Venture capital (VC) funding in the UK increased by 18.6% year-on-year to $14.3bn (£11.28bn) between January to October 2024, GlobalData has revealed.

This is despite the number of VC deals falling by 11.4% in the same period to 1,002, after 1,131 VC deals were made between January to October 2023, with a value of $12bn (£9.46bn).

GlobalData also found that the number of VC deals that valued more than or equal to $100m (£78.86m) increased from 19 between January to October 2023 to 24 in the same period in 2024.

This included some billion-dollar deals, such as the $1.05bn (£803m) raised by Wayve Technologies and Abound's $1bn (£790m) fund raising.

Core Power's $500m (£394m) fund raising, $431m (£339m) of funds raised by Monzo and $267m (£210.5m) raised by Zepz were also cited

Overall, the UK accounted for a 7.3% share of the total number of global VC deals announced in the January to October 2024 period, with its share of the corresponding funding value standing at 6.5%.

Lead analyst at GlobalData, Aurojyoti Bose, said: "The UK stood at the third position by total funding value and was also among the top three countries globally by the number of VC deals as well during January-October 2024. Even though the country experienced a decrease in the volume of VC deals, the corresponding funding improved on the back of some big-ticket deal announcements."

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