The charts above are both from the new KPMP/CB Insights Venture Pulse Report.
There’s a lot more data contained within, but my read from these is that VC investment is down significantly since the highs we saw in 2015, but is now holding steady at it’s new level, both globally and in the UK. (The last bar in top chart on global investment might suggest a different interpretation, but Q3 is often quiet for venture investment.)
Moreover, overall investment is holding roughly flat despite a big drop in mega-rounds, buoyed up by activity at the earlier stages. Only one new unicorn has been created in Europe this year (11 in the US).