A total of 808 venture capital (VC) funding deals worth $8bn (£6.3bn) were announced in the UK between January and July this year, an overall value that has more than halved since last year.

According to new figures published by GlobalData, both VC funding deals in terms of volume and value registered significant year-on-year declines of 28.4% and 54.3%, respectively.

Data and analytics firm GlobalData analysed its financial deals database which showed that 1,128 VC funding deals were announced in the UK during January to July in 2022, while the disclosed funding value of these deals stood at $17.6bn (£13.9bn).

Lead analyst at GlobalData, Aurojyoti Bose, said: “Macroeconomic challenges and looming recession fears are taking toll on the VC funding activity in the UK. The decline being more prominent in terms of value also reflects the prevailing investor sentiments.”

Despite the recent decline, however, the UK has continued to be the top European market for VC funding activity in the period from January to July in 2023. It also still remains among the top five global markets in terms of both deals volume and value.

The UK accounted for 6.4% of the total number of VC funding deals announced globally during this period, while its share of the corresponding disclosed funding value stood at 5.7% of all global VC activity.

Some of the notable VC funding deals announced in the UK so far this year include $602m (£475m) raised by Abound, $250m (£197.2m) secured by Builder.ai, $250m (£197.2m) raised by EToro, and $100m (£78.9m) secured by ZYBER 365.

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