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1、January 2025UK innovation2025 forward lookImage generated by Dealroom using MidjourneyPage/2 The UK remains Europes top tech ecosystemThe UK tech ecosystem is worth more than those of France and Germany combined.The UK has the third most valuable tech ecosystem globally behind the US($27.6T)and Chin

2、a($5.8T).UK startups raised$16.2B in 2024,compared to$8.2B for Germany and$7.8B for France.The UK has produced 181 unicorns,31%of Europes total.UK tech is worth a combined$1.2TThe combined enterprise value of UK tech has passed$1.2T.The value of the UK tech ecosystem has increased by nine times in t

3、he last 10 years,up from a combined value of$133B in 2014.Half of this value has been created by companies that have already gone public or exited via M&A.Half is still pre-exit.$100250mLateSource:2025 in UK techInvestment in UK AI startups is on the riseUK artificial intelligence startups raised$4.

4、2B in venture capital in 2024.This represents a record share of UK VC for AI-first startups.27%of all UK venture capital was raised by AI startups in 2024,compared to 7%in 2014.The total was driven in particular by five AI megarounds-including a$1.1B round from Wayve.Dealroom.coUK tech has created 1

5、.8M jobsUK innovation is a powerful economic engine.In addition to creating over$1T in value,UK tech companies have created 1.8M jobs,at home and abroad.The most jobs have been created by some of the youngest company cohorts.The startup job growth engine is accelerating.“Were delighted to share the

6、first of our 2025 quarterly UK innovation reports in partnership with Dealroom,showcasing the positive strides made by the UK innovation economy in 2024.“This progress is perhaps best emphasised by the substantial increase in the combined enterprise value of the UK innovation ecosystem,which jumped

7、almost 20%year-on-year to surpass$1.2 trillion.The growth in enterprise value and continued investment levels into innovation showcases the maturity and significance of the UK innovation ecosystem as part of the wider UK economy particularly in terms of jobs and new company creation.“In 2024,UK star

8、tups provided over 1.8 million jobs cumulatively,a record high and more than double the level of 2019.Supporting the continued development of skilled entrepreneurial,creative,and technical talent will be crucial to building an economy and workforce with the skills to lead the industries of the futur

9、e.“Meanwhile,AI proliferation continued to flourish in 2024,with UK startups securing record-breaking investment across a wide range of areas,from generative AI to autonomous vehicles,fintech and life sciences.As AI technology matures,the stage is set for more disruptive innovation underpinned by st

10、rong levels of funding,with the UK taking a primary role on the global stage.“The UK continues to cement its reputation as a global technology leader,excelling in established sectors like fintech while driving innovation in fast-growing areas such as health tech and life sciences.UK companies in thi

11、s space are pushing the boundaries of advanced technologies like gene editing,while newly minted unicorns are emerging in rapidly expanding fields such as womens health.The UK is seen as a strong home for international capital and corporates looking to tap into these opportunities.“Finally,its encou

12、raging to see that UK VC firms ended the year with over$11 billion of dry powder on hand,up 59%on the$7 billion raised in 2023,suggesting long-term confidence in UK innovation businesses.This ensures there is significant liquidity ready to be deployed for ambitious founders across all life stages lo

13、oking to scale,create jobs,invest in new technologies and fund M&A activity.“The team at HSBC Innovation Banking and I are excited about the prospects for UK innovation in 2025 and beyond,and we look forward to working with ecosystem partners across the country to help realise the UKs incredible pot

14、ential.”Simon BumfreyUK CEOPage/4 Source:$4.5B$16.2B1.84M+Dealroom.co2024 UK tech in numbersSource:1.84M+jobs$16.2B UK VC$4.5B invested in AI(record-breaking year)UK tech ecosystem is worth$1.2BBiggest round of 2024:$1.1B181 UK unicorns(founded or HQ)1.84M+Jobs generated$16.2BUK VC$4.5BInvested in A

15、IRecord-breaking year$1.1BBiggest round of 2024181UK UnicornsFounded or HQ2024 UK tech in numbers$1.2BUK tech ecosystems valueJobs generatedUK VCInvested in AIRecord-breaking year$1.2B181$1.1BBiggest round of 2024UK tech ecosystems valueUK UnicornsFounded or HQ2024 UK tech in numbersPage/4 Source:$4

16、.2BInvested in AI 2024$16.2BUK VC raised in 2024$1.1BBiggest round of 2024(Wayve)181Unicorns Founded or HQd in the UK1.8M+Jobs created$1.2TUK tech ecosystem valueUK tech in numbersPage/4 Source:Dealroom.coPage/5 Dealroom.co.Startups founded since 1990.Source:UK innovation economy combined enterprise

