But Kanji remains optimistic that the UK’s strongest start-ups will weather the storm. “The upper echelon of these start-ups is still competitive – people still bid up on these things,” he says. “As long as there’s one other person who thinks there’s something big and is willing to pay up, prices tend to converge on that number.”
The impact of the expected recession on the start-up sector is unclear. Some of the world’s largest technology companies emerged after previous crises, but financial hardship is likely on the way for the fledgling, so-called “seed” start-ups.
The British Business Bank said in