North of England
Metro area · United Kingdom · Pop. 16.2M
* C→Unicorn and Unicorn→Decacorn rates are derived from current counts (no founding-cohort data); the four mid-funnel rates use Dealroom's cohort tracking.
Map
Where the North of England sits
The North East, North West and Yorkshire and the Humber, with their startup hubs and the universities producing the most spinouts. The Northern Triangle joins the universities of Leeds, Manchester and Sheffield. Hubs are sized by combined enterprise value at end-2025, universities by spinouts.
Boundaries: ONS International Territorial Level 1 (January 2021); contains OS data © Crown copyright and database right; Open Government Licence v3.0. Hubs and universities: Dealroom.
Deep tech
Deep tech and life sciences in the North of England
How the North of England's deep tech and life sciences companies compare with the rest of the UK.
The North of England is the UK's spinout engine
64% of the North of England's VC-backed deep tech companies founded since 2020 are spinouts, against 41% across the UK and 24% in London. Yorkshire and the Humber, part of the North, has the highest share of any UK region with 20+ spinouts, at 68%.
Spinouts as a share of VC-backed deep tech and life sciences startups launched since 2020, founded or headquartered in each region. Excludes closed, Mature and Outside Tech companies. Regions with 20+ spinouts. Cambridge and Oxford also count in their regions.
The North of England is gaining share of new VC-backed deep tech companies faster than any UK region
The North of England's share of the UK's new VC-backed deep tech companies rose from 8.0% of those founded in 2015–19 to 11.5% of those founded since 2020, up 3.5 points, the largest gain of any region. The South East, Wales and the South West fell by a point or more, as did Oxford.
Change in each region's share of the UK's VC-backed deep tech and life sciences startups, founded 2015–19 against founded since 2020. Counts startups founded or headquartered in the region. Excludes closed, Mature and Outside Tech companies. Cambridge and Oxford also count in their regions.
Capital hasn't caught up yet
The North of England has 11.1% of the UK's VC-backed deep tech companies but raised 3.5% of UK deep tech VC since 2020 ($5.5M per company, against $17.5M across the UK). In 2026, counting companies founded in the North but headquartered elsewhere, mainly Ineffable Intelligence's $1.1B seed round, lifts its share from 1.9% to 10.7%, its highest in any year since 2015.
HQ in the NorthHQ or founded in the North
Share of UK VC into deep tech and life sciences companies each year, Dealroom-verified rounds; 2026 is to date. HQ or founded also counts companies that started in the North and moved their HQ elsewhere. Excludes Emulate's reported $700M round, which is not yet verified.
VC raised since 2020 per VC-backed deep tech and life sciences company headquartered in each region (Mature and Outside Tech companies excluded). Cambridge and Oxford also count in their regions.
VC raised since 2020 per VC-backed deep tech and life sciences company headquartered or founded in each region (Mature and Outside Tech companies excluded). This also counts companies that started in the North and moved their HQ elsewhere, such as Ineffable Intelligence. Cambridge and Oxford also count in their regions.
Source: Dealroom, 10 Oct 2026.
Deep tech startups are eight times as likely to get a grant
28% of the deep tech and life sciences startups in the North of England launched since 2020 have had a grant, against 3% of other startups. 80% of those deep tech startups with a grant are VC-backed, against 56% of those without.
Startups launched since 2020, founded or headquartered in the North of England, not closed, Mature or Outside Tech. Source: Dealroom, 12 Oct 2026.
Defence and dual-use
Defence and dual-use in the North of England
How the North of England's defence and dual-use startups compare with the rest of the UK, and how fast their value has grown.
Defence and dual-use is one of the fastest-growing sectors in the North by value since 2021
The combined value of the North's VC-backed defence and dual-use companies went from $68M in 2021 to $261M in 2026, up 284%, faster than AI (up 151%) and deep tech (up 115%), against 34% for all VC-backed companies in the North. Only robotics grew faster. The largest are Mindgard, AegiQ and K3 Metrology.
Combined enterprise value in 2026 against 2021 of VC-backed companies founded since 1990, not closed, Mature or Outside Tech, founded or headquartered in the North of England; 2026 is to date.
The North of England now has 12% of the UK's defence and dual-use startups, one of the highest shares in the UK
The North has 67 of the UK's 539 defence and dual-use startups. 13 of them are VC-backed (19%, against 36% in London), 8% of the UK's VC-backed ones (13 of 163).
Share of the UK's 539 defence and dual-use startups founded or headquartered in each region. Excludes closed, Mature and Outside Tech companies. Cambridge and Oxford also count in their regions.
Share of the UK's 163 VC-backed defence and dual-use startups founded or headquartered in each region. Excludes closed, Mature and Outside Tech companies. Cambridge and Oxford also count in their regions.
