Investing in Ambition: Scotland's Risk Capital Market 2025
Scottish EnterpriseTotal UK equity investment reached £24.39 billion across 5,982 deals in 2025, representing a 4% increase in value alongside a 7% decline in deal volume.
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Company · GB · 6 documents
Key number
£12.3 billion
Total equity investment into smaller businesses in 2025. British Business Bank p.6
Small Business Equity Tracker 2026
UK smaller businesses raised £12.3 billion of equity investment across 2,002 deals in 2025, representing a 4% decline in value and a 17% decline in deal count compared to 2024.
State of UK First-time Investment 2026
Penningtons Manches CooperThe average first-time equity fundraising fell from £1.97 million in 2024 to £1.67 million in 2025, alongside a 20% drop in median deal value to £0.2 million.
Nations and Regions Tracker 2025
The proportion of UK smaller businesses using external finance fell by 1 percentage point to 45% in 2024, with Northern Ireland recording the highest usage rate (52%) and the East Midlands the lowest (39%).
Future Fund Evaluation Report 2025 (Year 3)
The Future Fund scheme delivered £1.14bn of funding to 1,190 companies between May 2020 and January 2021 through Convertible Loan Agreements (CLAs) ranging from £125k to £5m matched by private investors.
Small Business Equity Tracker 2025
The UK VC investment market represented 0.68% of GDP over 2022-2024, trailing the US ratio of 0.73% of GDP, resulting in an overall GDP-adjusted investment gap of 10%.