VC funding in the ANZ region peaked in 2021 and has been drying up ever since, a trend that continued in the first quarter of 2025. Sellers have instead been encouraged to pursue M&A strategies for growth and liquidity. The median VC funding size was $3.1M in the first three months of 2025.

In the first three months of 2025, disclosed deal values reached $2.1B and only 20% of M&A transactions disclosed transaction values as buyers preferred to keep their acquisition strategies private.

Looking at the top buyers’ chart, financial acquirer HgCapital and the buy-and-hold company Banyan each made 4 acquisitions in the last 12 months. Additionally, financial buyers Accel-KKR and Alceon and the strategic acquirer Synechron each completed 3 transactions.