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UK tech funding has steepest drop in Europe

uk tech funding 2023

UK tech companies raised $7.4bn (£5.9bn) during the first half of 2023 in the steepest funding decline across Europe amid rising interest rates and geopolitical disruption.

Total UK tech investment fell by 57% year-over-year, while France decreased by 55% and Germany by 44%, according to a report by investment firm Atomico.

UK tech companies raised the most across Europe in 2022, collectively scooping $17.3bn in the first half of the year – meaning the UK had the most ground to lose.

Tech funding for French companies fell from $10.1bn to $4.6bn over the period, while German tech companies dropped from $8.1bn to $4.5bn.

Rising interest rates, soaring inflation and macroeconomic uncertainty stemming from Russia’s invasion of Ukraine have significantly slowed down investment levels from record levels in 2021....