UK-based startups raised $9 billion funding through 704 venture capital (VC) deals announced during January-July 2024, which is a 7.9% year-on-year (YoY) increase in funding value despite a 14.3% decline in deal volume. This reflects an improving appetite for big-ticket investments in promising startups, positioning the UK as a resilient market in the global venture capital landscape, according to GlobalData a leading data and analytics company.
An analysis of GlobalData’s Deals Database revealed that a total of 821 VC deals of worth $8.4 billion were announced in the UK during January-July 2023.
Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The UK, apart from being the top European market, also stands among the top five in terms of both VC funding deal volume and value. The increase in funding value, despite a notable decline in deal volume, reflects the growing appetite of VC firms for placing big bets in promising startups, coupled with a cautious approach. Notably, the UK was also among the very few countries to see the announcement of billion-dollar VC deals* during the review period.”
The UK accounted for 7.3% share of the total number of VC deals announced globally during January-July 2024 while its share of the corresponding disclosed funding value stood at 6.2%.
Some of the notable VC funding deals announced in the UK during January-July 2024 included $1.05 billion worth funding raised by Wayve Technologies, $1 billion raised by credit technology company Abound, $200 million raised by DNEG Group and $431 million and $190 million raised by digital bank Monzo in two different funding rounds.
Bose concludes: “These significant investments demonstrate the shift in focus of VC firms towards tech startups, driving both innovation and economic growth. As the country’s technology sector continues to attract global attention, GlobalData anticipates sustained momentum in VC activity, further solidifying the UK’s status as a global hub for entrepreneurial success and technological advancement.”
