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SpotlightonSpinouts2026

FOREWORD04

PART1

TheUKspinoutlandscape–aquantitativeanalysis

06

PART2

Executivesummary1.UKspinoutdistributionandleadinguniversities

1.1VC-backedspinoutsintheUKsince2010

1.2Spinoutvaluerankingmethodology

1.3TopUKuniversities

1.4ComparisonwiththerestofEurope

1.5Europeancountrycomparison

1.6Europeanuniversitycomparison

1.7TopEuropeanexits

2.Investments

2.1ThevalueoftheUKspinoutecosystem

2.2Fundingoverview

2.3Topinvestors

2.4Grants

2.5Exits

2.6Conversionrates

3.Sectors

3.1TopsectorsforUKspinoutsasapercentageofUKVC-backed

deeptech

3.2SpinoutsaspartoftheUKdeeptechecosystem

3.3MainsectorsforUKuniversityspinouts

3.4OverviewofUKuniversityspinoutsinIS-8sectors

3.5MainsectorsforUKuniversityspinoutsbyIP-intensivenessin

spinoutguidelines

4.Leadership

4.1Genderdiversityamongfounders

4.2Nationalitiesofdirectors

5.Universityequitystakes

5.1Equitystakesmethodology

5.2Universitynon-cashequitystakes

5.3Universityequitystakes

Insidethefoundingteam:equityandroledynamicsinUKspinouts

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PART3

UKspinouts–astatusupdate

52

ANNEX

64

SpotlightonSpinouts2026

ROYALACADEMYOFENGINEERING

SPOTLIGHTONSPINOUTS2026

Foreword

PasteditionsofSpotlightonSpinoutshaveestablishedarobustevidencebaseontheUKspinouteconomy,

bringingmuch-neededtransparencytoanareathatlackeditwhenthisinitiativebeganin2021.Withthatfoundationnowinplace,thefocuscanshiftbeyondtrackingtrendsandtowardstoaclearerexaminationofthevaluespinoutscreate,howtheyarestructuredandwhatsupporthelpsthemscale.

UKspinoutsarecentraltotranslatingfrontierresearchintocommercialimpact,withadirect

roleinaddressingsomeofsociety’smostpressing

challenges.Overthepastsixyears,theinnovation

landscapehasevolvedandspinoutshaveremainedonacleartrajectoryofgrowth.TheyarenowmorevisibleasadistinctandessentialcomponentoftheUK’s

innovationeconomy,warrantingsustainedattentionfromacrosstheecosystem.

AmajorstepforwardhasbeenthepublicationoftheHigherEducationStatisticalAgency’s(HESA)SpinoutRegister1.Thisrepresentsasignificantadvance

indataavailabilityandstrengthensthebasisfor

1Spin-outRegister,HESA,2025.

2TheUSITGuide,TenU,2023.

informeddecision-makingacrossthesectorwhichareprinciplesthathaveunderpinnedSpotlightonSpinoutssinceitsinception.

TheUniversitySpinoutInvestmentTerms(USIT)

guides2,publishedin2023,havealsodriventangiblechange.Theaverageuniversityequitystakehas

fallentohistoriclowof16%,alongsideadecreaseinvariation.Fewerspinoutsaresubjecttohighlevelsofequitytakenbyuniversities,indicatinggreaterconsistencyinpractice.

Atthesametime,attentionremainsonhowtohelpthesecompaniessucceedwithcontinuedinvestmenttosupportresearchcommercialisationandongoingreformstoUKscaleupcapital.

Thisyear’sreport,producedbytheRoyalAcademyof

EngineeringandpoweredbydatafromDealroom,

bringstogetherthreecomplimentarypiecesofanalysis.

PartonemaintainsourcommitmenttoprovidingananalysisofthetrendsinIPandcommercialisationintheUK,whilstalsoassessingthevaluecreatedbyUKspinoutsusingindicatorssuchascompaniesraisingsignificantfundingandlevelsofVCinvestment.

The2026analysisalsolooksatconversionrates,

4

FOREWORD

DrManjariChandran-Ramesh

CommitteeMember,RoyalAcademyofEngineeringEnterpriseCommittee

performanceacrosstheIndustrialStrategy’seightgrowthdrivingsectors(IS-8)andacomparison

betweenUKandEuropeanspinoutvaluecreation.

Thequantitativeanalysisalsorevealsanimportant

nuanceinhowequitystakeshavebeenunderstood.

