UK Tech: A forward look to 2024

The below includes some of the key takeaways from our recent report on the state of UK tech heading into 2024, the current health of the ecosystem through a venture capital, geographic and sectoral lens, with HSBC Innovation Banking.

Find the full report and insights here (https://dealroom.co/reports/uk-innovation-forward-look-for-2024)

Venture capital in the UK reached an all-time high in 2023 (if you exclude the outlier years of 2021 & 2022).

• UK startups raised $21.3B in 2023, the third highest total on record, after just the outlier years of 2021/22. 
• VC investment has been growing again as of H2 2023 - seen here.
• Investment was up 46% in the second half of 2023, compared to the period Jan-Jun.
• View the funding round data into the UK startup ecosystem on the platform here.

UK remains the #3 tech ecosystem in the world, 1st in Europe.

• UK remains the #3 tech ecosystem in the world, only behind the US and China.
• However, on the European scene, UK startups raised more than 2nd and 3rd placed France and German startups combined - see this European data breakdown here on the platform
• Benchmark the UK ecosystem by VC investment, unicorns, new funds as well as other metrics against its European and Global counterparts here on the platform.

AI and Climate tech are the UK hottest startup segments

• Electric mobility, EV battery tech and Autonomous mobility were the top funded UK startup segments in 2023.
• Climate tech accounted for 29% of all UK VC investment in 2023 - $6.2B, an all-time high. This represented 40% growth year on year.
• Startups utilising AI raised $4.5B in investment in 2023, including significant rounds for Generative AI companies Synthesia ($90M), AutogenAI ($22.3M & $39.5M) and Stability AI ($50M).
• Explore all funding rounds into the UK ecosystem here

UK investors are armed with over $25B new funds raised in the last 3 years

• Over $25B raised in the last three years.in the UK.
• Leading UK funds are freshly equipped to deploy in 2024 - explore this data here.
• The UK is the home of European venture capital with 40% of new European VC capital raised in the last five years being based in the UK.
• Explore this chart's data on the Dealroom platform here.

Related content

Taxonomy: To learn how Dealroom defines its entities, taxonomy, filters and more, click here

Guides: All the need-to-know stats and trends in technology, innovation and entrepreneurship for the UK startup ecosystem, visit our dedicated Guide here.

Funded Startups: Explore 25K+ funded startups headquartered in the UK here.

Benchmarking: Benchmark the UK ecosystem against its European and global counterparts here on the platform

UK reports: Explore all UK related reports from Dealroom here.