British Patient Capital Response to Small Business Equity Tracker 2024 report

This data shows that the UK venture capital industry is now beginning to stabilise as it has moved to more sustainable levels following what has been a challenging fundraising environment over the last two years.

Over the last decade there has been strong performance and improvement in the funding of UK fintech and software. Now there is a real opportunity in the years ahead to also address other sectors where performance has lagged. British Patient Capital is a catalyst for investment and innovation in life sciences and deeptech, where a lack of access to finance and long term patient capital continues to hold back some companies from scaling up. By committing capital to fund managers who specialise across sectors including life sciences and deeptech through our core programme as well as investing in companies like Manchester-based medical device company Phagenesis through our £425m Future Fund: Breakthrough programme, we are backing innovative British start-ups that will be the global leaders of tomorrow.

There will be an even greater opportunity for growth as start-up clusters across the UK leverage the R&D strength of our universities to grow and innovate. Today only 9% of deals in the UK back university spinouts. At British Patient Capital, university spinouts account for 16% of the deals we have supported. We understand there is huge potential in the future for this to increase as more investors support the commercialisation of academic research and innovation.

Christine Hockley Managing Director, Funds at British Patient Capital