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| U.K. Overtakes China in Startup Funding, Now Second Globally |
The U.K. has surpassed China to become the second-largest destination for startup funding, raising $6.7 billion in the first half of 2024, according to a new report. This achievement was driven by major funding rounds exceeding $100 million, including Monzo ($620 million), Abound ($862 million), and Wayve ($1.05 billion).
Despite a 2% year-on-year decline, U.K. startup funding remained more robust than China's $6.1 billion, securing the U.K.'s new position. This milestone for the U.K. tech sector comes despite facing challenges like Brexit, COVID-19, and the global economic slowdown.
The U.S. remained the leader, with startups raising $54.8 billion across 2,654 funding rounds in the same period.
As Fortune's news editor notes, "China may be the world's second-largest economy, but when it comes to startup funding, the U.K. is punching above its weight." The article concludes with a note of optimism for continued support under new Prime Minister Keir Starmer, marking the first Labour government in 14 years.
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