Defence and dual-use: companies with Dealroom's Defence, Defence Applications or Dual-Use Tech tag. Source: Dealroom, 10 Oct 2026.
Academia
North of England's academic flywheel
North of England's universities ranked by spinouts, deep tech spinouts, alumni-founded companies, founder alumni and alumni unicorns, then the North against London, Cambridge and Oxford.
| The University of Manchester | 139 | 92 | 2,575 | 2,278 | 15 |
|---|---|---|---|---|---|
| University of Sheffield | 73 | 53 | 1,079 | 925 | 7 |
| Newcastle University | 63 | 37 | 894 | 784 | 3 |
| University of Leeds | 60 | 34 | 1,473 | 1,255 | 9 |
| Durham University | 38 | 20 | 1,177 | 1,004 | 9 |
| University of Liverpool | 33 | 22 | 84 | 65 | 2 |
| Lancaster University | 29 | 14 | 865 | 735 | 4 |
| University of York | 29 | 11 | 709 | 631 | 3 |
| The University of Salford, Manchester | 14 | 4 | 397 | 358 | 0 |
| University of Bradford | 6 | 2 | 431 | 369 | 1 |
| Teesside University | 5 | 2 | 309 | 256 | 1 |
| University of Hull | 4 | 4 | 340 | 296 | 0 |
Source: Dealroom, 7 Oct 2026. Counts can overlap across institutions.
About spinouts and alumni companies
Spinouts are companies Dealroom records as spinouts where the institution invested in the spinout round, the link Dealroom uses in its UK spinout reports. Deep tech spinouts are those Dealroom classifies as deep tech or life sciences. Alumni-founded companies count businesses whose founders studied there, wherever those businesses are based. Founder alumni count people; alumni unicorns count companies that reached a $1 billion valuation. The table includes universities, business schools, colleges and research institutes headquartered in the North of England, as classified by Dealroom, with at least one spinout or five founder alumni; secondary schools and sixth-form colleges are left out. Schools of a university and parent universities can have separate records. Missing data is shown as a dash; zero means a recorded count of zero. The columns and rows should not be added together. Bars use the highest count in each column across all institutions as their scale.
Spinouts by the location of the university they came from, not the company's HQ. Each company counts once per place. The North of England has 16.3% of the UK's 3,061 university spinouts.
Companies founded by people who studied at the universities in each place. The North of England has 13.5% of the UK's 23,442 alumni-founded companies.
Quarterly report
North of England's latest quarter in venture capital
VC raised by North of England-headquartered companies in the quarter shown, against the quarter before and the same quarter a year earlier.
Latest complete quarter
Loading VC raised by North of England-headquartered companies…
Largest rounds
Largest funding rounds in North of England
A live treemap of the largest VC rounds. Each cell is one verified VC round into North of England-headquartered companies (excluding mature and outside-tech companies), grouped by Dealroom sector.
Largest rounds in North of England - 2026
Breakouts and scaleups
Breakouts and Scaleups in the North
Selection of startups founded in or headquartered in each region that have raised $40M or more in total funding and a VC round since 2022, with their founding city (HQ city if founded elsewhere). Source: Dealroom, 12 Oct 2026.
VC investment
How much venture capital flows into North of England
VC investment into North of England-headquartered companies, broken down by round size, company location, sector and funding stage. Only Dealroom-verified VC rounds are included; companies tagged mature or outside tech are excluded.
UK comparison
How North of England stacks up in the UK
North of England against other UK regions and cities. Switch between combined EV, EV growth and a growth × size view, and expand the table for the full ranking. Below, its growth over time against London and Cambridge.
Combined enterprise value of each ecosystem at end-2025.
Top cities in United Kingdom ranked by combined EV. North of England's row is highlighted (#5).
| # | Ecosystem | Combined EV, end-2025 | EV growth, 2017–2025 | Unicorns | VC invested | Tracked startups |
|---|---|---|---|---|---|---|
| 1 | London | $715B | 6.3× | 161 | $20.1B | 12K |
| 2 | East of England | $207B | 3.8× | 17 | $3B | 1,194 |
| 3 | Cambridge (UK) | $184B | 3.9× | 15 | $2.7B | 631 |
| 4 | South East England | $66.3B | 3.1× | 17 | $1.6B | 1,753 |
| 5 | North of England | $65.8B | 3.6× | 19 | $635.5M | 2,172 |
| 6 | Edinburgh | $41.6B | 8.2× | 2 | $358.7M | 443 |
| 7 | Oxford | $30.6B | 3.1× | 9 | $811.4M | 448 |
| 8 | Midlands | $30B | 6.5× | 7 | $517.5M | 928 |
| 9 | East Midlands | $22.7B | 5.8× | 4 | $107.3M | 404 |
| 10 | South West England | $19.5B | 2.9× | 5 | $459.4M | 879 |
| 11 | Bristol | $10.3B | 3.7× | 2 | $168.5M | 325 |
| 12 | West Midlands | $8.5B | 4.4× | 4 | $414.9M | 553 |
- London · 2015 · 11 yrs ago
- Cambridge (UK) · 2023 · 3 yrs ago
Combined EV of VC-backed companies founded since 1990 (not closed, Mature or Outside Tech), founded or headquartered in each place; 2026 is to date. Log scale. Source: Dealroom, 9 Oct 2026.