Thereportunpicksoutcomesforcaseswherespinoutssecuredexternalinvestmentbeforeequityallocationsweremadepublic.Previouslyassumedtoapplyin

onlyaminorityofcases,wefoundthatthisappliedtoaround30%ofcompanies,meaningthataveragestakeshistoricallytakenbyuniversitieshadbeen

under-reportedduetoearlierdilution.

Thereportaddressesanotherimportantstepin

spinoutcompanyformation–thedivisionofequity

betweenfounders.Thisiscrucialinshapingroles,

incentivesandteamdynamics,yetitisanareawhereevidenceislimitedandpracticevarieswidely.Part

twoisanexploratorylookathowfounderequityisdividedandwhethergreaterclarityorbestpracticeguidanceisneededtohelpfoundersestablishfairequitystructures.

Thefinalpartofthereportturnstosystem-

levelprogress.Itisnowovertwoyearssincethe

IndependentReviewofUniversitySpinoutCompanies

waspublishedandwecontinuetotrackthe

implementationofitsrecommendations.However,

implementationaloneisnotenoughtoaddressthefullrangeofchallengesfacingUKspinouts.So,partthreealsoflagswhereprogressmayfallshort,andwhere

furtheractionisneededtodeliversustained,system-levelimpact.

ThisfocusreflectsthemissionoftheAcademy’s

EnterpriseHubtoidentifyandsupporttalented

entrepreneurstodrivemeaningfulinnovationintheUK.Sinceitslaunchin2013,theHubhasawarded£16millioningrantfunding,withHubmembersgoing

ontoraise£3.8billioninadditionalfundingandcreateover6,000jobs.

Crucially,theAcademytakesnostakeinthe

companiesitsupports.Thatindependence,

combinedwithrobustdataanddirectexperience

ofhowspinoutsareformed,underpinsSpotlightonSpinouts.Strengtheningthisevidencebaseenablespolicymakers,founders,universitiesandinvestors

acrosstheecosystemtopinpointwherefriction

persistsandtoaddressitthroughanevidence-led

approach.Ouraimistohelpfacilitateasmoother

processtoensurethatspinoutsaresetupforsuccessfromdayone.

5

Part01

TheUKspinoutlandscape–aquantitative

analysis

6

PART1▶THEUKSPINOUTLANDSCAPE–AQUANTITATIVEANALYSIS

Executivesummary

SpinoutgrowthacrosstheUK

UKSpinoutactivityisbecomingincreasingly

geographicallydiverse,withstronggrowthbeyond

theGoldenTriangleandabroadrangeofuniversitiesgeneratingsignificantvalue.3Bristolstandsoutas

thehighest-rankedinstitutionoutsideoftheGolden

Trianglewith46VC-backedspinouts,15ofwhichhavereached$10million+infunding.Aswithpreviousyears,OxfordandCambridgeremaintheclearleaders,eachproducingover120VC-backedspinouts(129and144

respectively)andasubstantialnumbersecuring$10million+fundingrounds.

StrongperformerselsewheredemonstratethedepthoftheUK’sinnovationlandscape.Forexample,the

UniversityofDundeeranked6thandasthetop

universityinScotland,owinginlargeparttothe

successofExscientia.TheNorthofEnglandfeaturesstronglywiththeUniversityofManchesterproducing30VC-backedspinoutsandtheUniversityofSheffieldwith22,ranked8thand9th.Universitiesfromthe

Midlandsarealsoprominentinthetop20withthe

UniversityofNottinghamplacing11thwith25VC-

backedspinouts.Queen’sUniversityBelfastisthetop-rankeduniversityfromNorthernIrelandplacing18thwith22VC-backedspinouts.

AleaderforspinoutvaluecreationinEurope4

TheUKleadsforspinoutvaluecreationinEurope,

performingstronglybothoverallandatthe

institutionallevel.WhileSwitzerlandleadsonaper-

capitabasis,theUKremainsaheadofcountriessuchasGermanyandFrance.IthostsfiveofEurope’stop10universitiesforspinoutvaluecreationincludingOxfordinfirstplace,andCambridge,Bristol,UCLandImperialallrankinghighly.

Strongvaluecreationdespite2025slowdown

In2025,UKspinoutssecured£1.3billioninVCfunding,thelowestsince2021(£2.7billion).Despitethisthe

landscapewasanchoredbylargedealsinsectorssuchasbiotechandpharma,AIandquantum.2025alsosaw

3Thedefinitionofspinout,aswellasdetailsontimeframeandgeography,canbefoundinthemethodologysection.

