Startups in the U.K. are reportedly receiving more investments now in comparison to the time before Brexit, the colloquial term for the country’s referendum to rescind official membership in the European Union.
Not only was the amount of funding substantially higher, but so too was the amount of deals, according to a prominent global venture capitalist, Gil Dibner.
Specifically, he found that the average number of deals per quarter following Brexit was 69, while the rate prior to the departure was at 45. And startups raised more than $1 billion per quarter after Brexit, a big increase from $819 million. And the U.K. saw the most venture capital investment in 2017 out of all the countries analyzed, with $5.78 billion raised in total.
It’s not exactly clear if the vote to leave the international governing body, which occurred June 2016, directly triggered the uptick in investments, as in if its for now just correlation, not causation. But the statistics appear to be encouraging for the tech sector, at least for now. (RELATED: New Dating App Strives To Make Sure Brexit ‘Remainers’ Only Breed With Each Other)
Dibner notes, according to Business Insider, though, that it’s “too early to see the real impact of Brexit, which will manfiest as fewer EU founders [are] moving to UK.”
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