Forget Brexit. U.K. remains atop European VC activity.

Forget concerns about Brexit. Although some feared that the United Kingdom’s departure from the European Union would cause startups to flee to other entrepreneurial friendly nations, the appetite for U.K.-based startups has grown in recent years.

In 2018, worldwide venture firms invested more than $12.5 billion in 1,042 European companies, according to VCJ‘s analysis of preliminary data from Thomson Reuters. A total of 497 U.K. companies (47 percent) received more than $6.8 billion of the total, or 54 percent of the European allotment.

What’s more, the U.K.’s share of the venture community in Europe has steadily increased in recent years.

In 2015, the year before Britain’s referendum vote to leave the EU, the U.K. accounted for 19 percent of the companies and 24 percent of the dollars. In 2017, 400 U.K. companies, or 27 percent of the 1,469 total across Europe, raised more than $6.8 billion, or 41 percent of the $16.7 billion total.

An October KPMG report said that although Brexit posed a question mark for investors, “it is reassuring to see that concerns about Brexit have had little impact on the appetite for good quality U.K. enterprises.”

KPMG said the U.K. market has advantages over other European nations, even in the shadow of Brexit, with its access to talent, proximity to universities, status as a global financial center and concentration of investors.

Uncertainty about Brexit remains, with Britain due to leave the EU March 29. But British parliamentary members are set to discuss Prime Minister Theresa May’s latest Brexit deal the week of Jan. 14.

Top VC-backed European deals (2018)

Company  Amount invested ($M) Nation Investors
About You GmbH $300 Germany SevenVentures GmbH, GMPVC German Media Pool GmbH
Revolut Ltd $250 United Kingdom Esprit Capital Partners, Mail.Ru Group Ltd, Index Ventures SA, Ribbit Capital
Lendinvest Ltd $232.94 United Kingdom Atomico Ventures, Tiger Management Corp, GP Bullhound Asset Management
Graphcore Ltd $200 United Kingdom Atomico Ventures, Bmw I Ventures, Esprit Capital Partners, Robert Bosch Venture Capital GmbH, M12, Dell Technologies Capital
Roivant Sciences LLC $200 Switzerland Novaquest Infosystems Inc, RTW Investments, SoftBank Investment Advisers
Maxi Mobility Spain SL $196.16 Spain Endeavor Global Inc, Rakuten Ventures, TheVentureCity, 360 Tec SA de CV
N26 GmbH $160 Germany Tencent Collaboration Fund, Allianz X GmbH
Orchard Therapeutics Ltd $152.95 United Kingdom Foresite Capital Management, RA Capital Management, Temasek Holdings (Private) Ltd, Venrock Inc, Deerfield Management Co, ArrowMark Partners GP, Perceptive Advisors, RTW Investments, Agent Capital
GOEURO Travel GmbH $150 Germany Temasek Holdings (Private) Ltd, Hillhouse Capital Management Ltd, Kinnevik AB
Moonbug Entertainment Ltd $145 United Kingdom Raine Group, Felix Capital Partners, Fertitta Capital Inc
Source: Thomson Reuters