Health and life sciences is one of the fastest growing sectors for UK venture capital (VC), according to new analysis from HSBC Innovation Banking UK and Dealroom. Homegrown startups in the health and life sciences sector collectively raised $2.3B so far in 2024, including nearly $1 billion in Q3 alone. This marks the highest investment in any UK sector this quarter, placing health and life sciences in joint second place with enterprise software and behind fintech for the year to date, up from fifth in Q2.
Three of the largest VC funding rounds in Q3 2024 came from the biotech industry, with Myricx Bio, ViceBio, and F2G securing significant investments. Half of the unicorns created in the UK in 2024 so far operate in the health and life sciences space, including notable names such as EyeBio, IntraBio, and IIElevenLabs.
The UK has emerged as the undisputed leader in European femtech, with the sector attracting $652.9 million of VC funding since 2019. UK femtechs have secured more investment than their peers in Germany, Belgium, and France combined during this 5-year period.
