英国创新更新——2025年第一季度

“Weʼre delighted to share our latest quarterly UK innovation update inpartnership with Dealroom, highlighting a strong start to the year for the UKinnovation economy.Headlining the report is the finding that UK startups collectively raised $4.2billion in the first quarter, the strongest start to a year since 2022. This is apositive indicator that appetite is strong for backing UK innovation companiesin core UK sectors such as life sciences, AI, and fintech.Underpinning this total was an exceptional quarter for UK health tech and life sciences, which secured $1.8billion in funding. This marked the sectorʼs second highest quarterly total on record, driven largely by healthtech and life sciences businesses closing three of the UKʼs six Q1 mega rounds.Deepmind spinout Isomorphic Labsʼ $600 million raise was the largest round of the quarter, reflecting thegrowing influence that AI now plays within the life sciences sector. This signals the UKʼs status as an AIsuperpower and demonstrates how the depth and diversity of technical and scientific talent is enablingcross-pollination between sectors, unlocking exciting new possibilities.Encouragingly, $1.8 billion of total funding came from breakout stage deals, with late stage close behind at$1.7 billion. With strength across all life stages, we expect to see meaningful growth and acceleration from UKstart-ups and scale-ups with Q1 setting the stage for future success.2025 still has plenty of room to run, but Q1 has laid the foundations for the next phase of growth andinvestment into UK innovation, while recognising the outlook is heavily reliant on the current economic andgeo-political macro headwinds. The team at HSBC Innovation Banking look forward to supporting ourecosystem partners across the country to make this a year to remember.” Page/ 3Health had the secondstrongest quarter onrecordUK healthtech startups raised$1.8B in Q1 2025. Only Q22021 saw a higher amountraised in a single quarter.$1B of health funding camefrom just two rounds:Isomorphic Labs & VerdivaBio.Nearly half of VC investmentin health was raised byAI-driven startups.UK startups raised$4.2B of venturecapital in Q1 2025This shows positive UK YoYgrowth of 7.7%.Breakout stage rounds madeup the highest amount of VCat $1.8B. Q1 also saw 6 megarounds at a total of $1.7B.Top rounds came fromIsomorphic Labs ($600M) andVerdiva Bio ($411M).UK innovation - Q1 2025 key insights Successful UK startupsare nurturing the nextgeneration of foundersHundred of startups havebeen founded by staff alumniof some of the UKʼs mostsuccessful unicorns, such asDeliveroo, Revolut,Skyscanner and Wise.The next generation ofstartups are being founded bytalent with exceptionalexperience and track record.The tech flywheel is turning. 25 years UK techecosystem - Europeʼsundisputed leaderSince 2000, the UK hasemerged as the leading techecosystem in Europe, by anymeasure.The UK tech ecosystem isworth $1.2T. The UK hasproduced 185 unicorns and$1B+ exits, has raised $204Bin venture capital funding andhas seen over 2.5K VC-backedexits to date. “The UK startup ecosystem entered 2025 with strongmomentum, raising $4.2B in venture capital in the firstquarter. It is clear the market has adjusted to the newnormal and good companies are out raising successfulrounds again.We were delighted to see Quantexa secure a $175m Series F at a $2.6bnvaluation in March, hot on the heels of high-profile financings forElevenLabs and Synthesia. We then finished the quarter with the incrediblyexciting $600m round for Isomorphic labs. Four such large rounds in onequarter, all in AI, give a clear signal that UK tech firms are continuing tocompete on the world stage, despite the macro headwinds. While breakoutcompanies captured the majority of this funding—over $1.8bn— anecdotallywe see momentum in the seed and Series A rounds once again, albeit this isstill dominated by AI companies and the adjacent ecosystem.” Page/ 4Ed LascellesPartnerPage/ 4 Page/ 5UK innovationbusinessesraised $4.2B inQ1 2025This is the highest Q1 since2022 and a year on yearincrease of 7.7%.There is a generally stabletrend overall in the amount ofventure capital raised, with agreater proportion of capitalflowing to breakoutcompanies. Page/ 6Most UK venture capital in Q1 was raised in breakout stage with $1.8B, closelyfollowed by $1.7B in late stageEarly stage▊$0-1m (pre-seed)▊$1-4m (seed)▊$4-15m (seriesA)Breakout stage▊$15-40m (series B)▊$40-100m (series C)Late stage▊$100-250m (mega rounds)▊$250m+ (mega+)Source: Dealroom.co£10.4M€12.5M£10.4M$75M$60M$600M$411M Page/ 7Though thenumber ofmegarounds hasdropped sincethe record yearsof 2021/2022,the average sizeof megaroundshas remainedrelatively stableQ1 2025 saw the secondhighest average size ofmegarounds since 2020. UK average size of megarounds Page/ 8The biggest UKventure capitalrounds in Q12025The largest round in Q1 2025came from AI drug discoverycompany Isomorphic Labs. 3out of 6 megarounds camefrom the Health sector in Q1.See