With only 46 new scaleups and less than $1 billion raised in the first half of 2025, Australia might be experiencing a period of relatively modest growth
signalling a growing maturity in the country’s tech landscape. However, the study also points out persistent structural challenges – including limited access to late-stage capital and global markets – that could slow momentum if not addressed strategically.

“Australia’s innovation economy is scaling, but the next frontier is internationalisation,” said Marco Marinucci, CEO and Founder of Mind the Bridge. “Despite the strong growth in the number of scaleups, capital concentration remains high and exits are relatively limited. To sustain the curve, Australia needs stronger connections with global investors and corporate innovation networks.”

According to the report, Sydney and Melbourne continue to lead, hosting more than 70% of the total scaleup population, while Brisbane, Perth, and Adelaide are emerging with solid early-stage pipelines. 

“The Australian innovation ecosystem stands out for its resilience and focus on impact,” noted Alberto Onetti, Chairman of Mind the Bridge. “What we are witnessing is not just growth in numbers but a systemic transformation: startups are becoming part of industrial value chains, and corporates are increasingly active as innovation partners.”

Some of Australia’s foundational industries – infrastructure/construction, mining, and energy systems – are in the midst of a profound and accelerating digital transformation. Historically characterised by cautious technology adoption, these sectors have reached a critical inflection point, driven by a confluence of market pressures and technological maturity. 

For decades, the infrastructure/construction sector has been noted for its slow uptake of digital technologies. However, the industry is now aggressively investing in technology as a strategic imperative. Australian infrastructure and construction corporates are now allocating an average of 25% of total R&D expenditure to new technologies – a radical increase from 19% in 2023.  

“At ACCIONA, we see innovation as a catalyst for sustainable infrastructure and urban transformation,” commented Fernando Fajardo, Chief Operations and Technology Officer at ACCIONA Infrastructures. “Australia offers fertile ground for this convergence: infrastructure tech is on a strong upward trajectory, with venture capital investments rising from $100 million in 2020 to nearly $500 million just five years later.” 

Mind the Bridge’s analysis confirms that corporate engagement and open innovation are becoming key drivers for the ecosystem. Major infrastructure projects by both local and foreign corporations (including ACCIONA, BHP, and Rio Tinto) are increasingly incorporating disruptive technologies such as AI, advanced robotics, computer vision, and digital twins. 

The Tech Scaleup Australia 2025 Report is part of Mind the Bridge’s global research series on innovation and scaleup ecosystems, developed with data provided by Crunchbase integrated with Mind the Bridge’s proprietary data.

For more startup news, check out the other articles on the website, and subscribe to the magazine for free. Listen to The Cereal Entrepreneur podcast for more interviews with entrepreneurs and big-hitters in the startup ecosystem.