Towards the end of 2023, many investors and punters started to predict that 2024 would be a better year than 2023 for tech investment in the UK. Based on the results for Jan 2024, this prediction has not occurred. Instead, we have witnessed a further decline in the monthly fundraising total.
In Jan 2024, 80 UK tech companies raised £640 million in funding. The top 3 of the biggest rounds were raised by:
- Build a Rocket Boy, a GameTech company raised £86.8 million in their Series D round led by RedBird Capital Partners. The new capital will enable the company to launch its 3 flagship products: immersive gaming and entertainment open world platform EVERYWHERE, AAA game series MindsEye, and a suite of easy-to-use UGC design tools called ARCADIA.
- Hyperexponential, an InsureTech company raised £57.3 million in their Series B round led by Battery Ventures, which will support expansion into the United States of America, as it targets opening its New York office this year. It will also enable increased investment in new product capabilities to serve growing client demand in adjacent insurance markets, including the SME insurance sector.
- Bumper, a FinTech company raised £40 million in their Series B round led by Autotech Ventures, which will be used to expand its reach and technology as it seeks to become the dominant payment platform for car dealers across Europe, most notably the UK, Spain, Germany, the Netherlands and Ireland.
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