There was a dramatic boost in the number of VCs participating in the UK tech market last quarter, with some ‘big hitters’ returning to the fray.
Latest data from corporate finance firm Ascendant recorded 64 deals in Q1 with an aggregate value of £299m, 35% up yoy. The deals were spread across 99 VC firms, the highest number since Q3 2008. The biggest deals were in the Cleantech sector, cleaning up £125m of investors’ funds. Software companies received a paltry £14m. Ascendant CEO Stuart McKnight is hesitant in calling a recovery given the still generally cautious underlying market sentiment.
We’ll be continuing our quarterly analysis of VC activity in the UK software and IT services scene in the inaugural edition of IndustryViews Venture Capital.