UK venture funding value down by 39.4% to $14.2 billion in 2023
The UK witnessed the announcement of a total of 1,260 venture capital (VC) funding deals during 2023 while the corresponding disclosed funding value stood at $14.2 billion. This represents a decline of 28.4% and 39.4% compared to the deal volume and value for 2022, respectively according to GlobalData, a leading data and analytics company.
An analysis of GlobalData’s Deals Database reveals that a total of 1,759 VC deals with disclosed funding value of $23.4 billion were announced in the UK during 2022.
It took nine months for the UK to touch the $10 billion mark during 2023 while it took only four months to surpass the same level during the previous year.
Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The subdued activity, which was more of a global phenomenon in 2023, impacted most of the key markets including the UK. The dent in investor sentiments due to macroeconomic challenges, volatile market conditions and the prevailing geopolitical tensions significantly impacted VC funding activity globally.â€
Nevertheless, the UK continues to enjoy its dominance in Europe and remains among the top five markets for VC funding activity in terms of both deal volume and value. The UK accounted for 6.5% of the total number of VC funding deals announced globally during 2023 while its share of the corresponding disclosed deal value stood at 6.1%.
Some of the notable funding deals announced in the UK during 2023 include: $623 million worth funding raised by Conigital, $602 million funding raised by Abound, $367.7 million funding raised by Spendology, $306.5 million funding raised by SumUp, $250 million funding raised by EToro, and $250 million worth funding raised by Builder.ai.
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