4Themetricsforvaluecreationcanbefoundinsection1.2spinoutvaluerankingmethodology.

7

SPOTLIGHTONSPINOUTS2026

ROYALACADEMYOFENGINEERING

twoofEurope’ssix$1billion+exitsfromUKuniversityOxfordwithbothOrganOxandOxfordIonics.IPOs

howevershowedanoverallslowdownfollowingstrongactivityin2021-2022.

TheUKhasbeenonatrajectoryofoverallgrowth

withmorethan2000spinoutshavingemerged

since2010withavalueof£49billion,showingaclearaccelerationinvaluecreationfrom2015onwards.

Thesespinoutshavealsocreated27,000jobs,with70%ofthesecreatedsince2020.Theircombinedenterprisevaluehasnearlytripledsince2020showingstrong

momentumintheecosystem.

ConversionratesarehigherthantherestofUKtechstartups

AlmostonethirdofUKspinoutsthatraisedaseed

roundbetween2010and2020wentontosecureSeriesAfunding.Thisrateiscomparableto,ifnotslightly

higherthan,thatoftherestofthetechsector.The

conversiontolaterstagessuchasSeriesCandDisalsohigher,forexample21%higherforSeriesC,showing

thatspinoutsarescalingtosignificantoutcomesmoreeffectivelythantherestoftheUKstartupecosystem.

Deeptechunderpinsthemajorityofspinoutvaluewhilespinoutsplayamajorrolewithindeeptech

DeeptechdominatestheUKspinoutlandscape,

accountingfor96%ofthecombinedenterprisevalue.Aswellasthis,spinoutshavebecomeanincreasinglyimportantpartofthedeeptechecosystem,

representing36%ofVC-backeddeeptechstartups

andcontributingto37%ofthedeeptechstartupsthatraised$10million+funding.Theirprominencevaries

bydeeptechsectorwithphotonics(58%ofVC-backeddeeptechstartupssince2010)andquantum(56%)

havingthestrongestacademicties,whiledefence,

roboticsandspacestartupsarelessdrivenbyspinouts.

SpinoutstrengthacrosstheIS-8

AcrosstheUK’sIndustrialStrategyeightgrowth

drivingsectors(IS-8),UKspinoutsaremostprominentinlifesciencesleadingwith407VC-backedspinouts,followedbydigitalandtechnologies(293)and

advancedmanufacturing(101).In2025,spinouts

operatinginthedigitaltechnologiessectorreceivedthehighestamountoffundingat£736.1million.

GendergapsremaininUKspinouts

GenderdiversityamongUKspinoutleadershiphasimprovedovertimebuthasshownrecentsignsofstalling.17%ofspinoutsfoundedsince2020have

atleastonefemalefounder,anincreasefrom7%intheperiodbetween2010-2014butthisisbroadlyunchangedfromthepreviousfiveyears.

2025markedthehighestshareoffundingraisedandthenumberofrounds,21%and14%respectively,for

UKspinoutswithatleastonefemalefounderraising£281millionandthiswasdrivenbycompaniessuchasDraigTherapeutics,NuQuantumandCambridgeGaNDevices.

Continueddeclineinuniversityequitystakes

Theaverageequitystakeusedtobe25-30%inthe

2015-2019period,itthenstartedtodecreaseto22-25%beforetheguidelinesin2023andhasnowdropped

below20%in2024and2025.Notablythevariationoftheequitystakeshasalsodecreasedstrongly.Withtopquartileequitystakesnowcomingquiteclosetothe

averageandmedian,showinglessandlessspinouts

withveryhighlevelsofequitycapturebyuniversities.Thedeclinehasbeenconsistentwhenlookingat

universitystakesbycompanytypeasoutlinedinthe

IndependentReviewofUniversitySpinoutCompanies.Between2024-2025,universitiestookanaveragestakeof20%inlifesciencesspinoutsand14%inhardware

spinouts,bothofwhicharewithintherecommendedrangesprovidedbytheIndependentReview.Averageuniversityequitystakestakeninsoftwarespinouts,

however,were17%andabovetherecommendedrange.

89

PART1▶THEUKSPINOUTLANDSCAPE–AQUANTITATIVEANALYSIS

1

UKspinoutdistributionandleadinguniversities

1.1VC-backedspinoutsintheUKsince2010

SpinoutactivityisbecomingmoreequallydistributedacrosstheUK,withstronggrowthoutsidethe“GoldenTriangle”oftheCambridge-Oxford-Londonuniversities.Thisnationwideexpansionunderscoresthebreadth

andresilienceofthecountry’sinnovationecosystem,withhotspotslocatedincentralScotlandandacrossnorthernEngland.

