Climate tech was the leading sub-sector for UK startup funding last year amid signs that VC funding activity is recovering. Last year UK startups raised $21.3bn (£16.8bn) across all tech sub-sectors, the UK’s third-best year for VC funding and behind only the outlier years of 2021 and 2022 when interest rates were at record lows. Despite the AI boom – stemming from ChatGPT and other generative AI systems – it was climate tech that came out on top. New research from HSBC Innovation Banking and Dealroom shows that climate tech firms raised an all-time high of $6.2bn, accounting for 29% of total UK VC investments.
Read more here