Europe comparison
How North of England stacks up in Europe
North of England against European countries. Switch between combined EV, EV growth and a growth × size view, and expand the table for the full ranking. Below, its growth over time against leading countries.
Combined enterprise value of each ecosystem at end-2025.
Top European countries ranked by combined EV, with North of England added. North of England's row is highlighted (#12).
| # | Ecosystem | Combined EV, end-2025 | EV growth, 2017–2025 | Unicorns | VC invested | Tracked startups |
|---|---|---|---|---|---|---|
| 1 | Germany | $420B | 4.8× | 99 | $8.3B | 8,949 |
| 2 | Netherlands | $400B | 3.4× | 47 | $3.6B | 4,011 |
| 3 | France | $399B | 5.4× | 68 | $8.3B | 9,352 |
| 4 | Sweden | $287B | 6.5× | 56 | $3.5B | 3,369 |
| 5 | Switzerland | $229B | 3.7× | 50 | $4.2B | 3,111 |
| 6 | Denmark | $145B | 6.3× | 24 | $1.9B | 1,734 |
| 7 | Belgium | $117B | 8.8× | 13 | $1.1B | 1,961 |
| 8 | Spain | $106B | 4.7× | 18 | $3.3B | 4,676 |
| 9 | Ireland | $104B | 4.4× | 26 | $1.2B | 2,007 |
| 10 | Finland | $80.6B | 4.0× | 14 | $2.2B | 1,787 |
| 11 | Italy | $66.8B | 5.6× | 18 | $1.8B | 3,047 |
| 13 | North of England | $65.8B | 3.6× | 19 | $635.5M | 2,172 |
- Germany · 2016 · 10 yrs ago
- France · 2018 · 8 yrs ago
- Sweden · 2018 · 8 yrs ago
- Switzerland · 2018 · 8 yrs ago
Combined EV of VC-backed companies founded since 1990 (not closed, Mature or Outside Tech), founded or headquartered in each country; 2026 is to date. Log scale. Source: Dealroom, 9 Oct 2026.
Investors
Who invests in the North of England
Where the North of England's VC comes from, compared with the UK, and the investors most active in the region, 2022–2026 (2026 to date).
61% of the North's VC comes from UK investors, against 31% across the UK
US investors supplied 18% of the North's VC, against 39% across the UK. UK investors' share is higher in the North at every round size, from 76% of the money in rounds under $15M (55% across the UK) to 43% in rounds of $100M and above (20%).
United KingdomRest of EuropeUSAsiaRest of the world
VC rounds 2022–2026 (2026 to date) into companies headquartered in the North of England (North) and the UK, Dealroom-verified. Each round's amount is split equally across its investors and counted by where each investor is headquartered; investors with no known headquarters are left out.
Half of the North's ten most active investors are based in the North, and all ten in the UK
Northern Gritstone, the Northern Powerhouse Investment Fund, Northstar Ventures, Praetura Ventures and the North East Innovation Fund are based in the North. SFC Capital is the most active overall, with 49 rounds at 41 northern companies.
| # | Investor | Based in | Rounds | Companies |
|---|---|---|---|---|
| 1 | SFC Capital | London | 49 | 41 |
| 2 | Mercia Asset Management | Henley-in-Arden · Rest of the UK | 47 | 33 |
| 3 | Northern Gritstone | Manchester · North of England | 47 | 32 |
| 4 | Northern Powerhouse Investment Fund | Sheffield · North of England | 38 | 31 |
| 5 | Maven Capital Partners | Glasgow · Rest of the UK | 36 | 29 |
| 6 | Northstar Ventures | Newcastle upon Tyne · North of England | 32 | 21 |
| 7 | Praetura Ventures | Manchester · North of England | 29 | 27 |
| 8 | Business Growth Fund | London | 29 | 26 |
| 9 | North East Innovation Fund | Newcastle upon Tyne · North of England | 17 | 14 |
| 10 | PXN Ventures | Edinburgh · Rest of the UK | 15 | 15 |
Investors ranked by VC rounds at companies headquartered in the North of England, 2022–2026 (2026 to date). The North East Innovation Fund includes the North East Small Loan Fund. Crowdfunding platforms and accelerators are not included.
Source: Dealroom, 10 Oct 2026.
More data
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