After ten years on the front line of early-stage investing, we at Fuel Ventures have reviewed more than 30,000 startup pitches, and counting. Today, we receive around 6,000 new decks each year, which works out to one every 88 minutes. With a decade of data behind us, we decided it was time to take stock and share what these numbers say about the UK’s startup ecosystem, and where it’s heading.

Co-Founders Make the Cut

Our analysis shows that 76% of successful pitches we’ve backed have come from co-founded startups, not solo founders. While we’ve seen exceptional individuals secure investment, our experience suggests co-founders bring complementary skills, shared resilience, and greater long-term potential factors that consistently give them an edge in the investment process.

A Welcome Rise in Female Founders

We’ve also seen encouraging progress when it comes to gender diversity. Since we launched in 2014, female founder submissions have increased by 45%, including a 30% jump in just the last five years. There’s still more work to be done, but this trend is a step in the right direction.

Not Just a London Game

While London remains the top destination for startups in the UK, innovation is spreading. In the past decade, we’ve seen pitch volume from Birmingham rise by 120%, and Manchester by 95%. But it doesn’t stop there: Leeds is up 88%, Bristol 72%, and Glasgow 65%. Even Belfast and Cardiff have seen notable increases of 54% and 47% respectively.

More founders are building businesses outside the capital, and it’s a sign of a healthier, more decentralised entrepreneurial ecosystem.

Founders Over 40 Are Gaining Ground

There’s also a shift in the age profile of founders. Over the last ten years, we’ve received 35% more pitches from entrepreneurs aged 40 and up. It’s clear that many of the most exciting businesses are now being built by experienced professionals turning their deep industry expertise into scalable ventures.

At the same time, founders aged 25–34 still make up the largest share of submissions, but growth has slowed slightly (up 12% over the decade), while founders aged under 25 have increased by 22%, driven largely by university spinouts and digital-native startups. We’ve also seen a modest rise (9%) in founders aged 55+, often launching businesses in later careers or post-exit from previous ventures.

AI: The Most Overused Word in Pitch Decks

In 2024 alone, “AI” featured in 86% of all decks we received, beating out “disruption” (61%), “scale” (52%), “sustainability” (45%), and “pivot” (32%). Other repeat appearances included “Web3” (28%), “decentralised” (24%), “hypergrowth” (21%), “blockchain” (18%), and “metaverse” (11%)—some of which have aged better than others.

But here’s the kicker: in roughly one in five of those decks, there was no actual AI capability. If you’re chasing a buzzword without the product or team to back it up, we’ll notice.

Timing Your Pitch Matters

We also uncovered some interesting patterns in timing. January and September are peak months for pitches - up 9% and 10% respectively - and Tuesdays are statistically the best day to send your deck. Submissions that land on a Tuesday are 18% more likely to get a follow-up than those sent on Fridays. 

When Less (or More) Isn’t Always More

Over the years, we’ve seen pitch decks of all shapes and sizes, from the shortest at just three slides to the longest stretching at 127 slides. Neither of those extremes secured investment. In contrast, the average successful pitch deck we receive sits at around 18–24 slides.

The best decks are focused, well-structured, and tailored to the opportunity at hand. It’s not about how much you say, it’s about saying the right things, clearly and convincingly. When it comes to pitch decks, quality always beats quantity.

What This Tells Us

As one of the UK’s most active early-stage investors, we’ve had a unique vantage point on how the startup landscape has evolved.

We’ve seen first-hand the creativity, drive, and resilience that founders bring to the table. We’ve also learned that the strongest pitches come from teams who understand their market, tell a clear story, and show evidence of traction - not just buzzwords.