Nine months after the historic Brexit vote, the U.K. startup scene is holding its own.
According to Venture Beat, U.K.-based startups raised $1.04 billion in venture capital (VC) during the first three months of 2017. That’s a slight decrease from the $1.17 billion raised during same period one year ago, but it’s above the amounts raised in each of the last three quarters.
The U.K. remains number one in Europe for VC raised, with Germany second at $779 million and France third at $665 million. France seems to be attracting more deals for earlier stage companies, but with the country in the midst of a contentious election, time will tell how France’s economic policies and relationship with Europe is affected.
Peer-to-peer lending service Funding Circle helped push the U.K. into the number one spot, raising $97 million in VC funding and $43 million in debt funding during the first three months of 2017.
Since the U.K. only officially started Brexit negotiations at the end of Q1, it will be interesting to see if its exit from the European Union will cause investors to take a break in the coming months. For now, they are betting that London will remain a critical startup hub for the region.