UK’s lead in European tech investment eroding, new report finds

The UK's lead as the number one destination for European tech investment has been eroding over the past three years, a new report has found, as the race to become a major European tech hub intensified. The UK's share of all European capital investment between 2021 and 2023 has declined by almost three percentage points compared to 2018-20, according to new data from venture capital firm Atomico, the steepest decline in Europe, while other major economies such as Germany and the Netherlands gained share over the same period. While it remains the biggest single economy for tech investment with more than $12.5 billion in funding so far in 2023, it also suffered the greatest number of 'dehorned unicorns', that is, tech firms which have ceased to be worth $1 billion or more.