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According to research undertaken by London & Partners, UK captured more funding than any other European country since Brexit vote with London attracting 80% of that funding and topping other European cities with ease.

Based on data taken from PitchBook from 24th June 2016 to end of May 2018, the following graph captures the level of investment in each of the major European countries.

 

£3.5 billion of the £5.07 billion UK funding originated from the United States (US). UK remains the largest hub for US investment into Europe. For the same period, the following graph captures the level of investment in each of the major European cities. Clearly, 80% of UK investment has gone into London.


For the same period, the following table shows the top sectors which attracted venture capital in five of the major cities.

 

  Fintech Artificial Intelligence Ecommerce Cybersecurity
London £1.79bn £405.09m £1.21bn £168.37m
Paris £228.28m £204.77m £252.37m £79.53m
Berlin £358.36 £33.49m £1.045bn
Stockholm £395.15m £52.85m £41.78m £21.04m
Dublin £68.56m £13.82m £6.27m £1.15m

 

Among the top Fintech companies which drew investment into London are Transferwise (£211m), Revolut (£177m Series C creating a new unicorn), Monzo (£71m) and eToro (£71m). Both Transferwise and Revolut were setup by Europeans and now registered in London, the irony of Brexit. This is not by accident as London led the Fintech revolution from the beginning by setting up the first Fintech hub at Level 39. With Banks opening up access through PSD2 and other initiatives, Fintech sector will continue to attract further investment.

London AI companies attracting major investment include Starship Technologies (£13m) and Realeyes (£12m).

So where does Greater Manchester and the North West fit into this venture capital landscape? Perhaps someone with access to Pitchbook or Beauhurst could run these figures for me. I’m waiting for you…

Whilst I wait, I’m happy to share the following from TechNation which captures whole of the North rather than just our region.

From the recent presentation in Manchester by Mike Dimelow, the following shows the investment landscape in Manchester and the North West (data comes from Beauhurst):

I’ll update this post as I find more information. Do share if you have access to further data please.

In the meantime, here is some data Techcelerate has captured (most have come from UKTN):

Date announced Company Round Size ($m) Round Size (£m) Round Key investors Industry
15/06/2018 Pimberly 3 Series A Mercia Fund Managers Software
30/05/2018 Airtime Rewards 1.33 1 Seed Maven/NPIF RetailTech
24/04/2018 Immotion 0.70 0.5 Seed Sure Ventures VR/AR
11/04/2018 Eoovi Seed ick O’Neill, Gary Monaghan and Peter Borner. Video
11/04/2018 vTime 7.6 5.71 Series A Deepbridge Capital, MSIF VR/AR
23/03/2018 Coeus Software 0.80 0.6 Seed Maven/NPIF Software
22/03/2018 Matillion 20 14.19 Series B Sapphire Ventures, Venture Partners Data
16/03/2018 AccessPay 1.39 1 Series B Maven/NPIF FinTech
13/03/2018 Zilico 19.03 13.5 Corporate MaxHelath Medical Group, Deepbridge Capital HealthTech
13/03/2018 CurrentBody 6.96 5 Private Equity NVM Private Equity RetailTech
12/03/2018
Cloud Technology Solutions
Private Equity NorthEdge IT Services
09/03/2018 GradTouch 0.35 0.25 Seed Maven/NPIF Recruitment
02/03/2018 TickX 4.16 3 Series A BGF Ventures, Ministry of SOund, 24Haymarket Search Engine
12/03/2018 Avanite 0.69 0.5 Seed Dow Schofield Watts Angels Software
19/02/2018 Out There Seed MSIF and Andrew Windsor SaaS
14/02/2018 PowerLinks 6.3 4.58 Series A Foresight Group AdTech
04/01/2018 Upside Energy 7.4 5.5 Series A Legal & General Capital, SYSTEMIQ Energy
29/11/2017 MindTrace 1.7 1.3 Seed Accelerated Digital Ventures (ADV), Northern Powerhouse Investment Fund AI
14/09/2017 OfferMoments 1.9 1.5 Venture Michael Edelson (Manchester United FC), Paul Althasen (MPC), Apadmi Ventures AdTech
11/09/2017 Peak 3.2 2.5 Series A MMC Ventures DaaS
04/09/2017 Cubic Motion 25.9 20 Private Equity NorthEdge SaaS, Gaming
05/07/2017 Push Doctor 26.1 20.2 Series B Accelerated Digital Ventures, Draper Esprit, Oxford Capital, Partech Ventures, Senveture Partners HealthTech
19/06/2017 Now Healthcare Group 5 4 Series A Medicash HealthTech
03/05/2017 VST Enterprises 14.7 11.4 Venture Chris Lightbody, Guy Weaver (director at KPMG) Cybersecurity
07/02/2017 DigitalBridge 0.87 0.7 Seed Stuart Marks, John Lewis RetailTech
24/02/2017 SurveyMe 2.4 2 Equity Deepbridge Capital’s Technology Growth EIS proposition Software/App dev
19/09/16 DueCourse 1.59 1.25 Seed Global Founders Capital, Simon Franks, Alex Chesterman FinTech
18/07/2016 MarketInvoice 9.3 7.2 Series B MCI.TechVentures Fund FinTech
07/01/2016 PushDoctor 8.2 5.6 Series A Oxford Capital Partners, Draper Esprit, Partech Ventures HealthTech

Summary figures from above, which indicate significantly higher level of investment than the stats Mike Dimelow of ADV shared (shown above):

Total Funding (£m) YoY Growth
2016 14.05
2017 63.6 452.67%
2018 58.33 91.72%
135.98

According to TechNation and Dealroom, Manchester has not done that well in terms of UK rankings if you consider a wider period from 2013 to 2018. Manchester has attracted $500m of investment, but second to London, Cambridge, Oxford and Edingburgh. Manchester is just ahead of Bristol and Durham. Whilst further scrutiny is required, $300 of the $500m was raised by The Hut Group. In May 2018, The Hut Group secured a credit line of £600m.

References: