UK Innovation Update – Q2 2025

The data behind the world's #3 innovation ecosystem, in Q2 2025. Startups, sectors, venture capital and innovation trends. In partnership with HSBC Innovation Banking.

Key findings

• The UK raised $8B in venture capital in H1 2025, more than Germany and France combined and the most of any European country.
• AI accounted for 30% of all UK venture capital raised in 2025 to the end of H1, up from under 13% in 2022.
• Health was the UK's most funded innovation sector in H1 2025 with $2.3B raised, narrowly ahead of fintech.
• The UK has produced 188 unicorns and $1B+ exits, and the 71 that are still private are worth a combined $229B.
• The UK innovation economy is worth $1.3 trillion in combined enterprise value, $600B of it still pre-exit.