Annual Review

Countries like Germany, Switzerland and Japan have benefitted from an explosive growth in capital, but the US still dominates and the UK risks being left behind, our in-depth analysis shows.

Just 249 investments were announced in the last three months of 2022 but the year was still the second-best on record in almost every category.

Amid a general downturn, spinouts have been faring much better than the startup world at large.

Despite being the first year spent entirely during the pandemic, 2021 underlined the strengths of the ecosystem with spinouts raising nearly $39.2bn.