UK tech update – London Tech Week 2023
The UK retains position as #3 country for VC investment globally, and first in Europe
UK startups have raised $8.9B so far in 2023.
This is a ~50% decrease in investment compared to the same period last year, as global venture markets have been rockets in the last year.
However, the UK retains its global position, and early-stage investment in particular is holding up well.
The UK has raised double the investment of any other European country in 2023
The UK still dominates the European startup and investment landscape.
In 2023, UK startups have raised 2.3x the investment of the next European ecosystem – France.
However, the rest of Europe is closing the gap. Longer term investment growth trends show the UK behind the European average.
London was the #1 global hub for fintech last year, but is also diversifying
London fintech startups raised more investment than any other global hub in 2022, ahead of New York and the Bay Area. Fintech accounted for 45% of all investment in the city in 2022.
But London is also diversifying. Of the nine new unicorns produced in the last year, just one is Fintech (Copper). New scale startups are also emerging in Edtech (Multiverse), Energy (NewCleo) and AI (Stability AI), among other sectors.
Download the full report on UK tech for more.