▶FIGURE1:VC-BACKEDSPINOUTSINTHEUKSINCE2010,BYUNIVERSITYOFORIGIN

UKspinoutactivityis

becomingincreasingly

distributed,withstronggrowthbeyondtheGoldenTriangle

Thisnationwideexpansionunderscores

thebreadthandresilienceofthecountry’sinnovationecosystem

VC-BackedSpinoutsintheUKsince2010,byuniversityoforigin

Dundee

Glasgow

Edinburgh

Newcastle

Belfast

Leeds

ManchesterLiverpool

Sheffield

Nottingham

Birmingham,Coventry

Cambridge

OxfordBristol

London

Swansea

Southampton

VC-backedspinouts

100

10

*Hubsinthissectionrefertothecityregionareasdepictedinthemap(e.g.GreaterLondonsimplifiedtoLondon,CambridgeshiresimplifiedtoCambridge)

1.2Spinoutvaluerankingmethodology

Incompilingarankingofspinoutvalues,wehave

focusedonspinoutsoriginatingoutofacademic

researchatUK-baseduniversities.Thelocationofthecompanyonceithasbeenspunoutdoesnotaffectitsinclusionorexclusioninouranalysis.

Allparameters(suchasthenumberofspinouts,

fundingortotalvaluecreated)refertothe

2010-onwardscohortofspinouts.Therankingusessixparameterstocreateacomprehensive,robustandsuccess-orientedscoringsystemforspinoutvaluecreation:

ROYALACADEMYOFENGINEERING

SPOTLIGHTONSPINOUTS2026

1.NumberofVC-backedspinouts

Ameasureoftheoverallvolumeofspinouts

created,focusingonVC-backedspinoutstofilteroutanyprojectswhichwereabandoned.

2.Numberofspinoutslaunchedsince2022

Ameasureofrecentspinoutcreationpace,

includingspinoutswhichhaven’tyetbeenVC-backedduetotheirrecentcreation.

3.Numberofspinoutswith$10m+funding

Ameasureofthevolumeofspinoutswhichraisedsignificantfinancing.ThismetricmeasuressuccessbutislessdistortedbyoutlieroutcomesinrespectofthenumberofunicornsandEnterpriseValue.5

4.Numberofunicornsand$1bn+exits

Ameasureofoutlieroutcomescreatedand

historicalvaluecreation.Thisfigurecanbe

distortedbyafewhigh-valuesuccesses,buttoalesserextentthantheEnterpriseValue.

5.TotalVCfundingraised

Thistendstobemorereflectiveofrecent

momentumthanunicornsandEVfigures,sinceVCcapitalavailabilityhasincreasedstronglyinthelastfiveyears.

6.CombinedEnterpriseValue(EV)

Finally,wehaveacombinedvaluationofall

spinouts.Thefigurecanbeaffectedbyoutliers

suchasunicornsbutgivesmoreweighttoa

decacorn(a$10billioncompany)thanaunicorn,anditaccountsforothernotableoutcomesbelowthe$1bnthreshold.

Inouranalysis,eachofthesesixparametersreceivesascorebetween1to100basedonthemaximum

valuereachedbyauniversityinthatcategory.Alltheparametersaregivenequalweight.Forexample,ifInstituteAcreatedfivespinoutswhichraisedmorethan$10minfunding,whiletheinstitutewhich

createdthemostspinoutsmanaged25,InstituteAwouldbeawarded(5/25)*100pointstoreceiveatotalof20pointsinthatcategory.

Thefinalscoreisnormalisedto100forreadability.A

universitywithascoreofsixhasthereforecreatedon

average6%ofthevalueofthetop-performinginstitute.

1.3TopUKuniversities

TheGoldenTriangle

TheUniversityofOxfordandtheUniversityof

Cambridgearetheleadingdomesticuniversitiesforspinoutvaluecreated,byaconsiderablemargin.Bothuniversitieshavecreatedover120VC-backedspinoutssince2010,aroundhalfofwhichwentontoraiseover$10m.Oxfordalsocreatedtwounicornsand$1Bexits,whileCambridgecreatedone.

