13 investors are actively backing Victoria startups in 2026. Victorian startups raised $2.2B in 2025 - a 2.9x year-on-year increase and the highest ever for the state. Victoria overtook NSW in total funding for the first time.
Victoria is now Australia's top state by startup funding. Melbourne-based VCs entered 2026 with renewed deployment momentum after a disciplined 2024.
Don't approach Breakthrough Victoria directly for equity. They invest via fund commitments, not directly into startups. Go to their portfolio funds instead.
Set up an Ellty data room before pitching any Victorian investor. Melbourne VCs expect complete materials - deck, financials, cap table - before a second conversation.
| Type | Check size | Sector focus | Website | |
|---|---|---|---|---|
| Breakthrough Victoria | Government fund-of-funds | Fund commitments ($15M+) | Climate, health, tech, female founders | breakthroughvictoria.com |
| Rampersand | Seed VC | Seed ($500K to $3M) | AI-native SaaS, vertical AI, AU/NZ | rampersand.vc |
| Square Peg Capital | Multi-stage VC | $5M to $50M+ | Internet economy, AI, growth | squarepeg.vc |
| Galileo Ventures | Pre-seed and seed VC | Pre-seed to seed | High-growth tech, AU | galileo.vc |
| Flying Fox Ventures | Pre-seed and seed VC | Pre-seed to seed ($200K to $1M) | Impact, climate, consumer, AU | flyingfox.vc |
| Artesian Ventures | Most-active early-stage VC | Pre-seed to Series A | Cleantech, agrifood, AI, health | artesianinvest.com |
| Virescent Ventures | Climate tech VC | Seed to Series B ($1M to $10M) | Climate tech, clean energy, AU | virescentventures.com |
| SYNthesis BioVentures | Biotech VC | Seed to Series A | Oncology, therapeutics, Victoria | synthesisbioventures.com.au |
| Scale Investors | Angel syndicate and VC | Pre-seed to seed | Female and diverse founders, AU | scaleinvestors.com.au |
| Melbourne Angels | Angel group | $50K to $500K | Early-stage tech, Victoria | melbourneangels.net |
| Blackbird Ventures | Early-stage VC | $500K to $5M | AI, SaaS, deep tech, AU/NZ | blackbird.vc |
| LaunchVic | Government startup agency | Grants up to $400K | Victoria startups, all sectors | launchvic.org |
| Brandon Capital | Life sciences VC | Series A to B ($3M to $20M) | Biotech, medtech, AU | brandoncapital.vc |
Track who opens your Victorian startup pitch
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Start free 14-day trialWhat is a Victoria investor?
Victoria investors back tech startups from pre-seed through Series B, concentrated in AI, climate tech, biotech, and enterprise software. Most Melbourne funds co-invest with Sydney-based VCs at later stages.
The Victorian Government has committed $2B+ through Breakthrough Victoria. Their $75M fund investment in October 2025 backed Virescent Ventures Fund II, SYNthesis BioVentures Fund I, Galileo Ventures Fund II, and Scale Investors Fund I.
Victoria leads Australia in total startup funding as of 2025. The $2.2B raised across 134 deals was a 2.9x increase year-on-year - the second-highest year on record for the state.
Read how North West England investors compare - Manchester has a similar government-backed VC co-investment model to Victoria's approach.
Victoria leads Australia in venture capital fundraising in 2025, attracting $2.2 billion - the second-highest year on record. Government-backed investment through Breakthrough Victoria is catalysing a new wave of climate, health, and deep tech startups across Melbourne.
13 Victoria investors
1. Breakthrough Victoria
Breakthrough Victoria manages a $2B independent investment fund established by the Victorian Government. In October 2025, they committed $75M to five specialist VC funds. Their latest investment was in Harvest B in 2025, with a follow-on into Amber. Infleqtion delivered a 5x unrealised return after listing on NYSE in 2026, validating Breakthrough Victoria's deep tech thesis.
Use Ellty to share your pitch materials. Breakthrough Victoria backs founders through fund managers - sending a structured data room signals readiness.
