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London ranks second globally for climate tech funding

London climate tech funding
Image credit: Yury Ershov / Shutterstock

London-based climate tech startups raised $3.5bn (£2.75bn) of funding in 2023, the second-highest globally and ahead of the San Francisco Bay Area.

London was beaten only by Stockholm for climate tech funding, with startups based in the Swedish capital city securing $3.6bn.

Startups in the Bay Area raised $2.7bn, followed by Boston at $2.4bn.

The data from London & Partners and Dealroom show that across all subsectors London startups collectively raised over $12.9bn in venture capital funding.

The UK has typically ranked third for tech funding globally, behind only the US and China.

The figures show that London’s climate tech sector is a key growth area. It marks a 59% year-over-year increase for climate tech funding, up from $2.2bn in 2022....