18 March 2024

The initiative seeks to ignite investment in UK-based startups specialising in science and technology, particularly those at the Series A-C level and beyond. Last year's global investment downturn saw UK scale-ups struck hard.

"The UK has built a £1 trillion tech sector from a thriving startup scene, outpacing our European counterparts at every turn and creating innovators capable of shaping the global economy," said tech secretary Michelle Donelan. "With more capital, start-ups can take their ideas anywhere. However, too often, founders look to other parts of the world for the next level of funding."

A single Series A investment of approximately £2 million has the potential to match the £1.5 million initial cost of the campaign. Past initiatives of this nature have brought in returns as high as tenfold, and similar results are expected over the next three years.

The campaign will primarily target venture capital hubs in London, Edinburgh, Belfast, and Cardiff with a specific focus on the underfunded deep tech sector. The broader aim is to align venture capitalists with the government’s ambitious agenda of positioning the UK as a global science and tech superpower.

“The UK is home to some of the world’s most disruptive and exciting technology startups. It’s encouraging to see the government recognise that by unlocking this much-needed investment. Today’s scale-up companies are set to unleash huge growth in the economy, creating jobs and making Britain a world leader in areas like cyber defence and artificial intelligence,” said Damian Skendrovic, GM, EMEA, at VeUP.

"Our Science and Tech Superpower campaign practically knocks on the venture capitalists and scale-ups’ doors and implores them to capitalise on the opportunities that lay ahead so we can elevate the UK to the next level of tech leadership,” said Donelan.