- Recent Deals: Infleqtion 5x return NYSE debut 2026; Harvest B 2025; Amber follow-on 2025; $75M fund commitments Oct 2025
- LinkedIn: Breakthrough Victoria LinkedIn
- Sector Focus: Climate tech, health, deep tech, female founders, Victoria
- Stage Focus: Fund-of-funds (backs VCs, not startups directly)
- Location: Melbourne, AU
- Website: breakthroughvictoria.com
2. Rampersand
Rampersand is a Melbourne-based seed VC investing in AI-native software, vertical AI, and deep tech. Latest investment was Cuttable in March 2026, with Keeyu in 2025. They have 59 portfolio positions across four funds including Sendle, Expert360, and JigSpace. Rampersand backs AU and NZ founders at seed with $500K to $3M initial checks.
- Recent Deals: Cuttable March 2026; Keeyu 2025; 59 portfolio companies across four funds
- LinkedIn: Rampersand LinkedIn
- Sector Focus: AI-native SaaS, vertical AI, frontier tech, AU/NZ
- Stage Focus: Seed to Series A ($500K to $3M average $2.25M)
- Location: Cremorne, Melbourne, AU
- Website: rampersand.vc
3. Square Peg Capital
Square Peg has a Melbourne office alongside Sydney, Tel Aviv, and Singapore. Fund 6 completed a $650M first close in 2026. Their latest investment was Aidoc in April 2026. Portfolio includes Canva, Fiverr, and Airwallex. Square Peg leads growth rounds from $5M to $50M+ into internet economy companies with global traction.
- Recent Deals: Aidoc April 2026; Fund 6 $650M first close 2026; 194 investments; $3.6B AUM
- LinkedIn: Square Peg LinkedIn
- Sector Focus: Internet economy, AI, SaaS, healthtech
- Stage Focus: Series A to growth ($5M to $50M+)
- Location: Melbourne and Sydney, AU
- Website: squarepeg.vc
4. Galileo Ventures
Galileo Ventures Fund II received cornerstone investment from Breakthrough Victoria in October 2025. Fund I is a top-decile fund with investments in Relevance AI, Andromeda, and Tixel. Galileo backs exceptional emerging founders at pre-seed and seed in high-growth technology sectors. They hosted a VC Deck Breakdown event in January 2026, open to AU founders.
- Recent Deals: Fund II launched with Breakthrough Victoria cornerstone Oct 2025; Fund I top-decile; Relevance AI, Andromeda, Tixel portfolio
- LinkedIn: Galileo Ventures LinkedIn
- Sector Focus: High-growth tech, AI, SaaS, consumer
- Stage Focus: Pre-seed to seed
- Location: Melbourne, AU
- Website: galileo.vc
5. Flying Fox Ventures
Flying Fox is a Melbourne-based pre-seed and seed firm founded by Kylie Frazer and Rachael Neumann in 2021. Portfolio includes Goterra, Mr Yum, Heaps Normal, and Safewill - 50+ companies total. They raised a new $20M fund and focus on founders building mission-driven companies in impact, climate, and consumer sectors.
Set up an Ellty data room before contacting Flying Fox. They back mission-driven founders - showing organised materials signals you're ready to scale.
- Recent Deals: $20M new fund raised; 50+ portfolio companies including Goterra and Safewill
- LinkedIn: Flying Fox LinkedIn
- Sector Focus: Impact, climate, consumer, mission-driven tech
- Stage Focus: Pre-seed to seed ($200K to $1M)
- Location: Melbourne, AU
- Website: flyingfox.vc
Share your deck with trackable links
Use Ellty to see which Victorian investors open your materials.
Start free 14-day trial6. Artesian Ventures
Artesian has 600+ investments and $255M+ AUM. Investments in 2026 include CLIQ and Plasmaleap, with a Ferronova follow-on in 2025. Artesian launched Australia's first dedicated clean energy, agrifood, and medical device VC funds. Neighbourlytics exited to REA Group in November 2025.
