invested in startups over the past year, which is 7.5 times higher than in 2014 and outpacing the global average of 3.4 times over the same period.
The report highlighted remarkable expansion for Victoria with more than 3,500 startups now valued at $132 billion – a 26-fold increase since LaunchVic’s establishment in 2016.
Generating 63,900 new jobs since 2004, the state's startup sector is home to more than 50 per cent of Australia’s startups across the enterprise software and healthtech sectors, and a third of the nation's fintechs.
The report also showed that LaunchVic’s Alice Anderson Fund and Breakthrough Victoria are among the top 10 most active venture capital funds in the state, ranking 2nd and 6th respectively, demonstrating the impact of the Victorian Government’s support for the sector.
Commercialisation of university innovation is also gaining pace with Victoria now home to around 180 university spinouts, making up 5 per cent of the state’s startups and contributing $2.9 billion in value.
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