Australia Startups Starved of Cash Despite Big Potential Returns

Australian startups lag far behind the US and China in funding raised despite the country’s historical effectiveness at creating unicorns.

Since 2000, Australia has produced 1.22 unicorns for every $1 billion invested — the highest ratio globally and almost twice the number in the US, according to a study by Side Stage Ventures, Dealroom.co and Amazon Web Services. China — which has struggled with a private sector crackdown since 2020 — doesn’t even appear on the list.

Australia’s startup funding trails highs reached a few years ago, and the nation is now trying to revive investment. Its relatively small ...