- Recent Deals: CLIQ 2026; Plasmaleap 2026; Ferronova follow-on 2025; Neighbourlytics exit Nov 2025
- LinkedIn: Artesian LinkedIn
- Sector Focus: Cleantech, agrifood, AI, medical devices, female founders
- Stage Focus: Pre-seed to Series A
- Location: Melbourne, AU
- Website: artesianinvest.com
7. Virescent Ventures
Virescent Ventures manages $500M+ across two funds with 40+ investments including Relectrify and Amber Electric. Breakthrough Victoria made a cornerstone commitment to Virescent Ventures Fund II in October 2025. They focus exclusively on climate technology - clean energy, grid tech, sustainable agriculture, and transport electrification.
Read about how to prepare for due diligence before approaching Virescent. Climate tech investors run detailed technical and commercial due diligence before committing.
- Recent Deals: Fund II cornerstone from Breakthrough Victoria Oct 2025; Relectrify and Amber Electric portfolio; $500M+ AUM
- LinkedIn: Virescent Ventures LinkedIn
- Sector Focus: Climate tech, clean energy, grid tech, transport electrification
- Stage Focus: Seed to Series B ($1M to $10M)
- Location: Melbourne, AU
- Website: virescentventures.com
8. SYNthesis BioVentures
SYNthesis BioVentures Fund I was founded in Victoria by Professor Andrew Wilks, an oncology expert. Breakthrough Victoria made a cornerstone investment in October 2025. More than 80% of investments are expected to be in Victoria. The fund targets pioneering biomedical innovation in oncology and therapeutics.
- Recent Deals: Fund I launched with Breakthrough Victoria cornerstone Oct 2025; Victoria biomedical mandate; 80%+ Victorian investment requirement
- LinkedIn: SYNthesis BioVentures LinkedIn
- Sector Focus: Oncology, therapeutics, biomedical innovation
- Stage Focus: Seed to Series A
- Location: Melbourne, AU
- Website: synthesisbioventures.com.au
9. Scale Investors
Scale Investors was founded in Victoria 12 years ago as an angel syndicate network backing female and diverse founders. Their Scale Venture Fund I received cornerstone backing from Breakthrough Victoria in October 2025. Scale has deep hands-on experience sourcing and supporting female founders across AU.
Use Ellty to share your pitch with Scale Investors. They back founders at high volume - trackable links help you follow up at the right moment.
- Recent Deals: Scale Venture Fund I backed by Breakthrough Victoria Oct 2025; 12-year track record; female founder focus
- LinkedIn: Scale Investors LinkedIn
- Sector Focus: Female and diverse founders, tech, AU-wide
- Stage Focus: Pre-seed to seed
- Location: Melbourne, AU
- Website: scaleinvestors.com.au
10. Melbourne Angels
Melbourne Angels is the leading private investor group in Victoria, backing early-stage and growth technology companies. They invest $50K to $500K per deal and co-invest with VCs at seed stage. Melbourne Angels operates across all tech sectors with a bias towards Victorian-founded companies.
- Recent Deals: Active across Victorian tech ecosystem; co-investment with Rampersand, Flying Fox, and Galileo
- LinkedIn: Melbourne Angels LinkedIn
- Sector Focus: Early-stage tech, Victoria
- Stage Focus: Pre-seed to seed ($50K to $500K)
- Location: Melbourne, AU
- Website: melbourneangels.net
11. Blackbird Ventures
Blackbird has a Melbourne presence alongside their Sydney base and backs Victorian founders from pre-seed through growth. Ortto was acquired by Canva in April 2026, an exit from Blackbird's portfolio. They invested in 29 companies in 2025 with a strong AU and NZ focus across AI, SaaS, and consumer.
- Recent Deals: Ortto exit to Canva April 2026; Halter unicorn 2025; 29 investments in 2025; 7B+ AUM
- LinkedIn: Blackbird LinkedIn
- Sector Focus: AI, SaaS, deep tech, consumer, AU/NZ
- Stage Focus: Pre-seed to IPO ($500K to $5M initial)
- Location: Melbourne and Sydney, AU
- Website: blackbird.vc
12. LaunchVic
LaunchVic is Victoria's startup agency, now merging with Breakthrough Victoria under new CEO Kate Cornick. They offer Pre-Accelerator Grants up to $400K, AgTech Startup Grants of $50K, and the Victorian Industry Development Fund. LaunchVic has backed 15 new VC funds setting up in Victoria to back local founders.
