London-based companies received 80.6% of all venture capital investments last quarter in a sign that regional hubs continue to be overlooked by investors.

Data released by KPMG’s Venture Pulse report shows that £5.8bn of VC investments between April and June went to companies based in London, while £1.4bn was invested across all the other regions around the country combined.

Among the top regional deals was the £84m investment into Manchester-based Freedom Fibre. The company aims to bring fibre connection to two million buildings in the Northwest.

Overall, the £7.2bn raised by UK companies was a decline from the £8.5bn raised in the first quarter in a sign that soaring inflation, rising interest rates and macroeconomic uncertainty from the war in Ukraine is being felt by investors.

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