Business News Round Up (02/07/2024)
UK tech funding, acquisitions and unicorn emergence down in H1 2024, but over picture stable
Tracxn, a leading global SaaS-based market intelligence platform, has released its Geo Semi-Annual Report: UK Tech H1 2024. The UK is the second-highest funded tech startup ecosystem in H1 2024, after the US and overtaking China since the Q1 report. The UK tech space secured funding worth $6.7 billion in H1 2024, only 2% lower than the $6.9 billion raised in the first half of 2023. However, this is a 12% drop from the $7.7 billion raised in H2 2023. Late-stage investments stood at $3 billion in H1 2024, a 23% decline from $3.9 billion raised in the latter half of 2023 and a growth of more than 30% from the $2.3 billion raised in H1 2023. Seed-stage funding saw a total funding of $540 million in H1 2024, a drop of 7% from $575 million raised in H2 2023 and a decline of 43% raised in H1 2023.
North West businesses remain more optimistic than national average, finds Lloyds Bank Business Barometer survey
Business confidence nationwide fell in June, according to the most recent Business Barometer survey from Lloyds Bank, although North West firms are more optimistic than the UK average. The survey of 1,200 companies across the UK saw overall business confidence drop nine percentage points to 41%. Northern regions, however, bucked the trend with the Yorkshire & Humber and North East seeing small rises in business confidence, while businesses in the North West reported a smaller decline, and remaining more positive in their outlook than the national average at 43%. Lloyds’ Business Barometer survey also found differences in outlook between sectors, with business confidence falling across both construction and services sector business. Manufacturing sector firms, meanwhile, grew in their optimism for future trading in June with confidence rising two points to 51%.
UK business group hits out at climate change ‘silence’ during election
The CBI has attacked what it sees as the “deafening silence from all parties about the issues of climate change” during the UK’s General Election campaign. Rain Newton-Smith, CEO of the CBI, said that the next government cannot claim to be pro-growth without also being pro-green. The Conservatives have taken a pragmatic approach to climate policy in the campaign, pushing forward with an energy transition while also seeking to use the UK’s oil and gas resources during the process. Labour said it wants to make the UK a clean energy superpower and has mentioned a Green Prosperity Plan that will be funded in part by a time-limited windfall tax on the oil and gas giants making record profits. The UK Government is aiming to reduce all direct emissions from public sector buildings by 50% and 75% by 2032 and 2037, respectively, with all UK emissions reaching net zero by 2050.
Heriot-Watt University signs deal with leading industry body to accelerate cutting-edge medical research
Heriot-Watt University has signed a Memorandum of Understanding with the Association of British HealthTech Industries (ABHI) which will see the two collaborate to advance medical research and development. Working with over 150 academics in the university’s new Global Research Institute in Health and Care Technologies, ABHI will leverage its existing relationships with both multinational and small and medium-sized companies to nurture an industry-wide spirit of co-creation. Health and Care Technologies at Heriot-Watt works to turn cutting-edge research into impactful and practical solutions to make a positive impact on people’s lives, the NHS and health and care globally, developing research from its campuses in Scotland, Dubai and Malaysia. The ABHI is the UK’s leading industry association for health technology whose members supply products from syringes and wound dressings to surgical robots, diagnostics and digitally enhanced technologies.