£6.50bInvested
9.8% decrease in amount invested
1,061Deals
1.5% decrease in number of deals
Equity Market Update
H1 2024
£6.50bInvested
3.3% increase in amount invested
1,061Deals
17.0% decrease in number of deals
£4.00bInvested
60.4% increase in amount invested
535Deals
1.7% increase in number of deals
Data for this report was finalised on 26 July 2024.
To be included in our analysis, an investment must be:
- Dated between 1 January 2016 to 30 June 2024
- Be publicly announced
- Some form of equity investment
- Secured by a non-listed UK company
Headline funding figures
Half comparison (H1 2024 vs H2 2023)
Looking at H1 2024 as a total, £6.50bn was raised across 1,061 announced deals.
This equates to a decrease of 9.8% in the amount raised compared to H2 2023. The number of deals stayed roughly similar with a modest 1.5% decrease.
The total amount invested in H1 2024 increased slightly by 3.3% compared to H1 2023, but the total number of deals decreased by 17.0%. This indicates that the average deal size has increased compared to the same half last year, but decreased compared to H2 2023.
Quarterly review
We also looked at the comparison between Q2 2024 and the previous quarter. The trend of alternating quarters of high and low amounts invested continued, with the amount invested in Q2 2024 60.4% higher than Q1 2024. The number of deals only increased by 1.7% compared to Q1 2024.
The amount invested was comparable to Q2 2023 (only a small increase of 2.8%), but the number of deals declined 18.3% across the same period. So, in theory if we continue on this trajectory we could see fewer deals made and less overall investment in 2024. But with a new government and plenty of change on the horizon such as the government’s plans to align the UK Infrastructure Bank and the British Business Bank — a change that happened just weeks after Labour won the election — there’s still some promise of positive news for 2024.
Regional trends
H1 2024
As usual, London dominated with 47.2% of deals and 61.8% of the amount invested into companies headquartered there.
For the number of deals Scotland came in second with 10.2% which seems to be consistent with Scottish deals more broadly when we look at more recent data. The South East came in third with 7.8%.
In terms of the amount raised, the North West came second at 10.9%, and the South East third with 7.5%. Wales secured 3.4% of the total deals, and Northern Ireland equated to 0.9%. And for the amount invested, Wales 0.6% overall and Northern Ireland secured 0.5%.
Q2 2024
In a similar story to the analysis by half, 48.7% of deals and 62.6% of the amount invested went to companies based in London, both slightly higher proportions when compared to Q1 2024.
Scotland came in second place for number of deals (10.8%), closely followed by the South East (9.1%). However the North East came in clear second place for amount invested with 15.4% of the total.
No big outliers this quarter — these numbers are all in line with what we’ve seen from our data in the past.
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