The aggregate amount of VC investment in UK and Irish tech firms plummeted last quarter to £192m, 35% lower than in Q2 2012, according to latest data from corporate finance firm, Ascendant. However, there were more deals in Q2 2013 – 69 compared to 59 the year before. Accordingly Ascendant CEO, Stuart McKnight has downgraded his forecast for investment for the whole of 2013 to £900m, about 10% below last year’s total. He attributed to the drop in part to a decline in the proportion of syndicated deals, which fell to 52% compared to 68% in Q1 2013.
Eligible TechMarketView subscription service clients will be able to read our analysis of the UK VC software & IT services scene in the next edition of IndustryViews Venture Capital.