Venture capital money is still flooding into the UK, especially in the tech space, new research has shown
According to market researcher Dealroom, UK tech start-ups and scale-ups raised £7.4bn during the first six months of 2024, a 16% increase from this time a year ago and accounting for a third of all venture capital funding in Europe.
Britain attracted more money than France and Germany combined, Dealroom said thanks to several stand-out deals.
Wayve, the autonomous vehicles technology firm. raised £861 million in May, credit technology company Abound raised £400m, liquid air battery group Highview Power pulled in £300 million while online bank Monzo raised £150 million in May.
Britain’s ‘golden triangle’ of London, Cambridge and Oxford, still sees most of the money.
In London, new or series funding ventures received £5.3bn in funding or double those in Paris in second place at £2.4bn and five times more than third-placed Stockholm.
Cambridge, where chip designer ARM is based, saw an 83% rise to £517m compared to 2023.
Across Europe, Dealroom said new energy companies attracted the most funding, pulling in £4.3bn with generative AI space raising £2bn