This week witnessed a significant surge in UK tech funding, totalling £106.5m across 12 rounds.
- The health tech sector saw a notable event with PhoreMost, raising funds in a Series B round.
- Fintech company Twenty7tec secured growth equity, reflecting ongoing investor interest.
- Robotic warehouse firm Dexory achieved a major funding milestone with its £60m Series B round.
- The funding activities represent a 130% weekly increase, indicating robust investor confidence in UK tech.
In a remarkable week for the UK tech industry, investments reached a total of £106.5 million, marking a substantial 130% increase from the previous week across 12 funding rounds. This surge underscores the burgeoning confidence investors have in the UK’s tech landscape.
Health tech company PhoreMost based in Cambridge led the advancements with a successful Series B funding round. PhoreMost, a drug discovery platform, attracted a diverse group of investors including BGF, XtalPi Inc, Astellas Venture Management, among others. Since its founding in 2014, PhoreMost has been at the forefront of leveraging technology for drug discovery, making significant strides in the field.
Meanwhile, Bournemouth-based fintech startup Twenty7tec gained attention by securing growth equity investment. Specialising in streamlining the mortgage process from search to completion, Twenty7tec represents the dynamic innovation within the fintech sector.
Robotic warehouse firm Dexory also made headlines by closing a substantial £60 million Series B funding round on 1 October 2024, further highlighting the pivotal role automation and efficient warehousing play in modern economies.
These developments reflect a broader trend of increased financial backing for UK tech companies, a testament to the sector’s resilience and adaptability in a rapidly changing economic environment.
The robust investment figures from this week illustrate the growing strength and potential of the UK’s technology sector.
