UK startups have attracted $4.9 billion in investment in the third quarter in part thanks to US backers, allowing Britain to maintain its status as the top European destination for venture capital.

US investors topped domestic ones as the largest funding source for UK startups for the first time in about a year, according to a report from HSBC Innovation Banking — previously known as Silicon Valley Bank UK — and Dealroom. Around 37% of venture capital attracted by British companies this quarter came from the US sources, up from 20% in the previous quarter. Domestic investment made up 31% of the total.

British start-ups have attracted about $15 billion so far this year, about the same as France and Germany combined, the research shows. Globally, only the US and Chinese attracted larger sums.

The data comes as the government tries to encourage UK investment in fast-growing companies to help boost the economy. In July, the UK government announced an agreement between Britain’s largest pension providers to boost their investment in growth companies, a move it said could unlock £50 billion ($64 billion) if the rest of the industry follows suit.

The UK is on track to attract $18 billion in start-up investments in 2023, according to the report. That’s half of last year’s sum, and about a third of 2021’s record investments. It’s a $1 billion improvement on 2019 numbers.