A total of 1,199 venture capital (VC) funding deals of worth $13.2 billion were announced in the UK during January-November 2023. However, VC funding activity suffered a significant setback as there was a decline in both deal volume and value compared to the corresponding period in the previous year. Despite the challenges, the country remains an appealing destination for VC investors, securing a prominent position among the top five global markets, reveals GlobalData, a leading data and analytics company.
An analysis of GlobalData’s Financial Deals Database reveals that deal volume declined by 26.9% during January-November 2023 compared to the 1,641 deals announced during January-November 2022. Meanwhile, the corresponding disclosed funding value registered a year-on-year (YoY) decline of 40.5% compared to the $22.2 billion during January-November 2022.
Aurojyoti Bose, Lead Analyst at GlobalData, comments: “There was a dent in investor sentiments globally in 2023 and the UK, in line with several of its peers, also suffered setback in VC funding activity. However, it did not affect the country’s attractiveness for VC investors. Despite a decline, the UK, aside from being the top European market, maintains its position among the top five global markets in both VC funding deal volume and value.”
The UK accounted for 6.5% of the total VC funding volume announced globally during January-November 2023. Meanwhile, its share of the corresponding disclosed funding value stood at 6% during the same period.
Bose adds: “The UK also managed to see the announcement of several VC deals valued more than $100 million during January-November 2023.”
Some of the notable VC funding deals announced in the UK during January-November 2023 include $623 million raised by Conigital, $602 million raised by Abound, $367.7 million worth of funding raised by Spendology, $250 million secured by Builder.ai, $250 million raised by EToro, $226.5 million raised by Apollo Therapeutics and $183.4 million raised by Castore.