17、 value,by founding yearThe UK innovation economy is worth a combined$1.2 trillionHalf is still pre-exit,with the rest still to be realised over the coming years.More than 50%of the ecosystem value comes from companies founded since 2010.View online“The UKs$1.2 trillion innovation economy highlights

18、a maturing ecosystem where founders increasingly recognise they can build world-class tech ventures at home.“AIs funding momentum is particularly exciting,as its rapidly shaping new consumer experiences and operational efficiencies across sectors.This is a key area of focus for us at Molten.“The UK

19、has an opportunity to be a global leader here and thats clearly being recognised in some of the large fundraises we saw last year.At the same time,fintechs rebound is highly encouraging and reaffirms the UKs broad innovation capabilities.“This data confirms the UKs position as a leading global ecosy

20、stem and we expect to see continued growth in investment,across sectors,from local and global investors.”Nicola McClaffertyPartnerPage/7 Dealroom.coUK startups have created over 1.8M jobs.UK startups now employ over 1.8M people,having grown their headcount by over 330%since 2018.Steady growth in job

21、s from the 1k+team size cohort indicates the UK has provided fertile ground for startups to scale and mature into larger companies.Source:UK startup ecosystem jobs,by team size+Startup jobs refer to global headcount of startups with HQ in the UK.“The UK benefits from the sophistication of its tradit

22、ional finance ecosystem which helps foster innovation and growth.“2024 saw fintech as the largest sector for investment with UK based funds and angels recognising the complexities within this sector and sub-sectors such as crypto/blockchain.Block Scholes has benefitted from this support in bringing

23、to life our vision of building a regulated top quality market solution for the crypto industry.“We believe the UK stands to benefit significantly from the emergence of more crypto-native venture projects,which bring specialised expertise and capital to further drive innovation within the industry.We

24、 see 2025 being a game-changing year for crypto/blockchain sector,with further IPOs and acquisitions on the horizon.This sentiment will ripple to the UK,drawing global investors to its vibrant and growing crypto ecosystem enhancing the UKs position as the global leader in fintech.”Eamonn GashierCEO&

25、FounderPage/9 FTX,WeWork,Hopin,Bird,Farfetch,Britishvolt,Infarm,Ironnet Cybersecurity,Pear Therapeutics,Graphcore,Source:Dealroom.coTo be updatedThe biggest UK venture capital rounds in 2024The largest rounds came across varied tech sectors and applications,from fintech to quantum computing,femtech

26、to autonomous vehicles.The largest raise in 2024 came from Wayve,autonomous driving unicorn.Wayves blockbuster announcement is one of only eight UK rounds of$1B+on record.see roundsAutonomous DrivingLondon$1.1BSeries C-May 2024Challenger BankLondon$448M&$190MLate VC-Mar&May 2024Energy StorageLondon$

27、396MGrowth Equity VC-Jun 2024Enterprise SoftwareLondon$370MSeries C-Oct 2024Quantum ComputingCambridge$300MLate VC-Jan 2024PaymentsLondon$267MGrowth Equity VC-Oct 2024Data CentresLondon$264MGrowth Equity VC-Jan 2024FemtechLondon$200MSeries C-Jul 2024Computing InfrastructureLondon$155MSeries A-Dec 20

28、24Source:Dealroom.coPage/10 Dealroom.coUK startups raised$16.2Bin 2024This is less than in 2023,but comparable to 2019/2020,and 3.3x higher than a decade ago.With the record amounts of dry powder raised in 2024(see later in report),we can nevertheless expect a strong 2025 for UK VC.Source:$01m(pre-s

29、eed)$14m(seed)$415m(series A)$1540m(series B)$40100m(series C)$100250m(mega rounds)$250m+(mega+)UK Venture Capital by stage view onlinePage/11 Dealroom.coThe largest category at an annual level was also breakout stage with over$6.5B raised in 2024Early stage$415m(series A)$14m(seed)$01m(pre-seed)Lat

30、e stage$250m+$100250mBreakout stage$40100m(series C)$1540m(series B)Source:Breakout stage investment accounted for the largest share of funding by stage,with over$6.5B raised at Series B&C in 2024Late stageBreakout stageEarly stageExample2024 rounds view allPage/12 Dealroom.co.Based on fixed 32-sect

