New research reveals Cumbria-based businesses have seen an increase in funding rounds this year.
This is despite a global dip in investment amid market uncertainties.
The findings come from the ‘Global Investment Report’ by sharetech platform Vestd, which analysed Crunchbase data to assess global investment trends in 2024.
The data shows that between Q1 and Q3 of 2024, Cumbria-based businesses secured 13 funding rounds, marking an 85.7 per cent increase compared to the same period in 2023.
This suggests a promising environment for startups in the county.
Nationally, the UK accounted for 6.6 per cent of global funding rounds.
However, investment in early-stage businesses has slowed across the country, with a year-on-year decline of nearly one-third in funding rounds.
Globally, the total number of funding rounds between Q1 and Q3 of 2024 reached 36,203, a drop of more than 25 per cent from the same period last year.
This trend follows the first International Investment Summit, which saw a reported £63 billion of private investment committed, including partnerships in key sectors such as infrastructure and technology.
Regionally, Cambridgeshire and Oxfordshire recorded the highest number of funding rounds, with 85 and 72 respectively.
However, compared to last year, both areas saw a decrease in investments.
Wales saw the greatest increase in funding rounds, with a 133.3 per cent year-to-date rise.
Funding activity remained largely concentrated in London, with 1,230 funding rounds in total between Q1 and Q3 of 2024.
However, while Q1 showed 474 total funding rounds, activity had cooled by 29.1 per cent by the end of Q3.
Manchester and Edinburgh followed London in second and third, with 72 and 65 funding rounds respectively in 2024.
Both cities also saw a decrease in funding rounds compared to the same period last year.
Ifty Nasir, CEO of Vestd, said: "We are at a critical juncture in the global investment landscape.
"As funding struggles to regain momentum following broader market uncertainties, investors have become more selective, leading to many sectors observing a downward trend in funding, with early-stage funding hardest hit.
"This shift in the investment market presents a unique opportunity for founders to refine their value propositions and become resilient in demonstrating their growth potential and market fit.
"Increasingly, investors are focused on businesses that not only present a clear path to profitability but also align with key market drivers like operational efficiency and innovation.
"The ongoing surge in investment in sectors such as artificial intelligence represents the wider global trend towards digital transformation.
"With how competitive the funding landscape is, founders need tools that ease the process, allowing them to focus on wowing potential investors.
"That is why, as a direct response to these challenges, we have launched our new fully integrated platform InVestd Raise, to offer a simpler and more accessible approach to navigating funding challenges - helping founders to launch, raise investment, grow, mature and then cash in on their success, along with their teams."
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