Venture capital investment in the UK saw its worst quarter since the early stages of the Covid-19 pandemic over the first three months of this year.

Start-ups raised US$3.9 billion in the three months to March, against US$4.8 billion a year ago, according to an HSBC Innovation Banking and Dealroom report.

This was the lowest level since the second quarter of 2020, when the pandemic forced the UK into lockdown.

HSBC Innovation Banking said that venture capital investment had “stabilised following a sharp global reset” over the latter half of last year.

Monzo led the way as the UK fintech sector received the most funding over the first quarter, of US$1.4 billion.

Just 36% of this year’s flows so far came from domestic investors, compared to as much as 64% in 2013, prompting calls for government reforms to encourage UK-based investors.

Such venture capital investment had jumped later on in the pandemic, but has since fallen back as the likes of high interest rates hit sentiment.

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