31、or Dealroom taxonomy.Fintech is the UKs most funded sector in 2024Health finished the year just ahead of Enterprise Software in 2024.Enterprise Software closed the gap in Q4 with over$1B raised,65%more than in Q3.The strong quarter was driven by megarounds for Lighthouse,NScale and TesslSource:UK le

32、ading industries for VC investment in 2024 view onlineMM$544M$532M$492M$486M“During Q4 at Dawn we saw extremely high quality dealflow,with great founders building brilliant products.“As shown by this report,the AI race continues,and the UK has a serious role to play in it.However,I think we will als

33、o see greater discernment from investors-wary of“AI washing”-and going back to basics:companies solving real problems and showing long term defensibility,with low churn and high adoption.“This year I suspect that we will see an increase in activity in sectors that have not previously been able to ef

34、fectively utilise software.Healthcare and manufacturing,for example,will respond to additional demand for new technology and benefit from generative AI capabilities which lower barriers to software adoption.”Evgenia PlotnikovaGeneral PartnerPage/14 UK AI startups raised near-record levels of investm

35、ent in 2024Artificial intelligence,while not a sector in itself,is a key technology area that has been a focus for many investors in recent years.$4.2B was raised by UK AI startups in 2024.There is clear year-on-year growth in AI-focused startups,proving robust in the face of lower overall VC in 202

36、4.UK venture capital investment in core AI startupsUK venture capital investment in core AI startupsDealroom.coSource:Page/15 Dealroom.co27%of all UK venture capital was raised by AI startups in 2024,the highest share to date5 mega rounds were raised in AI in 2024-amongst them a$1.1B round from Wayv

37、e.Source:18.9%Notable 2024 AI rounds%of UK VC invested in core AI see AI rounds“After a prolonged drought,2024 has seen a turning point for investment in UK biotech,with 808M secured in Q3,of which 536M was venture investment.“In light of upcoming global events,from Washington,D.C.to the Middle East

38、,the first 3 to 6 months of 2025 will provide a good indicator of how resilient this recovery could be.”Simon KerryCEOPage/17 Dealroom.coThe UK remains the#1 country in Europe by VC investment in 2024The UK has raised more than Germany and France combined in 2024.Top 10 European countries by VC inve

39、stment in 2024 view onlineCountry VC investment Source:Top 10 European countries by VC investment in 2024 view onlineTop 10 European countries by VC investment in 2024 view online“As we look at the UK investment landscape in 2025,we see a dynamic mix of opportunities and challenges.“The growing emph

40、asis on sustainable and tech-focused sectors continues to attract significant funding,with green initiatives and AI leading the charge.“However,macroeconomic uncertainties and global geopolitical tensions remind us to stay vigilant.The resilience of the UK ecosystem is evident,with investor sentimen

41、t leaning towards cautious optimism,particularly as innovative startups and scale-ups show promise despite tightening capital markets.At this juncture,we remain committed to fostering growth through strategic investments,partnering with businesses that are not just navigating these changes but activ

42、ely shaping the future.Triin LinmagiFounding PartnerPage/19 Dealroom.coGaming$110M Series DEdinburghCambridgeBrightonHub VC investment Q1 2024 change vs.2023Quantum$300M Late VCBiotech$26M Series BUpdateHub VC invested 2024Quantum Computing$300M Late VCOxfordshireEdinburghGaming$110M Series DCambrid

43、ge and Oxford startups raised the most new venture capital outside of London in 2024Source:Nuclear Fusion&Superconductors$125M Growth Equity VCCambridgeshireCambridge and Oxford startups raised the most new venture capital outside of London in 2024$675M$391M$133M$108M$86M$386M$109M$87M$1.2B“2024 mar

44、ked the founding chapter of CuspAI,highlighted by our successful$30M seed round.“We were fortunate to be fundraising in a year when investment in UK AI reached an all-time high.Looking ahead,we remain cautiously optimistic that this momentum will persist as investors increasingly recognize the depth

45、 of talent and innovation within the UKs AI ecosystem.“To navigate potential challenges,like many other businesses we have proactively worked to mitigate the volatility in USD/GBP exchange rates observed in the latter half of 2024.Protecting our financial stability against uncertainties stemming fro

46、m potential monetary policy adjustments,economic growth trends,and geopolitical developments will be a key priority for us and many others throughout 2025.”Chad EdwardsCEOPage/21 Dealroom.co Source:Early stage roundsBreakout stage roundsLate stage roundsMethodology:Investor location is considered as

