No fear of VCTs suffering the downturn as the Venture Capital Trust Association (VCTA) published figures today that say the deployment of capital into early-stage startups grew 8% year-on-year to £664 million. Positive news compared to the UK venture capital figures which say funding fell by almost a quarter (23 percent) in 2022.
The data was gathered from over 600 early-stage companies that have benefited from VCT funding. That £664 million of capital was deployed across 345 investments, and raised in excess of £1 billion of new capital for the second year running.
Total sales of VCT supported companies totalled £18.18 billion in 2022, growth of 54% versus 2021. Exports also rose significantly, with export sales totalling over £3.7 billion in 2022, up 29.8% from £2.9 billion in 2021, illustrating the growing number of businesses which are expanding overseas.
“I am delighted to see that our data continues to show strong performance among VCT supported companies, which are not only boosting economic growth but providing countless high quality employment opportunities and social benefits around the UK," says Will Fraser-Allen, Chair of the VCTA. “VCTs provide truly patient capital, supporting businesses with multiple rounds of investment supporting the changing needs of VCT supported businesses as they grow and innovate.”