Venture capital investments in Australia plunged by about a third in 2022, following the lead of listed global technology companies and venture markets.

Venture funding in the region topped at AU$7.4 billion ($5.16 billion) across 712 deals in 2022, a 30% slowdown from the AU$10.6 billion ($7.4 billion) bagged across 731 deals in 2021, according to the annual State of Australian Startup Funding report by Cut Through Venture and Folklore Ventures.

However, the country's $5.2 billion raised in 2022 is still several times bigger than pre-pandemic levels – $1.3 billion in 2018 and $1.9 billion in 2019 – and more than double the size of the $2.2 billion raised in 2020. The number of deals also climbed above 700 for the second year in a row at 712.

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