U.K. capital markets are at a crossroads. The country’s startups raised $8 billion in the first six months of the year, according to a report from Dealroom and HSBC Innovation Banking — more than France and Germany combined.
It also found that the U.K. was Europe’s top destination for venture capital for the 30th consecutive quarter, claiming 30% of all capital raised across the continent so far this year.
But there’s a flip side.
Dealogic data shows fundraising from London IPOs in the first half of 2025 fell to its lowest level since data was first collected in 1995. Just five companies made their debut on the London market in the first six months of the year, raising £160 million.
The dismal figures follow a number of high-profile blows for the London Stock Exchange. These include money transfer firm Wise’s decision last month to move its primary listing location to the U.S., and reports that British pharma giant AstraZeneca could follow suit.
