Capital, clusters and the scale-up gap

Bidwells and Beauhurst have analysed £6.3 billion of growth-stage investment raised by UK university spinouts between January 2022 and May 2026. Just 8p in every £1 came from rounds funded exclusively by UK investors, and none of the 19 rounds above £75 million was funded by UK capital alone. Where that capital comes from shapes where these companies list, headquarter and expand, and increasingly which clusters capture the growth.

The policy response is gathering pace. The Mansion House Accord now sits on a statutory footing through the Pension Schemes Act 2026, and in July 2026 a consortium of major UK pension providers announced plans to explore a £1bn UK Scale-up Fund for science and technology businesses. Whether it proceeds, and whether its capital reaches growth-stage rounds, will determine what it contributes to closing the gap.

The report covers where spinout growth capital comes from, why the £75 million threshold matters, what early public listings and overseas acquisitions tell us about the gap, and seven priorities for the next eighteen months.