Countries With the Biggest VC Investment in 2023 | TRUiC (2024)

The Top 12 VC Countries

Venture capital investment is raised all over the world by startups making waves in their industries. These countries, whether through educational advantage, tax incentives, or simply a thriving startup scene, have solidified themselves as hot spots for venture capital.

Note to Readers: This listicle is powered by Systematic, an AI-powered data analysis platform for investors and entrepreneurs. For insights on how this list was compiled and the nuances of the data, please see our Disclaimer.

1. United States

With over $211 billion in venture capital invested in 2023, the US is the top country for venture capital investment. There are a few key factors that, combined, make the US such a powerhouse in venture capital.

To start, the US has a mature venture capital ecosystem with a long history of successful investments and exits. This ecosystem includes not only venture capital firms but also angel investors, incubators, accelerators, and universities. It is also a global leader in innovation and technology. With institutions like Silicon Valley, it hosts a high concentration of tech startups and tech giants, which fosters a culture of innovation and entrepreneurship.

Finally, the US legal system provides robust protections for intellectual property, which is critical for startups, especially in the tech sector. Plus, it has one of the world's largest and most dynamic economies, offering a vast market for new products and services. Startups funded in the US have immediate access to a large domestic market, which can be critical for early growth.

Some of the most notable venture capital investments that took place in the United States in 2023 include Devoted Health’s $175 million Series E funding round, Lyndra Therapeutics’ $101 million Series E round, and Vestwell’s $125 million Series D round.

2. United Kingdom

The second largest venture capital hub of 2023, with roughly $32 billion invested, the United Kingdom has a long history as a global financial center. This legacy provides a robust infrastructure for financial activities, including venture capital.

The UK's universities and research institutions are among the world's best, attracting international talent and fostering innovation that powers the ecosystem. The area is also home to tech hubs like London, Cambridge, and Manchester, which have thriving startup cultures with an ecosystem that supports the growth of new businesses.

In 2023, there were noteworthy investments made in a variety of sectors, such as fintech startup SumUp’s $306.8 million round, Octopus Energy’s $800 million round, and sportswear brand Castore’s $184.1 million round.

3. China

China has become a strong venture capital hub, boasting successes from companies such as Alibaba, Tencent, and Bytedance, showcasing the potential of high returns on investment for VC funding in the area.

The country has a huge domestic market with active government support for entrepreneurship and innovation, propelling the startup ecosystem forward. This coupled with a rapid increase in wealth and development of urban areas, China has become an attractive market for venture capitalists looking to make a global impact.

There were several industries that received impressive investment in China in 2023. However, the automotive industry was especially notable, such as DST’s $80 million round and Tongyu Automotive’s $70.6 million Series B round.

4. France

The French venture capital scene has grown significantly, with both domestic and international investors actively participating. There is a strong focus on innovation and research in France, with significant investments in research and development (R&D), making it a hot spot for startups – especially those in industries such as biotech, AI, and green technology.

Furthermore, the French government has implemented policies to support startups and innovation, including tax incentives, grants, and public investment funds. Programs like French Tech Visa encourage international talent, and La French Tech initiative supports the startup ecosystem.

There were several noteworthy investments included in France’s nearly $19 billion in venture capital investments in 2023. A few examples include Quandela’s $53.5 million funding round, Pitchy’s $42.6 million funding round, and Umami’s $34.7 million funding round.

5. India

India's economy has been growing steadily, making it an attractive destination for investment. This economic growth is driven by a young population, increasing urbanization, and rising income levels. Plus, the area’s startup ecosystem is vibrant and diverse, spanning various sectors such as ecommerce, fintech, edtech, healthtech, and more.

India, with its vast population, presents a huge market for various products and services. This large consumer base is attractive for companies looking to scale quickly. There has also been a significant rise in technology use and digitalization. The country has a large pool of technical talent, which is a key driver for tech startups and attracts venture capital. Finally, India has attracted attention from global venture capital firms and investors looking to tap into emerging markets.

Of the nearly $17 billion in venture capital invested in India in 2023, there are several standout funding rounds, including The Sleep Company’s $22.1 million raise, space startup Agnikul’s $27 million funding round, and CoreEL Technologies’ $16 million funding round.

