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Investment in UK start-ups fell to £16.71 billion in 2023, down from £24.55 billion the previous year. This was just over half of the peak fundraising in 2021 a report by HSBC Innovation Banking and Dealroom has revealed.
New British companies raised record amounts of funding during the COVID pandemic, with venture capital investment at £32.16 billion in 2021, but dropped in the second half of 2022, according to the report.
But there are signed of things rallying for venture capital investment into UK companies, the report said, as companies raised £9.88 billion in the second half of 2023, a 46 per cent increase on the previous six months.
Over the past decades, the United Kingdom has become one of the world’s most established startup ecosystems thanks to a variety of factors including a wealth of world class education hubs, thriving job market, and a beneficial regulatory environment.
As of 2020, the UK startup ecosystem was now worth more than $1.1T as of 2023, making the UK the 3rd most valuable startup ecosystem globally, according to Dealroom.
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