Top VCs in Melbourne: Who to Know and How They Invest
Melbourne has quietly become a hotspot for startups and innovation in Australia, attracting a growing wave of venture capital interest. In fact, Victorian startups raised over $1.6 billion in venture funding in 2022 alone, signalling that Melbourne’s VC community is not only active but essential to the region’s startup growth. Yet, for many founders, knowing which venture firms shape the local ecosystem—and how they make investment decisions—can seem like a mystery.
Each VC has its own story, quirks, and sectors they love. Whether you’re dreaming up your first pitch deck or already building something new, getting a glimpse into Melbourne’s top venture funds—who they are, what they invest in, and how they work—can make the journey a little less daunting (and a lot more exciting). Let’s explore who’s who in Melbourne VC and what founders should know if they want to partner with the best.
What Makes a Standout Melbourne VC
Sectors That Attract Investment
Melbourne’s standout venture capital firms tend to move beyond the latest hype, instead leaning into strengths the city has deliberately cultivated: health and biotechnology, information technology, fintech, and increasingly, climate tech. It’s not by accident—years of collaboration between universities, research hospitals, and commercial hubs have made Melbourne a magnet for founders working on medical breakthroughs or science-driven technology.
While many cities chase consumer apps or media, Melbourne VCs are often more interested in startups that demand technical depth—diagnostic platforms, data-driven health, or infrastructure solutions. IT and communications are foundational, but the city stands out for nurturing big ideas with global health impact or the potential to reshape industries.
This focus is visible in funding data: compared to international peers, Melbourne’s capital is uniquely concentrated in medtech, biotech, and IT, as shown in the chart above. Many top local VCs have track records in shepherding deep tech from lab bench to commercial reality.
How Melbourne VCs Differ From Sydney or Global Firms
What truly sets Melbourne apart isn’t just sector focus. It’s a willingness to nurture patient, long-cycle innovation—backing founders before their industries become headline trends. While Sydney VCs often gravitate toward SaaS, market networks and rapid-fire consumer plays, Melbourne investors are known for rolling up their sleeves in highly technical fields, offering networks into hospitals, universities, and deep science labs rather than media or retail.
Globally, some funds chase scale fast, but Melbourne’s best VCs balance bold ambition with pragmatic guidance—helping founders work through regulatory hurdles, access R&D incentives, and evolve early research into businesses the world actually needs. The result: an ecosystem where complex ideas get the hands-on support and patient capital needed to actually make it to market.
With this in mind, let’s explore the key investors shaping Melbourne’s startup scene—who they back, what they bring, and how to spot the partners best aligned to your ambition.
Melbourne’s Leading Venture Capital Firms in 2024
Melbourne’s startup ecosystem is thriving thanks in large part to a handful of forward-thinking venture capital firms. Each has carved out distinctive areas of expertise—and their portfolios shape the city’s innovation landscape.
Blackbird Ventures
Blackbird has become a household name for ambitious Melbourne founders. With a keen eye for category-defining companies, their investments span software, healthtech, and climate. They’re renowned for backing extraordinary founders early—and doubling down when they see traction.
Square Peg Capital
Square Peg leans into global opportunities, but their presence is felt across Melbourne’s fintech, SaaS, and consumer tech circles. They put founder relationships and cross-border support at the core of their investments.
AirTree Ventures
AirTree’s team doesn’t just fund startups—they become advocates. With a preference for early-stage bets, AirTree invests in bold teams building infrastructure, AI, and the platforms of tomorrow.
Brandon Capital
Brandon is the go-to VC for medical innovation, with deep connections in research and academia. Their funds fuel Melbourne’s biotech breakthroughs from lab to clinic.
Rampersand
Rampersand stays close to product-led founders reshaping sectors like digital health, martech, and SaaS. Clear, honest advice and hands-on support define their approach.
GBS Ventures
GBS is a mainstay in life sciences, backing medical device pioneers and biotech startups. They’re a fixture for commercialisation and regulatory know-how in health innovations.
Skalata Ventures
More than an investor, Skalata acts as a growth engine for Australian startups. Their program backs founders with practical guidance and staged funding rounds, building enduring businesses from the ground up.
Flying Fox Ventures
Flying Fox brings an energetic, founder-first approach to early-stage deals. They’re not afraid to take risks on unconventional ideas, especially in software, climate tech, and new retail models.
Artesian VC
A powerhouse for seed-stage companies, Artesian leverages a network of syndicates and industry partners. They back bold ideas at the earliest possible moment, often before other funds are watching.
Starfish Ventures
Starfish is one of the city’s original VC firms, with a heritage of seeding Australian deep tech, software, and medtech. Their multi-decade track record continues to inspire new generations of founders.
Other Active Funds (including medical and deep tech specialists)
Beyond the giants, Melbourne hosts a host of funds and micro-VCs such as Main Sequence (CSIRO’s fund), Giant Leap (impact investing), and TEN13 (syndicate deals). Niche firms fuel the region’s strengths in clean energy, advanced manufacturing, and medical technologies.
Knowing the unique investment style and focus of each fund is crucial for founders ready to engage. Next, we’ll dive into what these top VCs look for in startups and how they decide where to allocate capital.
How Top Melbourne VCs Choose Startups
What Investors Look For (Beyond the Pitch)
Melbourne’s best venture capitalists drill far deeper than polished decks or elevator pitches. They want to see founders who can show how their product genuinely solves a pain point — not just explain what it does. They’ll probe for unusual insight: a perspective on the market or technology that signals you’ve lived the problem, not just studied it.
