UK startups attracted a total of $10.1 billion in venture capital (VC) funding through 673 deals announced during January-August 2024. This marks a year-over-year (YoY) improvement of 14.8% in total funding value despite a 16% decline in VC deals volume compared to January-August 2023, according to GlobalData a leading data and analytics company.
An analysis of GlobalData’s Deals Database revealed that the UK witnessed the announcement of a total of 908 VC funding deals of worth $8.8 billion during the first eight months of 2023.
Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The UK experienced an uptick in funding value, although the number of deals contracted. It is interesting to note that the UK touched the $10 billion mark within the first eight months of 2024, whereas it took nine months to reach this milestone during the previous year. Against this backdrop, the UK was the best VC investment destination in the world after the US and China during January-August 2024. It was also among the top five markets globally in terms of VC deal volume.”
The UK accounted for 7.1% share of the total number of VC deals announced globally during January-August 2024 while its share in terms of the total disclosed funding value stood at 6.2%.
Some of the notable VC funding deals announced in the UK during January-August 2024 include $1.05 billion worth of funding raised by Wayve Technologies, $1 billion raised by Abound, $431 million raised by Monzo, and $200 million worth funding raised by DNEG Group.