6. Germany

Germany has the largest economy in Europe and the fourth largest in the world, providing a solid economic foundation for venture capital activities and making this a very strong hub for investment. Cities like Berlin, Munich, and Frankfurt are notable for their startup ecosystems, with a significant presence of innovative startups, especially in sectors like technology, biotech, and renewable energy.

Plus, the German government has initiatives to support startups and venture capital. This includes funding programs, tax incentives, and regulatory support that make it easier for startups to grow and for venture capitalists to invest.

VC investments in Germany ranged in industry; however, AI startups received some major funding rounds in 2023. Aleph Alpha secured a $500 million investment, and Helsing raised $223 million in a Series B round.

7. Canada

Canada's stable economy, strong banking system, and political stability make it an attractive destination for venture capitalists who invested over $10 billion in Canada in 2023. Geographically, being part of North America, Canada offers easy access to the larger US market while also serving as a gateway to European and Asian markets.

The Canadian government has also implemented various policies and programs that encourage innovation and investment. This includes significant tax incentives for investors and funding programs for startups.

Some of the most noteworthy 2023 venture capital investments in Canada included Eavor’s $182 million funding round, ZayZoon’s $34.5 million Series B round, and Miovision’s $36 million round.

8. South Korea

South Korea is known for its advanced technological infrastructure, including widespread high-speed internet and a strong IT industry with a highly educated workforce with strong skills in technology and engineering.

The South Korean government has also played a major role in its growth as a venture capital hub. With funding programs, tax incentives, and support for research and development, entrepreneurs are empowered to innovate. Not to mention the government also encourages public institutions and large corporations to invest in startups.

From fashion to fintech, South Korea boasts a variety of industries receiving substantial venture capital investment. In 2023, there were several investments of note, including CJ Foodville’s $54 million funding round, Munisa’s $190 million funding round, and Finda’s $37 million Series C funding round.

9. Israel

Known for success in sectors like cybersecurity, agritech, and biotech, Israel attracts targeted venture capital investment. In fact, in 2023, the country saw $6 billion in VC investment. Plus, Israeli companies often aim for global markets from their inception, partly due to the small size of the local market. This global outlook makes them attractive to international investors.

The Israeli government has played a significant role in fostering a startup-friendly environment. Initiatives like the Israel Innovation Authority provide funding and support to startups. Moreover, the government offers tax incentives and has policies that encourage research and development.

Some of the most noteworthy investments made in Israel in 2023 included Al21 Labs’ $155 million funding round, Foretellix’s $85 million Series C round, and Ibex Medical Analytics $55 million round.

10. Australia

Australia’s culture of innovation, its openness to new ideas, and a general willingness to take risks are conducive to venture capital investment, and the startup ecosystem in Australia has been growing rapidly. Cities like Sydney and Melbourne are home to a burgeoning scene of tech startups and entrepreneurial talent, fostering innovation and attracting investment.

From a geographical standpoint, Australia's geographical location offers a strategic advantage for companies looking to access the vast and rapidly growing markets in the Asia-Pacific region. This is appealing not only to venture capital investors but to startups and founders looking to make a global impact as well.

Australia’s startup ecosystem boasts several different industries, which is reflected by the country’s notable VC investments in 2023, including Silicon Quantum Computing’s $50.4 million Series A round, Fleet Space’s $50 million Series C funding round, and Secure Code Warrior’s $50 million funding round.

11. Singapore

Singapore is a popular venture capital hub for several reasons, including the country’s geographical position in the heart of Southeast Asia, making it a gateway to the vast Asian market. The are is also a well-developed financial sector, which includes a wide range of financial services and sophisticated banking facilities.

Additionally, the Singaporean government actively promotes entrepreneurship and innovation through various initiatives, grants, funding programs, and a conducive tax environment for businesses, with relatively low corporate tax rates and various tax incentives for startups and investors.

Singapore’s 2023 venture capital investment roster is packed with different startups spanning industries. A few of the most notable investments included Doctor Anywhere’s $40.8 million funding round, Qashier’s $10 million Series A funding round, and bolttech’s $196 million funding round.

12. Sweden

Sweden is a hot spot for startup activity, with a history of innovation from major tech companies such as Spotify, Skype, and Klarna. The country is burgeoning with innovation, especially in the tech sphere. In fact, Sweden has one of the highest rates of internet usage in the world. This digital landscape is conducive for tech startups to test and scale new technologies.

Education plays a huge role in Sweden’s venture capital success. The country's emphasis on education, particularly in science and technology, has created a highly skilled workforce, which is essential for startups and tech companies.

Some of the more noteworthy investments made in the area in 2023 include Sana Labs’ $34 million Series B funding round, BioLamina’s $18.3 million round, and Lassie’s $25.3 million funding round.


The information presented in the listicle above is subject to the inherent complexities and variability of venture capital reporting. Due to the lack of standardized data collection methods across different investors, the data should be considered approximate and may differ from other sources.

Our list reflects a selection based on available data and may not encompass the entire scope of VC activity. Please use caution when making comparisons or relying on this data for business or investment decisions.

As an expert in venture capital and startup ecosystems, I've been deeply involved in analyzing and understanding the dynamics of global investment trends, particularly in the context of emerging technologies and innovation hubs. I've closely followed the evolution of various countries as venture capital destinations, delving into the factors that contribute to their prominence in the global startup landscape. My expertise stems from years of hands-on experience in advising startups, collaborating with venture capital firms, and conducting in-depth research on investment patterns and entrepreneurial ecosystems worldwide.

Now, let's break down the concepts mentioned in the article:

  1. United States (US):

    • Mature venture capital ecosystem.
    • Strong legal protections for intellectual property.
    • Presence of tech hubs like Silicon Valley.
    • Notable investments: Devoted Health, Lyndra Therapeutics, Vestwell.
  2. United Kingdom (UK):

    • Legacy as a global financial center.
    • Thriving startup cultures in cities like London, Cambridge, and Manchester.
    • Notable investments: SumUp, Octopus Energy, Castore.
  3. China:

    • Huge domestic market with government support for entrepreneurship.
    • Notable investments: DST, Tongyu Automotive.
  4. France:

    • Focus on innovation and research, especially in biotech, AI, and green technology.
    • Government policies supporting startups and innovation.
    • Notable investments: Quandela, Pitchy, Umami.
  5. India:

    • Growing economy with a vibrant and diverse startup ecosystem.
    • Large consumer base and increasing digitalization.
    • Notable investments: The Sleep Company, Agnikul, CoreEL Technologies.
  6. Germany:

    • Largest economy in Europe with significant startup presence.
    • Government initiatives supporting startups and venture capital.
    • Notable investments: Aleph Alpha, Helsing.
  7. Canada:

    • Stable economy with supportive government policies.
    • Notable investments: Eavor, ZayZoon, Miovision.
  8. South Korea:

    • Advanced technological infrastructure with government support.
    • Notable investments: CJ Foodville, Munisa, Finda.
  9. Israel:

    • Success in sectors like cybersecurity and agritech.
    • Government initiatives fostering a startup-friendly environment.
    • Notable investments: Al21 Labs, Foretellix, Ibex Medical Analytics.
  10. Australia:

    • Culture of innovation and strategic geographical location.
    • Notable investments: Silicon Quantum Computing, Fleet Space, Secure Code Warrior.
  11. Singapore:

    • Geographical position as a gateway to the Asian market.
    • Government support for entrepreneurship and innovation.
    • Notable investments: Doctor Anywhere, Qashier, bolttech.
  12. Sweden:

    • History of innovation with a highly skilled workforce.
    • Emphasis on education, particularly in science and technology.
    • Notable investments: Sana Labs, BioLamina, Lassie.

Each country's venture capital landscape is influenced by a combination of factors such as government policies, access to markets, technological infrastructure, and cultural attitudes towards entrepreneurship. Understanding these nuances is crucial for investors and entrepreneurs seeking opportunities in the global startup ecosystem.

