CHART: UK Tech Startup Funding Tops China to Secure Second Place Globally

Emmanuel Oyedeji -

In a surprising turn of events, the UK has overtaken China to become the world's second-largest hub for startup funding in the first half of 2024, despite the latter being the world’s second-largest economy, according to a new report by leading market intelligence platform, Tracxn.

A closer look at the figure show that the U.K. tech sector raised an impressive $6.7 billion in H1 2024. Although this figure represents a 2% decline year-over-year from 6.9 billion in H1 2023 and a 12% quatre-over-quartre drop from the $7.7 billion raised in H2 2023, it handily surpasses China's $6.1 billion for the same period.

Tech Nation relaunches under Founders Forum Group with a £10 billion funding target
Tech Nation, a UK-based entrepreneur support network, has undergone a major transformation following its acquisition by the Founders Forum Group (FF Group), a London-based network of entrepreneurs, accelerators, and investment firms. Dubbed “Tech Nation 2.0,” this reimagined initiative sets an audacious goal: to help startups within its cohorts secure
TechloyEmmanuel Oyedeji

Meanwhile, the U.S. tech sector remains at the top, with $54.8 billion raised across 2,654 funding rounds in H1 2024.

This achievement is particularly noteworthy considering the pressure the UK tech sector has been under, including Brexit and the global economic slowdown.