TheUniversityofOxfordaccountedfortwo$1bn+

exitsofUKspinoutsin2025,thankstothesuccessof

OrganOxandOxfordIonics,whichareanalysedinmoredetailbelow.Indeed,Oxfordaccountedforeightofthetop20exitsinthelastdecade.UniversityofCambridgespinoutsaccountedforfourofthetopeightVCdealsinUKspinoutsin2025.TheseincludedCellCentricinLifeSciences,PolyAIinAI,NuQuantumandParagrafintheQuantumandSemiconductorscategories.

Londonuniversitiesperformedhighlyacrosstheboard.UCLcamethird,ImperialfifthandKing’sCollegeseventh.RoyalCollegeofArtLondonfinishedin17thplace.

TherestofEngland

TheUniversityofBristolinfourthplaceisthehighestrankeduniversityoutsidetheGoldenTriangle,with

over45VC-backedspinouts–15ofwhichhavereached$10m+funding.ItsstrongscoreisalsoattributabletoAIchipsstartupGraphcore,whileUS-basedquantumspinoutPsiQuantumraised$2.6bnandwasvaluedat$7bninJune2025.

UniversitiesfromNorthernEnglandalsofeature

stronglyintherankings,withtheUniversityof

ManchesterineighthandtheUniversityofSheffield

comingninth.Theclusterofuniversitiesacross

Liverpool,Manchester,LeedsandSheffieldisreferredtoasthe“NorthernArc”.ThisadditionallybenefitsfromaninvestmentpartnershipwithspinoutfundNorthernGritstone.

UniversitiesfromtheMidlandsareprominentinthe

top20,withtheUniversityofNottinghamin11thand

UniversityofBirminghamin15th.TheUniversityof

Warwickjustmissedoutonthetop20,finishingin22ndplaceoverall.

1011

5Unicornsand$1B+exitsareformerstartupsthathavereached$1Binvaluationorachievedanexitof$1Bormore.

PART1▶THEUKSPINOUTLANDSCAPE–AQUANTITATIVEANALYSIS

OutsideofEngland

TheUniversityofDundeewasthetopuniversityin

Scotland(andoutsideofEngland).Itfinishedsixth,owinginparttotheoutliersuccessofExscientia.Theother

top-rankinguniversitiesfromScotlandareUniversityofEdinburghintenth,UniversityofGlasgowin13thandUniversityofStrathclyde,whichfinishedin14thplace.

Queen’sUniversityBelfastisthetop-rankeduniversityfromNorthernIreland,comingin18th.

ThetopWelshuniversityisCardiffUniversityin19th,helpedbyclaimingthelargestUKspinoutfinancingin2025whenlifesciencespinoutDraigTherapeuticsachieveda£107mSeriesAround.

▶TABLE1:TOPUKUNIVERSITIESFORSPINOUTVALUECREATIONSINCE2010

University

Score

VC-backedspinouts

Spinoutssince2022

$10M+

funding

Unicorns

and$1B+exits

TotalVC

funding

Combined

EnterpriseValue

1

UniversityofOxford

100

129

34

66

2

£3.4B

£13.5B

2

UniversityofCambridge

94

144

53

64

1

£3.2B

£10.4B

3

UniversityCollegeLondon

54

64

10

24

2

£2.0B

£5.5B

4

UniversityofBristol

51

46

10

15

1

£3.2B

£8.5B

5

ImperialCollegeLondon

34

66

33

20

0

£857.3M

£3.4B

6

UniversityofDundee

17

11

4

4

1

£617.0M

£919.0M

7

King’sCollegeLondon

16

22

8

11

0

£721.7M

£2.8B

8

TheUniversityofManchester

14

30

19

6

0

£195.7M

£801.1M

9

UniversityofSheffield

13

22

24

5

0

£82.5M

£326.3M

10

UniversityofEdinburgh

13

28

10

11

0

£318.9M

£887.3M

11

UniversityofNottingham

10

25

12

4

0

£237.6M

£220.3M

12

NewcastleUniversity

9

16

15

3

0

£76.8M

£271.8M

13

UniversityofGlasgow

8

16

9

5

0

£149.6M

£538.8M

14

UniversityofStrathclyde

8

13

10

4

0

£144.8M

£449.2M

15

TheUniversityofBirmingham

7

19

8

5

0

£81.5M

£348.4M

16

UniversityofLeeds

7

17

12

2

0

£60.2M

£135.1M

17

RoyalCollegeofArtLondon

7

31

3

5

0

£78.5M

£347.4M

18

Queen’sUniversityBelfast

7

22

5

5

0

£80.0M

£329.4M

19

CardiffUniversity

7

10

9

2

0

£133.7M

£717.2M

20

QueenMaryUniversityofLondon

6

13

6

2

0

£135.4M

£545.6M

Includingallspinouts,includingnonDeepTech,onlyspinoutslaunchedsince2010

1.4ComparisonwiththerestofEurope

TocomparedomesticresultswiththerestofEurope,wechangedthescopeofourstatisticalanalysis

slightly,toallowforbettercomparability:

