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Venture capital investment in Europe posted a strong recovery in 2017, led by late-stage U.K. startups, following a sharp drop in 2016.

According to the Dow Jones VentureSource’s 4Q’17 Europe Venture Capital released today, European startups raised $17.52 billion in 2017, up from $13.81 billion in 2016. The previous year had seen a 20.5 percent drop from the $17.38 billion raised in 2015.

Even with Brexit looming, the U.K. remains far and away Europe’s leading venture capital magnet. In the last three months of 2017, U.K. startups accounted for almost half of the $4.27 billion raised by all European startups.

In fact, the top 5 venture deals in the quarter were all done by U.K. companies: Truphone, $353.68 million; TransferWise $294.36 million; Acorn $213.59 million; Orchard Therapeutics $113.33 million; and Monzo Bank $82.38 million.

After the U.K., French startups ranked second by number of deals with 75 and third in amount raised with $410.06 million. Germany was second in total amount raised with $724.52 million but third in deals with 62.

Sweden was fourth in deals and amount: $273.96 million for 52 deals. Fighting for fifth place was Switzerland, with $129.24 million in 12 deals, and the Netherlands with $125.54 million in 18 deals.

Meanwhile, European venture capital funds raised $11.14 billion, down just slightly from $11.24 billion in 2016.


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