Broader trends in funding
Overall, UK venture capital firms raised US$11.3bn in dry powder in 2024, a 59% increase from 2023, signalling a robust pipeline for future investments. International participation also grew, with 68% of funding rounds involving overseas backers.
This trend was particularly pronounced in late-stage rounds, showcasing the global appeal of UK innovation.
Other sectors saw notable growth, including health tech and enterprise software, each securing US$3.3bn in venture capital funding. Enterprise software, in particular, experienced a strong fourth quarter, with $1 billion raised—a 65% increase from the previous quarter—thanks to mega rounds by companies like Lighthouse, NScale and Tessl.
HSBC itself is a strong proponent for this growth spurt. “As we look to 2025, we remain committed to partnering with firms across the ecosystem to support and accelerate growth,” Simon says.
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