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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.

 

 FintechArtificial IntelligenceEcommerceCybersecurity
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 announcedCompanyRound Size ($m)Round Size (£m)RoundKey investorsIndustry
15/06/2018Pimberly3Series AMercia Fund ManagersSoftware
30/05/2018Airtime Rewards1.331SeedMaven/NPIFRetailTech
24/04/2018Immotion0.700.5SeedSure VenturesVR/AR
11/04/2018EooviSeedick O’Neill, Gary Monaghan and Peter Borner.Video
11/04/2018vTime7.65.71Series ADeepbridge Capital, MSIFVR/AR
23/03/2018Coeus Software0.800.6SeedMaven/NPIFSoftware
22/03/2018Matillion2014.19Series BSapphire Ventures, Venture PartnersData
16/03/2018AccessPay1.391Series BMaven/NPIFFinTech
13/03/2018Zilico19.0313.5CorporateMaxHelath Medical Group, Deepbridge CapitalHealthTech
13/03/2018CurrentBody6.965Private EquityNVM Private EquityRetailTech
12/03/2018
Cloud Technology Solutions
Private EquityNorthEdgeIT Services
09/03/2018GradTouch0.350.25SeedMaven/NPIFRecruitment
02/03/2018TickX4.163Series ABGF Ventures, Ministry of SOund, 24HaymarketSearch Engine
12/03/2018Avanite0.690.5SeedDow Schofield Watts AngelsSoftware
19/02/2018Out ThereSeedMSIF and Andrew WindsorSaaS
14/02/2018PowerLinks6.34.58Series AForesight GroupAdTech
04/01/2018Upside Energy7.45.5Series ALegal & General Capital, SYSTEMIQEnergy
29/11/2017MindTrace1.71.3SeedAccelerated Digital Ventures (ADV), Northern Powerhouse Investment FundAI
14/09/2017OfferMoments1.91.5VentureMichael Edelson (Manchester United FC), Paul Althasen (MPC), Apadmi VenturesAdTech
11/09/2017Peak3.22.5Series AMMC VenturesDaaS
04/09/2017Cubic Motion25.920Private EquityNorthEdgeSaaS, Gaming
05/07/2017Push Doctor26.120.2Series BAccelerated Digital Ventures, Draper Esprit, Oxford Capital, Partech Ventures, Senveture PartnersHealthTech
19/06/2017Now Healthcare Group54Series AMedicashHealthTech
03/05/2017VST Enterprises14.711.4VentureChris Lightbody, Guy Weaver (director at KPMG)Cybersecurity
07/02/2017DigitalBridge0.870.7SeedStuart Marks, John LewisRetailTech
24/02/2017SurveyMe2.42EquityDeepbridge Capital’s Technology Growth EIS propositionSoftware/App dev
19/09/16DueCourse1.591.25SeedGlobal Founders Capital, Simon Franks, Alex ChestermanFinTech
18/07/2016MarketInvoice9.37.2Series BMCI.TechVentures FundFinTech
07/01/2016PushDoctor8.25.6Series AOxford Capital Partners, Draper Esprit, Partech VenturesHealthTech

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
201614.05
201763.6452.67%
201858.3391.72%
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: