UK startup investment: a historical look at the 2023 statistics

Historical commentary, originally published 18 May 2023. This article discussed investment trends around the 2021/22 tax year. Reviewed 21 September 2026. For the current release, read our 2026 SEIS and EIS statistics review.

The early post-pandemic statistics showed a recovery in funding through tax-advantaged venture capital schemes. The schemes covered different stages and types of business, so their results needed to be read separately.

EIS: the post-pandemic recovery

EIS investment rebounded after the disruption of 2020/21. HMRC's later statistical commentary confirms that the rebound continued in 2021/22, when investment and company numbers exceeded previous peaks. That historical recovery should not be presented as the current direction of travel: subsequent years followed a different pattern.

SEIS: interpreting early-stage investment

SEIS supports qualifying early-stage companies. Changes to the scheme's limits from April 2023 expanded its potential reach. When comparing years, distinguish changes in the number of companies, the amounts raised and the rules applying to each period. A rise in total investment does not, by itself, show that an individual application is more likely to succeed.

SITR: a scheme that is now closed to new investment

Social Investment Tax Relief appeared alongside EIS and SEIS in historical releases. It is no longer open for new investments made after 5 April 2023. The fact that an older article discusses SITR funding should not be taken to mean it remains an available route for a new raise. HMRC SITR guidance.

Using statistics in a funding plan

Published totals provide useful market context. They do not replace checking whether a company's activities, age, assets, funding history and proposed shares meet the conditions. They also do not determine whether a particular investor qualifies.

HMRC's 2026 statistical release explains the later trends and its treatment of provisional data. For the application itself, use our SEIS advance assurance guide.