UK tech businesses are projected to secure $12.7bn (£10bn) in venture capital this year, the highest in Europe once again despite losing ground to the rest of the continent.
Overall, European tech startups are on course to secure $45bn this year, a steep drop from the $82bn collectively raised in 2022.
France raised the second-most VC funding at $8bn, followed by Germany at $7.8bn.
VC funding in the UK fell by 54% year on year, down from $27.9bn in 2022. It is a steeper fall than the average across Europe, which stands at 45%. Globally, tech funding has fallen by 39%.
The data, published in Atomico’s ‘The State of European Tech 2023’ report, found that the UK has lost the largest share of VC funding invested by country over the last three years....