Spotlight on Spinouts in the UK

Flagship report on the state of university spinouts in the UK, created in collaboration with the Royal Academy of Engineering.

Key findings

• The combined enterprise value of UK university spinouts launched since 2010 reached £49bn in 2025, 2.8 times the 2020 level, and they have created 27,000 jobs.
• UK spinouts raised £1.3bn of VC funding in 2025, down from £2.2bn in 2024, while VC funding for the rest of UK tech grew 46% across 2024-2025.
• The UK leads Europe on deep tech spinout value since 2010 with £59.9bn combined enterprise value, and ranks fourth per capita behind Switzerland, Finland and Denmark.
• The average non-cash equity stake universities take in spinouts fell from 25-30% in 2015-2019 to below 20% in 2024-2025, at 20% in life sciences and 14% in hardware.
• Deep tech accounts for 96% of UK university spinout enterprise value, and spinouts make up 36% of the UK's VC-backed deep tech startups founded since 2019.