The vast majority (84%) of UK entrepreneurs are looking to raise up to £10m each next year.
That’s according to a new report by EY, which also found that 72% of those surveyed want to raise up to £5m.
The EY Fast Growth Tracker interviewed 371 business owners about their fundraising and exit plans. The report found that funding continues to be the biggest hurdle for UK business success, with half of respondents saying it was the largest constraint to their growth.
Despite 61% of those surveyed completing a funding round in the past year, 40% said the process was a distraction to running their business.
According to the findings, a vast majority (62%) of entrepreneurs are targeting overseas investors to raise capital, perhaps driven by the fact that over a third (39%) were unable to find suitable investors in their previous funding round....