London versus the rest: where UK startups raise equity, by region
The region is the one Bradshaw assigns from the postcode of the company's registered office, grouped into 12 regions and nations of the UK. The figures cover 5,881 priced equity rounds allotted since 1 Jan 2024.
London and the rest
| Area | Rounds | Companies | Cash raised | Median round | Share of rounds | Share of cash |
|---|---|---|---|---|---|---|
| London | 2,837 | 2,236 | £24.7bn | £1.05m | 48% | 54% |
| Rest of the UK | 3,044 | 2,484 | £20.7bn | £751k | 52% | 46% |
London accounts for 2,837 rounds and the rest of the UK for 3,044, so more rounds were allotted outside London than in it. London is one region out of 12, yet it accounts for nearly as many rounds as all the others together. The cash tells the other story: London raised £24.7bn against £20.7bn. London rounds are larger at the middle, with a median of £1.05m against £751k.
Every region
| Region | Rounds | Companies | Cash raised | Median round | Share of rounds | Share of cash |
|---|---|---|---|---|---|---|
| London | 2,837 | 2,236 | £24.7bn | £1.05m | 48% | 54% |
| South East | 664 | 545 | £6.68bn | £858k | 11% | 15% |
| East of England | 438 | 345 | £2.84bn | £850k | 7.4% | 6.2% |
| North West | 424 | 335 | £4.07bn | £966k | 7.2% | 9.0% |
| South West | 331 | 279 | £2.02bn | £567k | 5.6% | 4.4% |
| Scotland | 313 | 251 | £868m | £777k | 5.3% | 1.9% |
| Yorkshire and the Humber | 204 | 172 | £1.20bn | £911k | 3.5% | 2.6% |
| West Midlands | 191 | 157 | £1.43bn | £700k | 3.2% | 3.2% |
| Wales | 146 | 117 | £356m | £550k | 2.5% | 0.8% |
| East Midlands | 143 | 125 | £797m | £585k | 2.4% | 1.8% |
| Northern Ireland | 98 | 82 | £217m | £600k | 1.7% | 0.5% |
| North East | 92 | 76 | £260m | £640k | 1.6% | 0.6% |
The busiest regions outside London
The South East is the largest region outside London, with 664 rounds and £6.68bn raised, which is 15% of the cash. The East of England follows with 438 rounds, then the North West with 424 and the South West with 331.
These three regions hold 26% of all UK rounds and 30% of the cash, which makes them the main counterweight to London.
Rounds and cash can rank differently. The East of England and the North West are next to each other on rounds, with 438 and 424, but they raised £2.84bn and £4.07bn. The smallest regions are Northern Ireland and North East, with 98 and 92 rounds.
The typical round also differs by region. Across the regions the median round runs from £550k to £1.05m. London's median of £1.05m is the highest of any region. The North West has the highest median outside the capital, at £966k. Every region has fewer companies than rounds, because some companies raised more than once in the period.
Has the split changed?
| Allotment year | Rounds | Rounds outside London | Cash raised | Cash outside London |
|---|---|---|---|---|
| 2024 | 2,257 | 52% | £16.0bn | 37% |
| 2025 | 2,212 | 51% | £17.1bn | 57% |
| 2026 to date | 1,412 | 52% | £12.4bn | 41% |
Download the yearly table (CSV)
The share of rounds outside London barely moves, from 52% in 2024 to 51% in 2025 and 52% so far in 2026. The share of cash moves a lot more, from 37% to 57% and 41%, and a few very large rounds can swing a year's total. 2025 is the clearest case: regions outside London took 57% of the cash while holding 51% of the rounds, which means large rounds outside the capital carried the year. In 2024 the same regions held a similar share of rounds but only 37% of the cash.
Based on Companies House share allotment filings read by Bradshaw.
How Bradshaw reads a funding round from a share allotment filing
Questions and answers
How much of UK startup equity is raised outside London?
Since 1 Jan 2024, London companies raised 48% of the UK's priced equity rounds and 54% of the cash. The rest of the UK raised 52% of rounds and 46% of the cash. The two measures differ because London rounds are larger. Data to 28 Oct 2026.
Which UK regions outside London raise the most equity?
Outside London, the busiest regions by number of rounds are the South East (664 rounds, £6.68bn), the East of England (438 rounds, £2.84bn) and the North West (424 rounds, £4.07bn). Data to 28 Oct 2026.
How is a company's region decided?
Bradshaw takes the postcode of the company's registered office on the Companies House register and maps it to one of the regions and nations of the UK.
Has London's share of UK equity rounds changed?
The share of UK priced rounds raised outside London was 52% in 2024, 51% in 2025, 52% in 2026, and the share of the cash was 37% in 2024, 57% in 2025, 41% in 2026. The share of rounds moves little and the share of cash moves more, because a few very large rounds can swing a year. Data to 28 Oct 2026.