Australian Startup Funding in Review 2023 (With March 2024 update)

Techboard is pleased to present its Latest Report, Australian Startup Funding in Review 2023 which includes an update on the March Q 2024. 

This Review includes in depth analysis of Startup Funding in Australia including breakdowns by deal size, funding label, category and state. The Review contains many breakdowns by founding team gender. An interactive chart of average deal size per category and deal label is also provided.

Highlights from the Review and update:


  • In 2023 Techboard captured $4.438 billion in Investment from 621 private announced investments. 
  • 2023's result was just over 50% lower than 2021's 's $8.991b and down 37% from the 2022 level of $7.047b.
  • In 2023 average deal sizes took a hit almost across the board, with the largest proportional drops being experienced in the later deal stages. In later deal stages, average deal sizes in 2023 had dropped to below levels seen in 2018, with Series B and earlier sitting at closer to 2020 levels or higher.
  • In 2023, New South Wales companies accounted for around two thirds of all investment.
  • Viewed on a per capita basis all states show a continued decline since 2021 or 2022 except the ACT who has experienced a continuing increase in funding (apart from the nil result in March Q 2024).
  • Climatetech was the most funded sector with $777m in announced private investments, closely followed by Fintech with $758m, with Healthtech coming in at $574m.
  • In 2023 solely women-founded ventures had their strongest year since 2020, capturing 3.88% of all private announced capital raised during the year from 12.58% of deals.


  • Startup investment in 2024 has started quite slowly with $761m captured from 82 deals announced during the quarter. This level is closely comparable to what was seen in the March Quarter of 2020, in terms of dollar value captured but from 27% fewer deals. The quarter was the slowest quarter since the Sept Q 2020 ($401m) but larger than every quarter pre-June Q 2019. In terms of number of deals March Q 2024 had the lowest quarterly number of deals captured by Techboard (going back to 2017).
  • In the March Quarter 2024, the dominance of NSW on a dollar basis had dropped to closer to 50%, with Victoria starting to close the gap, moving from around 18% to closer to 30% of all funds.
  • March 2024 was the best quarterly result for solely women-founded ventures for the last six years at 16.36% of all capital raised but behind the result of Sep Q 2017 (25.68%).

The online report is published on Canva and contains many interactive charts using the Flourish platform which was acquired by Canva. While the report can be viewed on mobile, the best viewing experience will be on a larger screen. 

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