Chris Donnelly

740 UK startups announced funding rounds in 2025. Where are they based? 🔎 It comes as no surprise that London dominates UK tech 📌 but it's great to see that over a third of firms were based outside the M25 last year. Which VC funds and angels are backing startups outside the capital? We keep seeing... Mercia Ventures The FSE Group Maven Capital Partners PXN Group BGF Foresight Group SFC Capital Scottish Enterprise Northern Gritstone Fuel Ventures 🚀 Parkwalk ACF Investors Haatch ...who have I missed? Soapbox insights brought to you with K&L Gates | Venture Comet LTD | Sage

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I chatted with a VC last night who's had 18,000 investment pitches uploaded to his website since 2022. How many has he invested in? One. Not because they don't invest. This is one of London's most active seed funds, with 70+ companies backed since 2022. But their online Submit a Pitch form isn’t there to boost deal flow .. .. it’s to LOOK inclusive, so they can’t be accused of only backing the old boys’ network. Founders, a word to the wise: Don’t bother cold-pitching venture capital funds! This investor went on to share that one of the key founder traits they look for is tenacity. And if you can’t find a way to a warm intro to the fund, or even connect with the investor on LinkedIn, then it’s unlikely you’re going to hustle your first sales. You’re not tenacious enough. The ideal signal the VC is watching for is that people who know you and your market well have already invested. Ideally you've already got small angel investments from: ✅️ Your early customers' founders ✅️ Your suppliers ✅️ Your former boss ✅️ Your friends I’ve been guilty in the past of filling in the 'Apply for Funding' form on a VC website, but it’s never come to anything. Don’t be tempted.

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2 Year Fhunded Snapshot: 💰£21M+ early-stage equity raised through the Fhunded VC community 🧑‍💼 Around 40 new, high-skilled jobs created across Lancashire 🌹 19 leading VC's engaged with Lancashire-based deals via Fhunded events 🪽 Launch of the Fhunded Angel network 💻 Roll-out of Lancashire's bespoke Dealroom platform Read more: https://lnkd.in/eCX353jb

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There were lots of fascinating points in the recent Dwarkesh interview with Sholto Douglas and Trenton Bricken. Some quotes: RL in the last year “Okay, so I think the biggest thing that's changed is that RL in language models has finally worked. We finally have proof of an algorithm that can give us expert human reliability and performance, given the right feedback loop.” The importance of model size “All of the interpretability work on superposition states that the models are always under-parametrized, and they're being forced to cram as much information in as they possibly can. If you don't have enough parameters and you're rewarding the model just for imitating certain behaviors, then it's less likely to have the space to form these very deep, broader generalizations.” Analysis of circuits “I think people are still sleeping on the circuits work that came out, if anything, because it's just kind of hard to wrap your head around." Automated white collar worker in 2-5 years “There is this whole spectrum of crazy futures. But the one that I feel we're almost guaranteed to get - this is a strong statement to make - is one where at the very least, you get a drop-in white collar worker at some point in the next five years. I think it's very likely in two, but it seems almost overdetermined in five. On the grand scheme of things, those are kind of irrelevant timeframes. It's the same either way. That completely changes the world over the next decade…" https://lnkd.in/guc8AzGj

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In the past two weeks, hundreds of startups worked with experts from our ecosystem to address the BIGGEST challenges they face - head on. Here’s what I learned: US expansion is front of mind for UK startups at the moment - incorporating as a Delaware C-corp is becoming a really popular route for them to raise and expand into the biggest market in the world. I was also struck by how startups are using AI agents to go-to-market with lighting speed - emerging standards (MCP, knowledge graphs) are being leveraged to achieve scale without endless custom builds. And on the fundraising side, revenue growth is the no. 1 thing to show investors - and it has to be recurring and repeatable - not a one-off. The market may have shifted - but selling is the same. Now more than ever, framing sales around solving urgent business pain in cost, risk, and revenue terms is KEY. We've got one more session coming up in September and I'm super excited for it! Denys Prysukhin from Corewide LLP will be sharing how to build fast -without making expensive mistakes. If you’re looking to build your first production-ready cloud infrastructure, or you have a live product and are facing scaling and performance issues - this session is for you. Link to sign up in the comments. 👇

