What UK startups are worth at each funding round, from the price investors actually paid. Every share issue is filed at Companies House on form SH01 with the price per share. The universe is the Class of 2023: every one of the 1,674 UK companies incorporated in 2023 that went on to raise a market-priced round of venture size, followed from incorporation to today. Their filings give 2,244 funding rounds. The medians below are what those filings say. No survey, no self-reporting, no selection by us.
Cite as: Tero, UK startup valuations, 2026, tero.capital/uk-startup-valuations. Figures refresh as filings land; filings read to 3 October 2026.
Post-money valuation is price per share times shares in issue after the round. Stake sold is money raised divided by post-money. Medians throughout, because the mean is set by a few large companies.
The register records rounds, not stage names. The first priced round is where pre-seed and seed money lands; the second and third are the follow-ons. Months are from incorporation to the round.
| Round | Rounds | Median post-money | Middle half | Median raised | Stake sold | Months in |
|---|---|---|---|---|---|---|
| First priced round | 1,513 | £2.0m | £967k to £4.3m | £303k | 18% | 11 |
| Second | 482 | £3.4m | £1.6m to £7.2m | £250k | 10% | 20 |
| Third | 169 | £4.3m | £2.2m to £9.0m | £300k | 8% | 27 |
| Fourth and later | 80 | £6.9m | £3.9m to £17.2m | £574k | 7% | 29 |
Stake sold is the median of money raised divided by post-money valuation for each round. A first round that sells 18% at £2.0m post-money implies a pre-money valuation of about £1.7m.
Each row is every priced round the cohort filed in that calendar year. 2026 runs to the as-of date.
| Year | Rounds | Companies | Median post-money | Middle half | Median raised | Stake sold |
|---|---|---|---|---|---|---|
| 2023 | 458 | 436 | £1.5m | £726k to £4.1m | £404k | 28% |
| 2024 | 811 | 706 | £2.4m | £1.1m to £4.9m | £275k | 14% |
| 2025 | 653 | 574 | £3.0m | £1.3m to £6.6m | £300k | 11% |
| 2026 | 319 | 300 | £3.2m | £1.6m to £7.4m | £250k | 8% |
This is one cohort ageing, so the rise in the median is mostly the companies growing up: 2023 is almost all first rounds, and each later year carries more second and third rounds. Read it with the stage table.
Sector labels are the ones the Class of 2023 report assigned from each company's SIC codes and filings. Sectors with fewer than 30 rounds are folded into every other figure and left out of this table.
| Sector | Rounds | Companies | Median post-money | First-round median | Median raised | Stake sold |
|---|---|---|---|---|---|---|
| Software / SaaS | 700 | 455 | £2.8m | £2.3m | £259k | 12% |
| Prof. services | 273 | 192 | £2.3m | £1.9m | £346k | 17% |
| AI / data | 189 | 121 | £3.8m | £3.3m | £420k | 15% |
| Hardware / mfg | 146 | 89 | £2.7m | £2.0m | £370k | 14% |
| Food & beverage | 143 | 100 | £1.6m | £1.3m | £153k | 10% |
| Health / bio | 139 | 84 | £3.0m | £2.6m | £365k | 13% |
| E-commerce | 138 | 97 | £1.8m | £1.4m | £223k | 15% |
| Media / creative | 121 | 82 | £3.0m | £2.0m | £280k | 11% |
| Property / constr. | 91 | 81 | £1.1m | £1.0m | £657k | 98% |
| Hospitality | 78 | 65 | £1.5m | £1.4m | £441k | 30% |
| Fintech | 63 | 33 | £6.2m | £5.9m | £550k | 11% |
| Energy / climate | 41 | 28 | £2.8m | £2.4m | £397k | 11% |
A high stake-sold figure in a sector marks project-financed structures (property, hospitality) rather than venture pricing.
Region as assigned in the Class of 2023 report, from the registered office.
| Region | Rounds | Companies | Median post-money | Middle half | Median raised | Stake sold |
|---|---|---|---|---|---|---|
| London | 1,117 | 700 | £3.1m | £1.4m to £6.7m | £334k | 13% |
| Rest of UK | 954 | 691 | £1.9m | £933k to £4.1m | £266k | 15% |
| Cambridge | 36 | 22 | £5.8m | £3.5m to £10.2m | £583k | 17% |
| Manchester | 31 | 22 | £2.2m | £1.4m to £4.7m | £256k | 13% |
Rounds by post-money valuation band, with the share of all filed value each band holds. The venture floor is £250,000 and the verified ceiling is £250m, as in the report.
| Post-money band | Rounds | Share of rounds | Share of value |
|---|---|---|---|
| £250k to £1m | 479 | 21% | 1.88% |
| £1m to £5m | 1,144 | 51% | 18.72% |
| £5m to £10m | 323 | 14% | 14.74% |
| £10m to £25m | 186 | 8% | 19.14% |
| £25m to £100m | 94 | 4% | 28.35% |
| £100m to £250m | 18 | 1% | 17.16% |
Each pair is two consecutive priced rounds by the same company, with allotments inside 90 days counted as one round. A follow-on within 5% of the previous price is a tranche or a rolling close, so step-ups are measured on repriced pairs only, and marks above 10x are excluded as in the report.
| Year of later round | Pairs | Same price | Repriced | Median step | Up | Down | Median up | Median down | Months between |
|---|---|---|---|---|---|---|---|---|---|
| 2024 | 205 | 49% | 105 | 1.65x | 82% | 18% | 1.86x | 0.32x | 7 |
| 2025 | 309 | 39% | 187 | 1.5x | 73% | 27% | 1.8x | 0.46x | 12 |
| 2026 | 187 | 41% | 111 | 1.41x | 73% | 27% | 1.78x | 0.62x | 14 |
| All years | 724 | 44% | 407 | 1.5x | 75% | 25% | 1.8x | 0.49x | 11 |
Counting same-price pairs as flat rounds, as the Class of 2023 report does, 14% of all 724 follow-on rounds priced below the one before, which matches the report's figure.
Every company page shows price per share at each allotment, the implied valuation, the step-up and the filing it came from.
Source: Companies House SH01 (return of allotment of shares) filings, read by Tero and stored with the transaction id of each document. Universe: Every UK company incorporated in 2023 that raised at least one market-priced round of venture size, meaning £25,000 or more at an implied valuation of £250,000 or more. Plausibility checks applied; holding vehicles and project-finance entities excluded. This is the Class of 2023 venture universe of 1,674 companies, followed from incorporation to the as-of date. The universe is the one published in the Class of 2023, so the two pages cannot disagree about which companies count. Of the 1,674 companies, 1,513 have a round that passes every test below; 4,251 allotments were read and 2,715 kept.
Filter, per allotment: price, shares allotted, shares in issue and implied value must all be present and agree with each other. The implied value must sit under £250m and the single allotment under £100m. A price at an at-par nominal (£1, 10p, 1p and so on) is a capitalisation and is excluded, unless the share class is a venture class. The round must raise £25,000 or more at an implied valuation of £250,000 or more. Allotments within 90 days of each other are one round. Values are as filed, in pounds, with no inflation adjustment.
Limits: the register does not name stages or record pre-money directly; both are inferred as described. The universe is one cohort, so the year series describes those companies ageing through the market rather than the market itself. Convertible instruments, SAFEs and ASAs do not appear until they convert into shares. Information, never investment advice.