What do our figures show?
We analysed funding information from the 280 small businesses that applied to this year’s Startups 100 Index to find the areas of the UK where new firms are likely to gain the largest level of investment.
On average, we found that organisations in London receive a huge £14,556,795 in funding. That’s over eight times higher than the rest of the UK which gets £1,687,768 per business.
|Region||Average funding received per business|
|Outside London||£ 1,687,768.00|
Interestingly, when London is excluded from England’s data, Scottish businesses pull ahead in terms of funding. On average, tartan startups receive almost double the funding of England businesses.
Welsh startups, in comparison, receive the lowest level of funding per business at £610,714.
|Country||Average funding received per business|
|England (including London)||£10,192,747|
|England (excluding London)||£ 1,660,654.00|
The data also shows a regional breakdown of the level of funding received per business, in England. On average, startups in the North West get the most financial backing outside London, raising £3,585,000 per company.
Our results suggest Yorkshire and the Humber is the area with the lowest level of funding (£355,540 per business) – though we know from our index that there are still plenty of innovative ideas coming from the area.
For example, SlothMove and Power Sheds are two Yorkshire-based businesses from the Startups 100 that were nominated for our Kitchen Table award, as examples of firms that have found huge success despite raising little to no finance.
|Region in England||Average funding received per business|
|North East||£ 711,666.00|
|North West||£ 3,585,000.00|
|Yorkshire and the Humber||£ 355,540.00|
|West Midlands||£ 2,680,291.00|
|East Midlands||£ 1,124,116.00|
|South East (excluding London)||£ 1,668,184.00|
|South West||£ 736,600.00|