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Firms backed by VCTs bullish on international expansion

Depop VCT
Image credit: Piotr Swat / Shutterstock.com

The majority of companies backed by venture capital trusts (VCTs) are planning to expand overseas next year, new data shows.

A survey of 119 growth companies that have received financial backing from VCTS found that more than 90% of respondents have set their sights on international expansion in 2024.

VCTs are investment companies listed on a stock exchange. They provide investments to unlisted companies and receive tax relief.

The research was conducted by the Venture Capital Trust Association (VCTA), which represents twelve of the largest venture capital trust managers in the UK

It showed that 93% of companies based in the East of England are eying international expansion next year. That figure was slightly lower – 87% – for businesses in Wales and Northern Ireland....