While the US and China have dominated the venture leaderboard over the past two decades, the United Kingdom has birthed a handful of unicorns.

Unsurprisingly perhaps, given London’s status as the world’s second biggest financial center behind New York, most of these have been fintechs.

Despite having the second most active capital-intensive VC market in the world with over 500 registered VC and PE firms, a small crew of usual suspects have shared most of the spoils. 

The UK story is not too dissimilar to the US, where the best venture deals of all time have gone to the biggest venture firms.

Index Ventures deserves an honorable mention, featuring on the cap table of Revolut, Wise, and Deliveroo, companies that are collectively worth US$28.35BN today.  

Here’s a look at the UK’s 10 biggest venture deals of all time and who’s on the cap table.

Note: Valuations are accurate to the best of my knowledge and publicly available information, as at 13 November 2023.

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1. Revolut

Founded in 2015, Revolut provides users with features such as currency exchange, international money transfers, budgeting tools, cryptocurrency trading, and a prepaid debit card. It aims to simplify and modernize traditional banking by leveraging technology to offer cost-effective and convenient financial solutions, especially for international travelers or those seeking alternatives to traditional banking. The platform has gained popularity for its user-friendly interface, competitive exchange rates, and innovative approach to financial services.

Valuation: US$18BN (peak $33BN)

Seed and Series A investors: Balderton Capital (lead), Seedcamp, Index Ventures, NJF, Venrex, Point Nine

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2. Checkout.com

Founded in 2012, Checkout.com offers a wide range of payment solutions and services, including payment processing, fraud prevention, and analytics. The company enables merchants to accept various payment methods, including credit cards, debit cards, and alternative payment options, in multiple currencies.

Valuation: US$11BN (peak: $40BN)

Seed and Series A investors: Insight Partners, DST Global (co-leads), GIC, Endeavour, Bossanova Investimentos, Blossom Capital

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3. Wise

Founded in 2011 as TransferWise, Wise enables individuals and businesses to send money across borders with lower fees and more favorable exchange rates than traditional banks. 

Valuation: US$8.65BN

Seed and Series A investors: Index (lead), IA, Kima, LocalGlobe, Max Levchin, Valar, SVA, Tag, SC

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4. OakNorth

Founded in 2013, OakNorth has developed a platform that combines data analytics, machine learning, and technology to assess the creditworthiness of businesses seeking loans.

Valuation: US$5BN

Seed and Series A investors: Indiabulls (sole investor)

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5. Monzo

Established in 2015, Monzo initially gained popularity as a prepaid card and later obtained a full banking license. The bank operates primarily through a mobile app, offering features such as real-time transaction notifications, budgeting tools, and the ability to easily split bills with friends.

Valuation: US$4.5BN

Seed and Series A investors: Passion (lead), Blue Wire Capital

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6. DarkTrace

Founded in 2013, Darktrace employs a unique approach to cybersecurity known as Enterprise Immune System, inspired by the human immune system. The company's platform uses AI algorithms to analyze network behavior, detect anomalies, and identify potential security incidents in real-time.

Valuation: US$3BN (peak $4.19BN)

Seed and Series A investors: Talis, Invoke (co-leads), Hoxton

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7. SumUp

Founded in 2011, SumUp offers a mobile point-of-sale (mPOS) system that allows merchants to accept card payments using a smartphone or tablet. The company's card readers connect to mobile devices via Bluetooth and enable businesses to process transactions securely.

Valuation: US$4.1BN (peak: $8.5BN)

Seed and Series A investors: TEV, Shortcut, RI Digital, b2venture

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8. Graphcore

Graphcore is a semiconductor company specializing in the development of processors and hardware accelerators specifically designed for artificial intelligence (AI) and machine learning (ML) workloads. The company was founded in 2016 and has gained recognition for its focus on creating processors that are highly efficient for complex AI computations.

Valuation: US$2.77BN

Seed and Series A investors: Samsung, Bosch, Amadeus Capital (co-leads), Pitango, Foundation Capital, Dell, C4

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9. Starling Bank

Starling Bank is a digital bank headquartered in the United Kingdom, founded in 2014 by Anne Boden. It is known for its app-based banking services that provide a range of features to individuals and businesses. Starling offers current accounts, savings accounts, and business accounts, all accessible and manageable through its mobile app. 

Valuation: US$1.83B (peak $3.05BN)

Seed and Series A investors: Harald McPike (sole investor)

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10. Deliveroo

Founded in 2013, Deliveroo operates in numerous cities worldwide, partnering with a wide range of restaurants to offer diverse cuisine options to users. Through its user-friendly app or website, customers can browse menus, place orders, and track the delivery in real-time.

Valuation: US$1.7B (peak $2.7BN)

Seed and Series A investors: Index (lead), Hoxton, Jamjar

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In Summary

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Index Ventures

Perhaps it's unsurprising that Index Ventures - arguably the UK and Europe's most successful venture firm - publishes a lot of content. Tons!

Index drew over 180,000 visits to its website in October 2023 alone, which doesn't even count its social media pages such as Twitter and LinkedIn where it boasts over 100,00 followers respectively.

Find below a brief list of the types of content Index is publishing on a very frequent basis.

• Articles and insights

• News

• Portfolio company CloseUps

• Newsletter

• Candid with Index video interview series

• Index OnAir insight series

• Catching Up With video series

• Hands On podcast

• Comprehensive guides and resources for entrepreneurs

•Events and summits (e.g .Index Gaming Summit)

• Social media posts

• PR and media syndication

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Final Thoughts

Given the UK has several hundred VC firms, and the best deals were shared by about 5% of them, the case for investing in brand, visibility, trust, and reputation has never been greater.

Otherwise most UK venture firms are likely to end up doing what half of all venture firms do - fail to return 1X to investors.

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