A total of 389 venture capital (VC) funding deals worth $3.6 bn (£2.8bn) were announced in the UK between January and April, new figures published by GlobalData have shown.

This represents an annual decline of 21.4% in terms of deal volume and 32.8% in terms of value.

Data and analytics company GlobalData revealed that that a total of 495 VC deals were announced between January and April in 2023, with the corresponding value of these deals standing at $5.4bn (£4.2bn).

Lead analyst at GlobalData, Aurojyoti Bose, said that venture funding activity has “declined considerably” in the UK, as global economic headwinds are taking a toll on investor sentiments.

“The UK also saw a fall in volume of high-value VC deals during January-April 2024 compared to the same period in previous year,” Bose said.

High-value VC deals have included the $431m (£338.1m) raised by Monzo, $112m (£87.9m) capital by Exohood Labs, $110m (£86.3m) by Skyports, $110m (£86.3m) capital by Build A Rocket Boy, and the $100m (£78.4m) funding by Oxford Quantum Circuits.

Bose added: “Despite the setback, the UK continues to remain the top European market for VC funding activity and is also among the top five global markets in terms of deal volume as well as value.”

GlobalData’s figures showed that the UK accounted for 7.1% of the total number of VC deals announced globally between January and April, while its share in terms of corresponding value stood at 4.8%.

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