47、 where the investor has their HQ.Totals may sum to 100%due to decimal rounding.68%of investment raised by UK startups comes from overseas.This proportion is increasing,and is particularly acute for late-stage roundsLate-stage roundsBreakout-stage roundsEarly-stage roundsSource of funds,$0-$15M round

48、sSource of funds,$15M-$100M roundsSource of funds,$100M+roundsRoWAsia USAEuropeUK 3%13%58%6%21%5%7%37%21%30%RoWAsia USAEuropeUK 3%6%19%16%57%RoWAsia USAEuropeUK Page/22 Cumulative UK UnicornsUnrealisedThe UK has now created 181 unicorns.Nine new unicorns were added to the count in 2024.Out of the 69

49、 pre-exit unicorns,31 are based on recent valuations from after 2022,while for 38 their unicorn status is based on older reported valuations.New unicorns minted in the UK in 2023Dealroom.coPrivate unicorns(69)Exited unicorns(112)181 unicornsUpdateCumulative UK UnicornsSource:Cumulative UK unicorns20

50、24 UK unicorns2024 UK unicorns see all UK unicorns Page/23 The founder flywheel is in full effect in the UKUK unicorns are spawning dozens of new startups via staff alumni turned founders.Accel&Dealroom.co-full reportSource:Number of companies founded by alumni staff342727171719151713Page/24 Some no

51、table UK startups have been busy in 2024-with 280+acquisitions,both foreign and home grown.Change to tableAcquirorTargetSome notable UK startups have been busy in 2024-with 280+acquisitions,both foreign and home-grown Source:(UK)(UK)Dealroom.co(Singapore)(US)(Canada)(Germany)(Belgium)(Germany)(Nethe

52、rlands)(Australia)(US)(US)(US)Page/25 UK-based VC investors raised over$11B in dry powder in 2024With more of the larger funds coming back to market in 2024,VCs raised 59%more in 2024 than in 2023.With$11.3B raised this was approaching record levels of new funds raised by UK-based VCs for a single y

53、ear.UK VCs have raised$30.9B in dry powder in the last three years.UK new VC funds raised view onlineDealroom.coSource:Page/26 UKLeading UK funds have raised dry powder to deploy in the next generation of companiesFundAmountDate$1.5B&$800MJul 2024$870MMar 2024$754M&$485MAug&Dec 2024$685M&$615MNov&Au

54、g 2024$650MDec 2024$550MJan 2024$400MOct 2024Explore New Funds Dealroom.coSource:10 biggest new UK-based venture funds announced 2024Page/27 What is a startup?Companies designed to grow fast.Generally,such companies are VC-investable businesses.When startups are successful,they develop into scaleups

55、(50 people),grownups(500 people)and result in big companies.Only companies founded since 1990 are included in this report.Blog post What is a Startup?What is a unicorn?Unicorns are(former)startups that are privately valued at over US$1B,or have achieved a$1B+exit via public market or M&A.A decacorn

56、is a unicorn that is valued at$10B+.Blog post What is a Unicorn?What is a startup?What is a Unicorn?Underlying DataDealrooms proprietary database and software aggregate data from multiple sources:harvesting public information,user-submitted data verified by Dealroom,and data engineering.All data is

57、verified and curated with an extensive manual process.The data on which this report is built is available via app.dealroom.co.For more info please visit dealroom.co or contact supportdealroom.co.Data for this report was taken in 2024.Venture Capital,InvestorsInvestment are referred to by their round

58、 labels such as Seed,Series A,B,C,late stage,and growth equity.VC investments exclude debt,non-equity funding,lending capital and grants.SectorsDealrooms proprietary tech taxonomy consists of 32 fixed industries,77 sub-industries,and thousands of tags for niche,granular company categorization.Guide

59、Dealroom tech taxonomy Methodology.Dealroom.co.Source:Page/28 2025 HSBC Innovation Bank Limited.All rights reserved.HSBC Innovation Bank Limited(trading as HSBC Innovation Banking)is registered in England and Wales at Alphabeta,14-18 Finsbury Square,London EC2A 1BR,UK(Company Number 12546585).HSBC I

60、nnovation Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority(Firm Reference Number 543146).HSBC Innovation Bank Limited is part of the HSBC Group.HSBC Innovation Bank Limited is committed to making its website and related documents accessible to everyone.Learn more on NOWThe gateway for innovators,builders,researchers,investors,and supportersuk.dealroom.coPowered byTHE UK TECH&INNOVATION DATABASEDO NOT TOUCH DESIGN ON THIS SLIDE