UK Innovation Update – Q3 2025

An update of innovation and venture capital in the UK in Q3 2025 - a blockbuster quarter for startup investment in the UK.

Key findings

• UK startups raised $9B in Q3 2025, up 2.6x year on year, the highest quarter since 2022 and the second highest Q3 on record after Q3 2021.
• Twelve megarounds of $100M or more accounted for 61% of all UK venture capital raised in Q3 2025, led by Revolut at $2B and Nscale at $1.1B.
• The UK raised $17.3B in the first three quarters of 2025, more than France ($6.3B), Germany ($6.0B) and Switzerland ($2.7B) combined.
• AI companies took 47% of UK SaaS venture capital in 2025, up from 26% in 2022.
• Cambridge raised $2B and Oxford $406M in 2025, the largest city totals outside London, ahead of the next city, Cardiff-Newport at $172M.