$4.9 billion of venture capital was invested in the UK in the third quarter of 2023, up 14 per cent from the previous quarter, according to a report by HSBC Innovation Banking.

The research, which was conducted in partnership with Dutch database management company Dealroom.co, found that BioTech was the overall top segment for UK tech investment in 2023 at $1.6 billion.

Mobility and energy storage tied in second place, with investment of $1.4 billion each, with clean energy investment in third place at around $780 million.

Based on its findings, HSBC said that the UK had retained its third-place position for venture capital, with $15 billion worth of investment recorded so far in 2023. China came in second at $39 million, while the US took first place with $127 billion worth of investments.

The report forecasts that investment in UK startups will reach $18 billion for the full year 2023, on par with 2020.

For Europe, the UK was found to be “by far” the biggest venture capital investment market.

The UK’s current investment figure stood at almost double its nearest European competitors, with France in second place at $8 billion for the year and Germany in third at $7 billion.

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