The Top 50 Startup Constituencies 2024
The UK punches above its weight in tech worldwide, with only companies in the US and China raising more from venture capital. Our new report uncovers the top 50 startup constituencies, taking a deeper look at where in the UK startups are raising funds, looking at the top 50 Westminster constituencies based on total funds raised as well as number of deals in 2023.
The report shows that the south of England is a powerhouse for startups. Of the constituencies in this list, nearly a third are located in London, and nearly half are located in the “Golden Triangle” of London, Oxfordshire, and Cambridgeshire. Graduates from these universities also feed into the wider startup ecosystem in England’s south, which accounts for more than three-quarters of the constituencies on this list.
The imbalance in distribution of funds becomes even more stark when looking at constituencies in the rest of the UK. Scotland has 3 constituencies on the list, and Northern Ireland and Wales each only saw one constituency on the list. England’s regions outside of the South are similarly underrepresented: in the Midlands, only one constituency made the list, and in the North, six constituencies represent a modest 12% of the total.
Other key findings include:
London (7) and Cambridgeshire (3) constituencies dominate the top 10
Glasgow North (£121.2m, 40 deals, 1,124 active tech companies) is the first constituency listed outside the Golden Triangle at no15
Manchester Central (£115.5m, 66 deals, 1,670 active tech companies) is the first constituency listed in the North at no17
In the top 10, eight of the constituencies have Labour MPs, with two held by Liberal Democrats. The first Conservative held constituency is No27 on the list, Romsey and Southampton North.
This distribution highlights the need for the Government to refocus efforts on backing the tech ecosystems outside of the South. To do so, the Government must take steps to ensure it can meet its ambitions of boosting growth across the whole UK, including improving access to R&D funding. Additionally, targeted policy interventions to promote more equitable distribution of venture capital across the UK, encouraging investment in overlooked areas like Wales, Northern Ireland, and the North, will pay dividends in terms of economic growth and unleash the UK’s full entrepreneurial potential.