UK startups received $10.1 billion in venture capital (VC) funding from January through August 2024 according to a report. The funding was committed to 673 individual deals.
GlobalData reports that this is an improvement by 14.8% in funding year over year. At the same time, the number of deals has declined by 16%.
The report states that during the first 8 months of 2023, UK startups garnered $8.8 billion for 908 deals.
Additionally, the UK accounted for a 7.1% share of the total number of VC deals globally during January-August 2024.The UK’s share in terms of the total disclosed funding value stood at 6.2%.
Aurojyoti Bose, Lead Analyst at GlobalData, said the UK hit the $10 billion mark during the first eight months of 2024, whereas it took nine months to reach this milestone during 2023.
“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 report highlighted several prominent deals in the UK including the $1.05 billion in funding raised by Wayve Technologies, $1 billion in funding raised by Abound, $431 million in funding raised by Monzo, and $200 million in funding raised by DNEG Group.
