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Investment Activator Programme

South West business investment down in 2022, new report reveals

Authored by Rockhaye
Posted: Sunday, February 5, 2023 - 15:58

The Investment Activator Programme (IAP) has released their annual report on equity investment in the South West, providing the latest insights into which companies and sectors raised the most in 2022 and the ones to keep an eye on in 2023.

A key takeaway of the report is that, despite the over £920 million raised by businesses in the South West, last years’ total investment figure was £265 million down on 2021’s figures - a reflection of the current economic climate and global downward trends. Despite a more challenging environment, 318 companies participated in 355 fundraising events in 2022 with the largest single raise an impressive £175 million being raised by Clearbank: the UK’s first new clearing bank in more than 250 years, who are headquartered in Bristol.

The report highlights the huge disparity between men and women when it comes to investment, with 87% of all VC funding in Europe being raised by men-only teams. There are a number of women in the South West bucking this trend including Georgia Stewart at Tumelo who raised £15 million and Sam Seaton from Moneyhub who raised £55 million in 2022.

The report also features a “One’s to Watch” section, which includes xigxag the Cornwall based, no-subscription, audiobook app and Emm, who are bringing a smart menstrual cup to market.

Abby Frear, Investment Activator at IAP, said: “Despite the slight downturn on the figures from last year for obvious reasons, it’s actually been an incredibly positive year for investment into the South West at almost £1bn raised. We’re also seeing a noticeable increase in Investors from outside of the region approaching us to work out how they can get more engaged, as they see some of the huge success stories coming from this area.”

The report can be downloaded at

The Investment Activator Programme (IAP) is designed to support companies that are raising equity investment in the South West. It is run by techSPARK UK, a not-for-profit community dedicated to connecting, educating and strengthening tech ecosystems from Swindon to Swansea.

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