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....