Australia

Sydney

#25

Global Startup Ecosystem
Members: Investment NSW

Top 25

Global Ecosystem in Talent & Experience

Top 25

Global Ecosystem in Performance

Top 30

Global Ecosystem in Funding
Sydney stands out as a thriving innovation ecosystem consistently attracting a significant share of VC. Tech Central – the biggest innovation precinct in Australia – will ensure the right mix of infrastructure, amenity, and connection to promote NSW innovation to the world.
Rebecca McPhee
Rebecca McPhee
Deputy Secretary, Investment NSW

Highlights

The capital of New South Wales (NSW), Sydney is the leading tech innovation ecosystem in the Southern Hemisphere, home to 3,000+ tech startups capitalizing on the state’s formidable research and talent. In 2024, NSW startups attracted 65% of Australia's total startup funding. A Top 25 Most Innovative City in the World in 2024 and one of the most attractive cities for tech talent, Sydney is recognized for its government adoption of AI and strengths in Fintech, Cybersecurity, Creative & Gaming, and Quantum Technologies. Internationally-recognized unicorns with global HQs in Sydney include Atlassian, Canva, Immutable, and Deputy. 

The NSW Industry Policy and NSW Innovation Blueprint 2035 (The Blueprint) sets out a long-term, 10-year innovation vision and policy prioritization. The forward-looking agenda provides a resilient, sustainable, and productive NSW economy to drive investment and business growth. A mission-based government approach, together with industry and stakeholders, will solve critical challenges including housing, net zero and energy transition, and building a stronger local manufacturing industry. 

With four strategic goals and five action areas, The Blueprint seeks to orchestrate the key actions for Strategy, Funding, Places, People, and Engagement to capitalize on NSW’s innovation potential alongside its many partners in the ecosystem. 

The NSW Government announced in December 2024 that it will unleash the full potential of Sydney's Tech Central, Australia’s largest tech and innovation hub. Tech Central will act as a driver of key government priorities and groundbreaking innovation.

International tech giants are investing heavily into Sydney, including Google’s $1 billion Digital Future Initiative, Microsoft’s new Data Centre Academy, and Amazon Web Services’ cloud computing expansion. Sydney hosts numerous industry-leading tech conferences, including the International Astronautical Congress 2025 and the globally-renowned SXSW festival. 

Ecosystem by the Numbers

ECOSYSTEM VALUE

A measure of economic impact, calculated as the value of exits and startup valuations from H2 2022–2024.
(H2 2022 - 2024)
$55 BN
GLOBAL AVG. $20.4 bn

NUMBER OF UNICORNS 

The number of startups that meet our definition and have been valued at more than $1 billion and have not exited.
(ACTIVE UNICORNS)
7
GLOBAL AVG. 4

SOFT. ENGINEER SALARY

Average software engineer salary informed by data from Glassdoor, Salary.com, and PayScale, as well as local sources when available.
(2024)
$96 K
GLOBAL AVG. $52 K

TIME TO EXIT

The average age at the time of exit in the ecosystem in 2020–2024.
(2020 - 2024)
10.9 YEARS
GLOBAL AVG. 11.2 years

TOTAL EARLY–STAGE FUNDING

The total seed and Series A funding in tech startups in H2 2022–2024.
(H2 2022 - 2024)
$1.3 BN
GLOBAL AVG. $514.8 m

MEDIAN SEED ROUND

The median of seed rounds in tech startups in the ecosystem in H2 2022–2024.
(H2 2022 - 2024)
$744 K
GLOBAL AVG. $889 k

EARLY-STAGE FUNDING
GROWTH

Early-stage funding growth is based on number of seed and Series A rounds raised between 2021-20222 vs. 2023-2024 and calculated on a scale of 1 (lowest) to 10 (highest).
(2021 - 22 VS. 2023 - 24)
3
Scale of 1 (lowest) to 10 (highest)

EXIT AMOUNT

The total value of exits from the ecosystem.
(2020 - 2024)
$12 BN
GLOBAL AVG. $8 bn