•Weonlyincludeddeeptechspinouts(including

LifeSciencesforconsistencywiththeAcademy’sStateofUKDeepTechreport).Deeptech

spinoutsaccountfor96%ofthevalueof

spinoutsintheUK,andtheirinclusionallows

ustoundertakemorerobustcomparisonswithspinoutdefinitionsusedbyothercountries.

•Onlyspinoutslaunchedsince2010wereincluded.

•Spinoutsfrombothuniversitiesandresearchcentreswereincluded.

Whiletheshareofspinoutsoriginatingfromresearchcentres(withoutanyuniversityinvolvement)inthe

UKislessthanfivepercent,itishigherincountriessuchasGermanyandFrance.InstitutionssuchasCNRS,CEA,FraunhoferandMaxPlanckarekey

originationinstitutionsforspinouts.

SPOTLIGHTONSPINOUTS2026

ROYALACADEMYOFENGINEERING

1.5Europeancountrycomparison

TheUKleadsintermsofspinoutvaluecreation

acrossEuropeanditisfollowedbyGermany,FranceandSwitzerland.Switzerlandinparticularperforms

exceptionallywellwhenfiguresareadjustedonaper-capitabasis.

▶TABLE2:TOPCOUNTRIESBYDEEPTECHSPINOUTVALUECREATEDSINCE2010

Country

Score

Numberof

VC-backedspinouts

Numberofspinoutssince2022

>=$10M

funding

Unicorns

and$1B+exits

Total

fundingraised

Combined

enterprisevalue

UnitedKingdom

100

772

239

271

10

£16.8B

£59.9B

Germany

55

368

161

111

8

£7.9B

£37.4B

France

47

621

267

182

2

£7.7B

£29.1B

Switzerland

34

441

175

136

3

£5.8B

£19.8B

Netherlands

15

231

79

65

0

£2.5B

£8.8B

Belgium

14

151

40

66

0

£2.3B

£8.2B

Finland

11

89

31

27

2

£1.8B

£6.3B

Spain

10

232

70

39

1

£1.5B

£6.5B

Sweden

10

190

56

43

1

£1.3B

£7.1B

Denmark

10

115

70

41

0

£1.7B

£5.6B

Italy

6

156

83

23

0

£942.2M

£4B

Ireland

6

82

19

19

0

£949.8M

£3.3B

Portugal

5

61

17

6l

1

£768M

£2.8B

Norway

2

33l

6

11l

0

£310.4M

£1B

Austria

1

41l

22

5

0

£150.2M

£932.9M

1213

PART1▶THEUKSPINOUTLANDSCAPE–AQUANTITATIVEANALYSIS

ForTables2and3,therankingmethodologywas

definedintheEuropeanSpinoutreport.PopulationdatawassourcedfromtheWorldBank.

▶TABLE3:TOPCOUNTRIESSTANDARDISEDONAPERCAPITABASIS

Country

Scorepercapita

Scorebynumber

ofSTEMgraduates

Absolutescore

Combinedenter-prisevalue

NumberofVC-

backedspinouts

Switzerland

100

100

34

£19.8B

441

Finland

49

36

11

£6.3B

89

Denmark

39

20

10

£5.6B

115

UnitedKingdom

31

24

100

£59.9B

772

Sweden

28

25

10

£7.1B

190

Belgium

24

24

14

£8.2B

151

Ireland

22

11

6

£3.3B

82

Netherlands

19

23

15

£8.8B

231

France

17

17

47

£29.1B

621

Germany

15

15

55

£37.4B

368

Portugal

13

12

5

£2.8B

61

Estonia

9

1

0

£88.6M

15l

Norway

8

8

2

£1.0B

33

Spain

7

5

10

£6.5B

232

Austria

6

4l

1

£932.9M

41

Italy

4l

5

6

£4.0B

156

SPOTLIGHTONSPINOUTS2026

ROYALACADEMYOFENGINEERING

1.6Europeanuniversitycomparison

Usingthesamescopeofpost-2010spinouts,a