The UK has seen a total of 877 venture capital (VC) funding deals through the first three quarters of 2024, according to new data published by GlobalData.

This marks a 15.1% decline compared to the period between January and September last year.

However, the data and analytics firm revealed that despite the decline in volume, the total disclosed funding value of these deals was up by 9.4% year-on-year to $12bn (£9.24bn).

GlobalData’s deals database showed that during the first three quarters in 2023, a total of 1,033 VC deals were announced in the UK while the disclosed funding value of these deals stood at $10.9bn (£8.39bn).

Lead analyst at GlobalData, Aurojyoti Bose, said: “The improvement in the total funding value despite a fall in deal volume can be attributed to some big-ticket deals announced during the review period.”

Some of the notable VC funding deals announced in the UK so far in 2024 included $1.05bn (£808.2m) worth of funding raised by Wayve Technologies, $1bn (£769.7m) raised by Abound, $431m (£331.8m) raised by Monzo, and $200m (£153.9m) worth funding raised by DNEG Group.

The UK accounted for 7.2% share of the total number of VC deals announced globally during the nine-month period, while its share of the corresponding disclosed funding value stood at 6.5%.

Bose added: “The UK, apart from being the top European market, continues to remain one of the top five global markets for VC funding activity both in terms of deal volume and value.”

---