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The UK’s brightest founders and professionals are quietly packing their bags. And it’s not just because of the weather. Or politics. A growing number of UK entrepreneurs are rethinking not if they’ll leave, but when. In our 2025 Relocation Report, we surveyed 500+ UK business owners and professionals. The findings were eye-opening: ➡️ 38% are already planning to relocate within 12 months ➡️ 62% within two years ➡️ Over half are looking to Iberia - Portugal and Spain - for a new start This isn’t escapism. It’s a response to deeper shifts in how people define success: flexibility, wellbeing and belonging now rank alongside profit and growth. I break down what’s driving this exodus, and why Southern Europe has become the new frontier for British talent. Read the full report on the Touchdown blog (see link in the comments)

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The two rules of business: 1. Don't tell people everything you know 2. .... 🙃 Plus a bonus rule for you , founders need to get set up with the right tools, so I've spent ages digging out the best ones here: https://lnkd.in/evRCNKed

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An underrated way to get in touch with VCs - get in touch with their portfolio company founders first. If there's a VC you believe is a strong fit for your business, odds are you'll have a much easier time getting in touch with a founder they invested in than the VC themselves. You can reach out saying you're considering reaching out to the VC, and want to hear about the founder's experience working with that investor over a 10-minute call. If you hit it off, you now have: - A potential intro from someone the investor trusts - Real insight into what that investor cares about - A connection who's likely connected with a number of VCs in your space And lastly, you can also do this after you've already reached out to the VC. If they haven't responded, this can be a more effective way to follow up. #startups #venture #VC #tech #entrepreneurship #fundriasing

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Investing in female founders just makes good business sense. 🚀 To quote our EIS Fund investor memorandum - studies by Boston Consulting Group and the Kauffman Foundation have shown that women-run businesses are more capital efficient and can deliver higher return on investment (ROI) than male-founded startups (!!!) – sometimes as much as twice per dollar invested. I'm pretty proud of our founders, and can't wait to back even more! 💪🏼 #EISFund #femalefounders #UKstartups

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Steven Bartlett calls it "professional flirting" in this clip - founders spending time persuading exceptional people to join their business. I'm on a mission to help every startup build a board that gives them the best chance of success. Right now, UK startups are barely scratching the surface of what great boards can do - the pattern recognition, the doors they open, the expensive mistakes they help you avoid. But finding these people takes time most founders don't have. You're meant to be networking constantly, taking exploratory meetings, trying to figure out who's qualified versus who just presents well in a 30-minute coffee chat. Meanwhile, you're building product, talking to customers, managing your team, and putting out fires. The networking falls to the bottom of the list pretty quickly. That's why I built Boardly. It's the platform I wished existed years ago when I was connecting founders with the leaders after watching them struggle through the same painful process. We're curating the best community of startup board leaders and fractional executives in the UK. Our AI handles the filtering and matching work - understanding your stage, your sector, the specific problems you're solving - and introduces you to people who actually fit. No spray and pray networking. No wasted meetings with people who sound impressive but can't help with what you're building. You spend less time searching and more time having real conversations with people who can help. AI removes the admin friction so you can focus on the human part - building relationships with experienced leaders who've already solved your problems at other companies.

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Great to chat with TechRound about how startups can use AI in a more grounded, sustainable way — and when it’s better not to. We’re seeing more founders think carefully about where AI actually moves the needle versus where it just adds noise. It’s less about using AI everywhere, and more about using it where it actually matters. Thanks Gina Marrs, Zee Yende for this opportunity! Link to a full article in comments👇

