The volume and value of venture capital (VC) deals that took place in the UK during 2023 suffered a "significant setback" compared to last year, GlobalData has revealed.

Between January and November 2023, a total of 1,199 VC funding deals worth $13.2bn (£10.4bn) were announced.

Compared to the same period in 2022, GlobalData’s financial deals database revealed that the number of deals declined by -26.9% from 1,641, with the disclosed funding value also falling by -40.5% from $22.2bn (£17.5bn).

Some of the notable VC funding deals announced in the UK during this period include $623m (£489.8m) raised by Conigital, $602m (£473.3m) raised by Abound and $367.7m (£289.1m) worth of funding raised by Spendology.

Despite the drop in the deal volume and value of deals in 2023, the UK accounted for 6.5% of the total VC funding volume announced globally during this period. Meanwhile, its share of the corresponding disclosed stood at 6% during the same period.

Lead analyst at GlobalData, Aurojyoti Bose, said: "There was a dent in investor sentiments globally in 2023 and the UK, in line with several of its peers, also suffered setback in VC funding activity.

"However, it did not affect the country’s attractiveness for VC investors. Despite a decline, the UK, aside from being the top European market, maintains its position among the top five global markets in both VC funding deal volume and value."

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