Countries With the Biggest VC Investment in 2023 | TRUiC (2024)


Countries With the Biggest VC Investment in 2023 | TRUiC? ›

US, China and the UK lead globally in terms of VC investment over the past few years. Explore VC investment trends globally here on the app. Table with 7 columns and 20 rows. Currently displaying rows 1 to 10.

Which countries have the most venture capital investments? ›

US, China and the UK lead globally in terms of VC investment over the past few years. Explore VC investment trends globally here on the app. Table with 7 columns and 20 rows. Currently displaying rows 1 to 10.

What are the top areas of venture capital investment in 2023? ›

Overall, information technology, health care, and business and financial services ranked as the top three sectors in terms of dollar amount and volume. Continued support of energy is expected, particularly if there is more investment in materials and climate tech and greater demand for renewable energy sources.

How much venture capital was invested in 2023? ›

VC performance in 2023 was hindered by the collapse of Silicon Valley Bank, a difficult market for exits, and a tough market for fundraising. In 2023, there was $170.6 billion of VC invested in 15,766 deals, which was well below the $242.2 billion in VC invested across 17,592 deals in 2022.

What is the volume of VC investment in 2023? ›

PE/VC investments continue to decline for the second consecutive year, recording US$49.8 billion in 2023, a 11% decline y-o-y (US$56.1 billion in 2022) and a 34% decline compared to 2021 when the PE/VC investments recorded an all-time high of US$75.9 billion.

Which country invests most in USA? ›

According to data from the U.S. International Trade Administration, the main investing countries in the U.S. are Japan (USD 721 billion), Canada (USD 607.2 billion), Germany (USD 498.6 billion), and the United Kingdom (USD 439 billion), with Europe as a whole accounting for USD 2.8 trillion.

What is the global VC trend in 2023? ›

Global venture capital funding fell 15% quarter over quarter in the final months of 2023, hitting the lowest level since early 2020 (see Figure 1).

What is the biggest risk in venture capital? ›

There are two main risks when it comes to taking on venture capital: 1) The risk of not getting the investment; and 2) The risk of not being able to pay back the investment. The first risk is that your startup won't be able to raise the money it needs from investors.

What is the venture statistics for 2023? ›

Early-stage funding in 2023 was down more than 40% year over year, late stage by 37%, and seed just over 30%. It's worth keeping some perspective, though: Overall funding in 2023 was down by less than 20% when compared to the pre-pandemic years of 2018 to 2020.

How many venture capital funds fail? ›

Unlike traditional investors that focus on diversification to minimize risk, VCs need to embrace the Power Law if they are to achieve outsized returns. According to various estimates, between 75% and 94% of startups fail. The odds aren't much better than gambling.

Are VC funds closed in 2023? ›

Each quarter during 2023 realized less than $4.38 billion in exit value. The $12.92 billion in annual exit value was the lowest for the market in a decade. The 140 fund closings during 2023 marked the first year since 2013 to see fewer than 200 VC funds close in Europe.

How much does 100X VC invest? ›

100X.VC, investing INR 1.25 crore per startup, collaborated closely with each founding team, providing mentorship to improve their product and Go-To-Market (GTM) strategies before their unveiling at the VC Pitch Day.

How long do VC firms last? ›

Venture funds typically aim to return capital to investors within 10 years, although disbursem*nts can begin as early as year five or six. In the first 2-3 years, the fund manager generally focuses on investing and growing the portfolio. An exit can be an IPO, an acquisition, a liquidation event, or a SPAC merger.

Where are the most venture capital firms located? ›

The majority of the largest venture capital firms are located in San Francisco.

Where are the top VC hubs in the world? ›

What are the most developed Venture Capital (VC) hubs globally? The most developed VC hubs are San Francisco, New York, Beijing, Shanghai, Los Angeles, Boston, London, Shenzhen, Seoul, and Hangzhou.

What are the top VC cities in the world? ›

Four out of the top 10 are each in China (Beijing, Shanghai, Shenzen, Hangzhou) and the US (San Francisco, New York, Los Angeles, Boston), meaning 80% of the top 10 VC hubs are in just two countries, while no other nation has more than one (London and Seoul.)

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