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Credit: Josh Appel

Oceania sees highest growth in early-stage funding 

The highly anticipated Global Startup Ecosystem Report (GSER) was unveiled at The Next Web Conference, showcasing impressive achievements and rankings for startup ecosystems worldwide.

Produced by Startup Genome and the Global Entrepreneurship Network (GEN), the report highlights the performance of various regions and cities, revealing significant advancements and notable growth indicators.

In the Asia-Pacific region, seven ecosystems secured positions in the top 30 rankings, with an additional three recognized as runners-up. Sydney, the highest-ranking ecosystem in Oceania, claimed a spot in the top 20, while Melbourne, the region’s second-largest ecosystem, jumped six places to secure the 33rd spot with a remarkable 43 per cent increase in Ecosystem Value, reaching $25 billion.

The GSER, known for its comprehensive and meticulously vetted dataset, provides an authoritative overview of the global startup landscape, covering over 3.5 million startups across more than 290 ecosystems worldwide. The report ranks the top 30 ecosystems globally, along with ten runner-up ecosystems, while also highlighting emerging ecosystems in a top 100 ranking. Regional perspectives are emphasised, with separate rankings for ecosystems in Africa, Asia Pacific, Europe, Latin America, MENA, North America, and Oceania.

Chad Renando, Managing Director of GEN Australia, expressed enthusiasm for the Oceania region’s performance, noting its remarkable increase in early-stage funding and the upcoming Global Entrepreneurship Congress (GEC) in Melbourne. Melbourne’s climb of six places in the GSER rankings solidifies its significance as a global contributor to the startup landscape.

Key findings for the Oceania region, encompassing Australia and New Zealand, include a remarkable surge in Series B+ deal amounts and count, along with a substantial rise in early-stage funding. Sydney experienced a 50 per cent growth in Ecosystem Value, boasting four unicorns, including the newly added Immutable valued at $2.5 billion. Melbourne’s Ecosystem Value soared by 43 per cent to $25 billion, accompanied by significant increases in early-stage deals and notable exits.

The report also recognised emerging ecosystems in Oceania, such as Perth and Canberra, while Brisbane secured a place in the Emerging Ecosystem ranking after the successful IPO of electric vehicle charge manufacturer Tritium. New Zealand witnessed a surge in the rankings, with notable exits over $50 million and the emergence of Cleantech Lodestone Energy as a new unicorn.

In the Asian ecosystem, Singapore made a substantial leap, securing the eighth rank and positioning itself as the second-highest-ranked Asian ecosystem after Beijing. Singapore’s growth was fuelled by a significant increase in exits over $50 million, including four surpassing the $1 billion mark. Two Chinese cities, Beijing and Shanghai, secured spots in the top 30, while Shenzhen and Hangzhou were recognised as runners-up. India also showcased impressive progress, with cities like Bengaluru-Karnataka, Delhi, and Mumbai securing notable positions in the rankings.

Seoul and Tokyo maintained strong positions in the top rankings despite slight fluctuations. Seoul experienced a significant increase in unicorns, while Tokyo remained the sole Japanese ecosystem in the top 30 and runners-up, contributing to the overall vibrancy of the startup landscape.

The GSER 2023 report provides valuable insights into the global startup ecosystem, shedding light on emerging trends, regional strengths, and notable achievements across various cities and regions, serving as a vital resource for entrepreneurs, investors, and policymakers.

Learn more at startupgenome.com.

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Yajush Gupta

Yajush Gupta

Yajush is a journalist at Dynamic Business. He previously worked with Reuters as a business correspondent and holds a postgrad degree in print journalism.

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