NSW startups secured twice as much funding as any other state in the last financial year, Techboard report finds

Startups and tech companies in New South Wales scooped up more than twice as much funding as those in Victoria and Queensland in the last financial year, according to Techboard’s first country-wide funding report — and Australia’s other states are trailing even further behind.

The Techboard Australian Startup and Young Technology Company Funding Report 2017/18 tallied up funding received by startups and tech companies under 10 years old, including venture capital, angel investment, public funding, debt facilities, ICOs, equity crowdfunding and more.

Generally, the report showed a gradual increase in VC investment over the course of the year, with a spike in the third quarter. Equity crowdfunding also saw a slight upward trend, although it only accounted for 0.2% of the total funding.

ICO activity increased up until Q3, before levelling off in the last quarter of the financial year.

The report found of the $3.5 billion raised in total, 44.6%, or $1.58 billion, was allocated to startups in New South Wales.

By comparison, Victorian companies bagged less than half of this amount, taking home $783.8 million, or 22.1%, of the total funding.

Queensland companies secured 21.6% of the funding, totalling $766.9 million, although the report largely put this down to two major funding events for Brisbane-based data centre operator NextDC, which scored a $300 million debt facility in Q1 and a $377 million placement in Q3. Read more

Stephanie Palmer-Derrien - SmartCompany - 13 September 2018