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Birmingham Post
Birmingham Post
Business
Hannah Baker

Value of venture capital deals falls in Bristol at start of 2022

Bristol KPMG

Businesses in Bristol secured £38m in venture capital (VC) investment in the first three months of 2022 amid an uncertain geopolitical and macroeconomic environment, new research finds.

Figures from KPMG’s Global Venture Pulse Survey found that year-on-year deal volume remained the same, with 15 deals completed during the first quarter, but the aggregate value fell from £75.8m to £38m compared to the year previously.

Among the significant investments was Rovco, a provider of hydrographic subsea services to the marine renewable and energy sectors. In April, it secured £15.2m in a Series B fundraising round. The fundraise was co-led by financial services giant Legal & General, which invested £8.5m, alongside the venture capital arm of international energy company Equinor.

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