ECOSYSTEM VALUE GROWTH

Ecosystem Value growth (CAGR) is calculated based on companies founded in the ecosystem in H2 2020–H2 2022 vs. H2 2022–H2 2024.
(H2 2020 - H2 2022 VS H2 2022 - H2 2024)
-17%
GLOBAL AVG. -14%

MEDIAN SERIES A ROUND 

The median of Series A rounds in tech startups in the ecosystem in H2 2022–2024.
(H2 2022 – 2024)
$8 M
GLOBAL AVG. $6.8 m

TOTAL VC FUNDING

The total VC funding (seed, Series A, Series B+) in tech startups in H2 2022–2024.
(2020 - 2024)
$13 BN
GLOBAL AVG. $5.2 bn

EXIT COUNT (#)

The number of exits from the ecosystem.
(2020 - 2024)
348
48
2020
68
2021
78
2022
74
2023
80
2024
GLOBAL AVG. 86

Sub-Sector Strengths

Climatetech
Climatetech

A global member of the Race to Zero initiative, NSW is set to halve emissions by 2030 and reach net zero by 2050. NSW is home to 42.9% of Australia’s Climatetech companies, and as NSW transitions to a net zero economy, new research, technologies, and businesses are emerging. NSW’s Climatetech startups include the likes of plastic recycling and low carbon footprint company Samsara Eco, which raised a June 2024 $100 million Series A. In 2024, Australian investment in Climatetech startups increased by $237 million compared to 2022.

Medtech & Life Sciences
Medtech & Life Sciences

NSW is home to 55% of the Life Sciences companies in Australia, ranging from large multinationals such as Cochlear, Johnson & Johnson, Novartis, and AstraZeneca, to homegrown success stories such as SpeedX and Vitex Pharmaceuticals. In June 2024, Kurraba Group announced a $490 million Life Sciences campus in Sydney to drive medical innovation. In November 2024, the University of New South Wales completed structural work on its $600 million Health Translation Hub in Sydney, which will unite clinicians, researchers, and industry for advanced medical research and commercialization.

Quantum Technologies
Quantum Technologies

Quantum Australia, based at the University of Sydney and funded by the Australian and state governments, will connect quantum startups nationwide with research institutions and industry. This initiative builds on the NSW Government’s longstanding investments in research, infrastructure, startups, and talent development. Sydney-headquartered Q-CTRL, recipient of the NSW Quantum Computing Commercialisation Fund and a spin-off from the University of Sydney, set a global quantum technology fundraising record with its successful $113 million Series B raise in October 2024, representing the largest aggregate Series B for a quantum software company to date.

Reasons to Move Your Startup to Sydney

Supportive Business Environment

Ranked 22nd in the 2024 Smart Cities Index, Sydney’s advanced digital infrastructure and willingness to embrace innovation makes it an attractive place for global tech companies to invest, grow, and thrive.

Educated Talent

Sydney benefits from a highly-skilled workforce, attracting a wealth of local and global talent. NSW has the nation’s largest STEM talent pool and technology workforce, supported by two research universities recognized in the top 20 universities in the world, as well as more than 150 research institutions. The University of Sydney’s 20-year Khuda Scholars Program announced in February 2025 aims to increase female participation in STEM fields.

Quality of Life

Sydney ranked #7 in the Economist Intelligence Unit’s 2024 Global Liveability Index. The NSW Government is bolstering the nighttime economy across Greater Sydney and the state by building vibrant, diverse, inclusive, and safe communities. It plans to rezone seven Sydney suburbs to add nearly 60,000 homes, create over 126,000 jobs, and enhance public spaces to attract families and professionals.

Selected Startup Organizations

Startup Genome Members

MEMBER

Investment NSW drives resilient and sustainable growth by enabling collaborative partnerships between business, government, and priority sectors and markets. To build a thriving economy, we’re driving collaboration across industry, innovation, and trade to give businesses the confidence they need to invest and grow in NSW.

 

Key Ecosystem Players

Work with us

If you are interested in working with us to drive global attention to your ecosystem, please get in touch with Marina Krizman, Director of Business Development.

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