Oxford businesses have secured the sixth most UK funding rounds in 2024, new research shows.

However, the Global Investment Report by Vestd reveals this still represents a 33.9 per cent decline for the city compared to the same period last year.

The report analysed Crunchbase data to assess the scale of global investment in 2024 and identify trends in the private equity sector across various regions and industries.

Between the first and third quarters of 2024, Oxford businesses secured 39 funding rounds, showing a decline and therefore indicating a tougher environment for start-ups.

Ifty Nasir, CEO of Vestd, said: "We are at a critical juncture in the global investment landscape.

"As funding struggles to regain momentum following broader market uncertainties, investors have become more selective, leading to many sectors observing a downward trend in funding, with early-stage funding hardest hit."

The report also highlighted that while the UK accounted for 6.6 per cent of global funding rounds, investment in early-stage businesses has slowed across the country, with funding rounds down by nearly a third year-on-year.

Globally, the total number of funding rounds reached 36,203 between quarters one and three of 2024, marking a decline of more than 25 per cent from the same period last year.

Mr Nasir added: "This shift in the investment market presents a unique opportunity for founders to refine their value propositions and become resilient in demonstrating their growth potential and market fit."