Venture capital (VC) funding activity in the UK has been showcasing a fluctuating trend in 2022. The total VC funding raised by the UK startups, which fell below $1 billion for the first time this year in August and remained below that mark in September, has rebounded sharply in October to reach just shy of $2 billion despite a decline in deal volume, reveals GlobalData, a leading data and analytics company.

An analysis of GlobalData’s Financial Deals Database reveals that VC funding value in the UK jumped by a massive 135.4% to $1.9 billion in October 2022, whereas the deal volume declined by 31.9% compared to the previous month.

Meanwhile, 1,425 VC funding deals worth $21 billion were announced in the country during January to October 2022.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The majority of growth in capital raising in October was mainly driven by a single high-value VC deal—$715 million raised by Bitgoldex. As a result, the average deal size jumped three-fold from $6 million in September to $20.7 million in October, underlining the significant impact this one deal had during the month.”

The UK also witnessed the announcement of other deals valued more than $100 million during October 2022. These include $181 million raised by Copper Technologies, $103 million raised by Connex One and US$101 million raised by Stability AI.