- Recent Deals: 15 new VC funds backed; Pre-Accelerator Grants active 2025-2026; merging with Breakthrough Victoria
- LinkedIn: LaunchVic LinkedIn
- Sector Focus: Victoria startups, all sectors
- Stage Focus: Pre-seed non-dilutive grants (up to $400K)
- Location: Melbourne, AU
- Website: launchvic.org
13. Brandon Capital
Brandon Capital is Australia's leading life sciences VC, backing biotech and medtech companies from Series A through Series B. They manage multiple funds with exits including US and ASX listings. Brandon Capital focuses on Australian and New Zealand companies with strong IP and clinical or regulatory progress.
- Recent Deals: Multiple AU/NZ life sciences investments; Series A and B biotech rounds; active 2025-2026 mandate
- LinkedIn: Brandon Capital LinkedIn
- Sector Focus: Biotech, medtech, life sciences, AU/NZ
- Stage Focus: Series A to B ($3M to $20M)
- Location: Melbourne, AU
- Website: brandoncapital.vc
How Victorian government backing changes what investors expect
Breakthrough Victoria-backed funds must allocate at least 25% of their total capital to Victorian companies. That means Virescent, Galileo, SYNthesis BioVentures, and Scale Investors have a structural incentive to back Victorian founders over interstate ones.
If you're a Victorian founder applying to any of these four funds, lead with your Victorian registration and the local talent or research anchoring your company. It matters to their mandate.
Use Ellty to share tailored materials with each fund. Breakthrough Victoria-backed funds may want to see your Victorian commercial relationships and team location before they engage deeply.
What Victorian investors look for in climate and deep tech founders
Virescent and Artesian both run dedicated climate tech funds. They're not looking for sustainability messaging - they want unit economics, regulatory timelines, and grid integration data. Don't pitch without these.
SYNthesis BioVentures focuses on oncology and therapeutics. You need peer-reviewed publications, a clinical roadmap, and a regulatory pathway before a first meeting. Professor Wilks has strong expectations on scientific rigor.
Ellty helps you build separate data rooms for different investor types. Your climate tech data room needs different content than your biotech room.
Where to find active Victorian investors in 2026
The Melbourne Venture Capital World Summit is running in Melbourne in 2026, bringing together fund managers and founders. It's a direct route to introductions with Rampersand, Galileo, and Flying Fox partners.
LaunchVic events and the Startupbootcamp Melbourne programme connect pre-seed founders with angel investors and seed VCs. Melbourne Angels attends most LaunchVic events and co-invests alongside Galileo and Flying Fox at seed.
How to pitch a Victorian investor
Five steps that match how Melbourne VCs evaluate founders in 2026.
- 1.Target Breakthrough Victoria-backed funds as a Victorian founderVirescent, Galileo, Scale, SYNthesis have a 25% local mandate.
- 2.Apply to LaunchVic grants before approaching VCsNon-dilutive capital signals credibility to Melbourne seed funds.
- 3.Get unit economics and regulatory data ready for climate or biotechVirescent and Brandon Capital won't proceed without them.
- 4.Attend Melbourne Angels events to find your first institutional checkAngels co-invest with Rampersand and Galileo at seed.
- 5.Share your data room via Ellty with a trackable linkKnow which investors engage before you follow up.
How Ellty helps you land a Victorian investor
You know the investors. Now prepare your materials for Melbourne's due diligence culture.
- 1.Organise your documents in a secure Ellty data roomUpload pitch, financials, and IP docs in one place.
- 2.Configure link permissions for each Victorian fundRequire email verification to filter genuine investor interest.
- 3.Monitor page-level analytics after every sendFollow up within hours of seeing deep engagement from a fund.
Common questions from Victorian founders
- No. They back VC funds. Approach their portfolio funds like Virescent or Galileo.
- Both back early-stage AU founders. Rampersand skews AI-native; Galileo is broader tech.
- Not always. But Breakthrough Victoria-backed funds must invest 25% locally.
- Before your first email. Melbourne VCs request full materials within 24-48 hours.
- Flying Fox writes fund checks; Melbourne Angels pool individual investor capital.
- Yes, merging with Breakthrough Victoria. Grants and programmes are still running.