Founders’ backgrounds matter, but traction speaks louder than resumes. Investors lean in when there’s early evidence customers desperately want what you’re building. Even if the numbers are small, signs of momentum — product usage, waitlists, raving testimonials, or even love letters from beta users — often outweigh impressive logos on a CV.
Team dynamics are under the microscope, too. VCs take note of how you debate, how decisions get made, and whether you bounce back from setbacks. They watch for coachability and clarity rather than bravado, seeking founders who know what they don’t know and ask for help.
Typical Funding Stages and Cheque Sizes
If you’re a Melbourne founder wondering what the path from first cheque to series rounds looks like, VCs in this city span it all — but specialise strongly by stage. At the earlier end, pre-seed and seed rounds may see initial investments from $100k up to $1m, usually led by funds with hands-on local networks. Series A is the next step, with cheques typically ranging from $1.5m to $5m and often accompanied by board seats, while later series can see investments climb beyond $10m.
Melbourne VCs rarely take a spray-and-pray approach. Early rounds aim to unlock proof points — product-market fit, user stickiness, or early revenue. By Series B and beyond, the focus swings to scaling: can your venture grow quickly, and does the model hold up with bigger numbers?
Each firm has its sweet spot, so matching your stage to their focus is critical. Some will pass on deals they love simply because the timing isn’t right, so do your research before reaching out.
Of course, finding the right investor is just as important as convincing them you’re the right founder. The way you approach and connect with these VCs can open doors—sometimes before you ever send a deck. Let’s explore how to make those crucial connections happen.
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How to Connect With Melbourne VCs
Networking and Warm Intros
Melbourne’s early-stage investors rarely reply to cold emails. The best doors open via mutual connections. If you know founders who already work with local VCs, ask for an introduction. Angels and accelerator program leads are also excellent intermediaries—VCs trust recommendations from people they’ve backed before. LinkedIn can help you spot shared contacts, but make sure your request is crisp and respectful of their time. For more on this, see unlock-the-power-of-warm-intros-fast-track-your-startup-funding-with-easyvc.
Local Accelerators, Pitch Events, and Communities
Many VCs keep a close eye on graduates from Startmate, MAP (Melbourne Accelerator Program), and the SBE Australia programs. These accelerators often host demo days attended by most of the major funds. If you’re bootstrapping, networks like Startup Victoria, Silicon Beach, or York Butter Factory run regular meetups—investors are known to drop by, scouting for fresh talent and ideas. Even if you’re not presenting, showing up and asking smart questions gets you on radars.
Tips for Approaching a VC
Tailor your message—don’t spray identical emails across the top 10 firms. Name why the fund you’re reaching out to is a fit for your stage or sector. VCs will appreciate that you’ve read their portfolio and understand their backing philosophy. When you finally get a meeting, respect their schedule, keep your narrative tight, and address traction or market proof up front.
Once you’re more visible to the local VC scene, it pays to know what they actually look for—and how their funding process works. Let’s dig into how the leading Melbourne investors size up potential deals.
Resources for Melbourne Founders
Government Grants & Startup Support
The Victorian government offers a surprisingly rich layer of support for tech founders at every stage. Business Victoria curates the latest grant programs, with highlights like LaunchVic’s startup grants—covering everything from MVP funding to female founder initiatives. LaunchVic itself is a standout, both a funder and a connector for Melbourne’s ecosystem, frequently running programs that demystify capital raising, regulations, and scaling.
If you’re developing deep tech, the R&D Tax Incentive can boost your runway with rebates for eligible product development spends. For commercialisation stage, Accelerating Commercialisation grants open doors to not just cash, but a network of industry advisors and potential customers.
Mentors, Advisors, and Peer Groups
No two Melbourne founders build alone, thanks to a patchwork of meetups, mentor collectives, and hands-on advisory schemes. Startup Victoria orchestrates pitch nights and connects early-stage entrepreneurs with seasoned operators who’ve seen the tough times and closed rounds themselves. Stone & Chalk and The Founder’s Hub both run structured programs pairing founders with mentors—no fees, no strings.
For women and non-binary founders, Scale Investors hosts intimate masterclasses and networks designed to support your first raise and beyond. And if you’re after a less formal setting, Melbourne’s startup Slack channels and coworking spaces like The Commons or YBF Ventures often hide goldmines of peer advice and late-night moral support.
With these resources on tap, you’re much better equipped to connect with the city’s top investors and navigate Melbourne’s thriving venture landscape. Next up, let’s tackle the questions every founder has when first considering local VCs—and bust a few myths along the way.
Frequently Asked Questions About VCs in Melbourne
How early do Melbourne VCs invest?
Many Melbourne VCs back founders as early as pre-seed or seed, meaning you might get interest before your product launches. Firms like Skalata Ventures, Flying Fox, and Artesian are known for writing first cheques. Others target early revenue traction, usually at the Series A stage. Check each fund’s portfolio or website for their ‘sweet spot’, as mandates and cheque sizes vary a lot.
Is it better to contact VCs in other Australian cities?
You’re not limited to local investors—capital flows freely between Melbourne, Sydney, and even global funds. That said, Melbourne-based VCs typically have stronger networks and local advisor pools that can be a big help for early-stage founders. If your industry is better represented in another city, however, don’t hesitate to reach out interstate.
What mistakes put off local investors?
Common dealbreakers? Overblown projections, unclear go-to-market plans, or not knowing your customers. Some founders ignore Melbourne’s close-knit community—doing your homework and showing you understand the local landscape makes a big difference. Transparency, thoughtful metrics, and responsive communication win more meetings than hype ever will.
If you’re ready to build meaningful investor relationships, the next step is understanding exactly how to connect with the most influential VCs in Melbourne’s startup community.