TLDR:
- Nearly £335 million of VC financing was invested in businesses across East Anglia in the opening quarter of the year.
- Cambridge-based drug discovery company Apollo Therapeutics secured the largest deal of $260 million.
In the first quarter of 2024, a total of £335 million of venture capital financing was invested in businesses across East Anglia, with significant deals in Cambridge boosting the regional total. The largest deal was secured by Cambridge-based drug discovery company Apollo Therapeutics, with an investment of $260 million, making it one of the top 10 largest financings in Europe during the quarter. Other notable deals included investments in companies like Cambridge Mechatronics, Mission Therapeutics, and Tagomics. VC investors in the region are showing hesitancy at later deal stages, except for companies focused on AI or cleantech. There is a strategic pivot in venture capital towards value and longevity over rapid scaling, with a focus on less cash burn at growth. These strong figures are a positive start for the new financial year and provide a boost for the East of England compared to the rest of the UK where VC investment has been subdued. KPMG’s Cambridge office provided insights into the data, which was based on deals recorded as of April 8, 2024.
