Menu

UK-based startups raised $9 billion funding through 704 venture capital (VC) deals announced between January-July 2024, according to GlobalData – a leading data and analytics company.

The amount represents a 7.9% year-on-year (YoY) increase in funding value despite a 14.3% decline in deal volume, indicating an improving appetite for big-ticket investments in promising startups.

“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,” said Aurojyoti Bose, Lead Analyst at GlobalData. “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 in the period 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.