Matthew Scullion is crystal clear that the turning point for the UK software company he founded was when it won the backing of two US venture capital firms. In 2018, Scale Venture Partners and Sapphire Venture led a funding round in Matillion, then a seven-year-old start-up headquartered in Manchester.
According to the Thinking Ahead Institute, UK pension funds had 26 per cent of their assets in equities at the end of 2023, down from 46 per cent a decade earlier. Within that, the share dedicated to UK stocks is much lower. For those trying to lay the foundations of a revival in the UK’s capital markets, making London a more attractive destination for initial public offerings is an important yardstick of success.
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