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𝗠𝗼𝘀𝘁 𝗳𝗼𝘂𝗻𝗱𝗲𝗿𝘀 𝗮𝗿𝗲 𝗽𝗹𝗮𝘆𝗶𝗻𝗴 𝘁𝗵𝗲 𝘄𝗿𝗼𝗻𝗴 𝗴𝗮𝗺𝗲. This week on Nothing Ventured, I sat down with Timothy Armoo who went from a council estate in South London to an 8-figure exit and a portfolio doing £47m+ annually. He's now building Billion Pound Exits to help founders think through and execute on exiting their businesses. This podcast had no sugar coating, just frameworks that move the needle. Here are 5 takeaways that stayed with me: 𝟭. 𝗕𝘂𝗶𝗹𝗱 𝘄𝗵𝗲𝗿𝗲 𝘁𝗵𝗲 𝗲𝘅𝗽𝗲𝗿𝘁𝗶𝘀𝗲 𝗴𝗮𝗽 𝗲𝘅𝗶𝘀𝘁𝘀 The gap between what you know and what your customer knows = value. That gap is shrinking fast in old markets… and exploding in AI. 𝟮. 𝗦𝘁𝗼𝗽 𝗯𝘂𝗶𝗹𝗱𝗶𝗻𝗴 𝗳𝗼𝗿 𝘀𝗼𝗺𝗲𝗼𝗻𝗲 𝗲𝗹𝘀𝗲 School trains you to get your “paper marked.” Too many founders carry that into business — chasing VC approval instead of building for their own outcome. 𝟯. 𝗧𝗵𝗲𝗿𝗲 𝗮𝗿𝗲 “𝗽𝗵𝘆𝘀𝗶𝗰𝘀 𝗼𝗳 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀” — 𝗮𝗻𝗱 𝘆𝗼𝘂 𝗰𝗮𝗻’𝘁 𝗰𝗵𝗲𝗮𝘁 𝘁𝗵𝗲𝗺 “But my case is different” is how founders waste years. Supply, demand, pricing, value… the rules don’t change just because you think they do. 𝟰. 𝗧𝗵𝗲 𝗯𝗲𝘀𝘁 𝗽𝗲𝗼𝗽𝗹𝗲 𝗮𝗿𝗲𝗻’𝘁 𝗽𝗮𝘀𝘀𝗶𝗼𝗻𝗮𝘁𝗲 𝗮𝗯𝗼𝘂𝘁 𝘁𝗵𝗲𝗶𝗿 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 They’re obsessed with being excellent at their craft. Your business is just the vehicle. 𝟱. 𝗬𝗼𝘂’𝗿𝗲 𝗻𝗼𝘁 𝗯𝘂𝗶𝗹𝗱𝗶𝗻𝗴 𝗮 𝗽𝗿𝗼𝗱𝘂𝗰𝘁. 𝗬𝗼𝘂’𝗿𝗲 𝗯𝘂𝗶𝗹𝗱𝗶𝗻𝗴 𝗮 𝘀𝘆𝘀𝘁𝗲𝗺 Processes > people. You don’t sell a business — you sell a machine that runs without you. Bonus: 👉 Hard work is overrated. What you work on matters more. 👉 Date your buyers early. Don’t wait until you’re desperate. This one’s a reality check for any founder still caught in the hype cycle. 🎧 Episode live now - links in comments.

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My AI and Automation driven 30gram6 news and data platform is releasing a UK focused M&A tool. As always we are following a "release early, release often" philosophy so there will be a few rough edges but hopefully some useful content for anyone interested in the UK M&A landscape. You can filter by Trade vs Financial Backer (PE/VC) content as well as by Sector, etc. Also a directory of Investors and a directory of Advisors. NB Humans not involved in the content creation. Next on the roadmap is to sort out the user login to drive personalisation and to allow people and firms to curate their own public profiles...

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Economic stability was the main message of Tuesday’s Spring Statement. But for founders, "stable" shouldn't be confused with "accessible." The OBR has now downgraded UK growth projections to 1.1%. And in a slow-growth economy, the efficiency of how capital flows into innovation becomes even more important. Meanwhile, founders continue to face a tough funding environment: 🚀 A record 2,489 companies secured their first-ever round last year (up 23%). 📉 Yet total deal counts fell by 8%. Investors are backing fewer, "safer" bets. 💰 Seed-stage valuations hit a 4-year low. ⌛ 1 in 5 founders now spend 50%+ of their week in the fundraising maze. So it’s no surprise founder confidence is being tested. According to The Entrepreneurs Network’s November report, only 3% of founders believe the Government truly understands their needs. ⚠️ If that’s the case, the infrastructure founders rely on becomes even more critical. If the UK wants to unlock more innovation and growth, we don’t just need stability. We need a fundraising process that is transparent, structured, and fast. Because if we want more capital flowing into innovation, we have to fix how founders access it. #UKInnovation #UKStartup #SpringBudget

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DEADLINE FOR APPLICANTS AT IDEA STAGE IS 23RD OCTOBER Delighted to be leading this programme along with our fantastic partners. It’s about changing the success rates for underrepresented founders by improving how they and the investor ecosystem connect, prepare, and collaborate. Through the Breakthrough Founders programme, founders receive tailored investor readiness support designed to lead to real investment outcomes — from angels, VCs, and other funding routes. Alongside their tailored pathway, founders will also have the chance to benefit from: Pre-Investment Boards — giving you strategic guidance while growing a new generation of women angels. Investor Readiness Scorecards and MIT frameworks — data-backed tools to show where you are now and what to focus on next. A shared investor portal — opening doors to VC, angel, and operator networks across the consortium. Access to non-equity funding routes — support to explore alternatives when equity isn’t the right fit. A national community — open to all applicants, with up to 150 founders on pathways, plus wider alumni and peer networks that continue beyond the programme.

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