UK equity rounds in 2025: how many, how much and how big
A priced equity round is a company selling new shares for cash at a stated price per share, as recorded in its share allotment filings at Companies House. Where a raise took several filings because investors completed on different days, it counts once. Dates are allotment dates, from 1 Jan 2025 to 31 Dec 2025.
The headline
The 2,212 rounds belong to 1,992 companies. A quarter of rounds raised £306k or less, half raised £966k or less, and three quarters raised £3.19m or less. 52% of rounds raised less than £1.00m. The largest round raised £1.51bn.
The total is far larger than the typical round suggests, because the cash is concentrated. The ten largest rounds raised £5.89bn, which is 35% of all the cash. The median and the size bands therefore describe the market better than the total does.
The middle of the market is where most companies sit. The three bands from £250k to £3.00m hold 55% of all rounds but only 7.3% of the cash.
The quartiles give a simple benchmark. A round near the median sits in the middle of the market by size, and a round above the upper quartile is in the largest quarter.
By round size
Rounds are spread fairly evenly across the bands, and cash is not. The smallest band, £100k to £250k, holds 19% of rounds and 0.4% of the cash. The largest band holds 11% of rounds and 82% of the cash.
The contrast is sharp. The 246 rounds in the largest band raised £13.9bn, while the 411 rounds in the smallest raised £69.6m. Most rounds are modest raises, and most of the money goes to a small group of companies raising at scale.
By quarter
| Quarter | Rounds | Cash raised | Median round |
|---|---|---|---|
| 2025 Q1 | 571 | £5.61bn | £888k |
| 2025 Q2 | 537 | £3.54bn | £892k |
| 2025 Q3 | 560 | £3.82bn | £1.00m |
| 2025 Q4 | 544 | £4.08bn | £950k |
Download the quarterly table (CSV)
The number of rounds is steady from quarter to quarter, between 537 and 571. Cash is not: 2025 Q1 raised £5.61bn, the most of any quarter, and 2025 Q2 raised £3.54bn, the least. The median round ranged from £888k to £1.00m across the quarters.
A steady count with a swinging total points to the same conclusion as the size bands. The typical round barely moves through the year, and the quarterly total depends on how many very large rounds land in it.
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 equity did UK companies raise in 2025?
UK companies raised £17.1bn in 2,212 priced equity rounds allotted in 2025, read from Companies House share allotment filings. A few very large rounds carry the total: the 246 rounds of £10.0m or more raised 82% of the cash, so the median round, £966k, is the better guide to a typical raise. Data to 28 Oct 2026.
What is a priced equity round?
A priced equity round is a group of share allotment filings in which a company issued new shares for cash at a stated price per share. Option exercises, conversions, bonus issues and founder shares are not rounds.
What was the typical UK equity round in 2025?
The median round raised £966k, the middle value when all rounds are ranked by cash raised. A quarter of rounds raised £306k or less and three quarters raised £3.19m or less. 52% of rounds raised less than £1.00m. Data to 28 Oct 2026.
Where does the data come from?
From the returns of allotment of shares, form SH01, that UK companies file at Companies House. Bradshaw reads each filing and shows the working and a link to the filing page for every figure.