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UK overtakes China to become second-highest funded tech ecosystem

UK China tech funding
Image credit: Balate.Dorin / Shutterstock

The UK overtook China to become the world’s second-highest funded tech startup ecosystem in the first half of 2024, according to a report.

UK tech businesses secured funding worth $6.7bn (£5.2bn) between January and June 2024, behind only the US.

While H1 2024 funding is a 12% drop compared with the $7.7bn raised in the second half of 2023, the UK still surpassed China’s $6.1bn investment, according to data collected by Tracxn, a global market intelligence platform.

It is a notable milestone for the UK as it has historically ranked third globally behind the US and China for startup funding.

However, the UK did overtake China for the first half of 2022, before moving down to third place for 2023 as a whole....