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- Leveraging the nation’s deep science and technology base, the UK is leading the way as a leading ecosystem for responsible and values-driven innovation.
- More than 3 million people work in UK technology with world-class companies training a new generation of talent.
The UK’s tech sector will end the year as Europe’s leading ecosystem, continuing to pose a major challenge to the US and China amid a difficult economic climate, according to new figures from the Dealroom for the Digital Economy Council.
In the year The UK’s fastest-growing tech companies continue to grow at a near-record £24 billion in 2022, ahead of France (£11.8 billion) and Germany (£9.1 billion). This takes the total raised over the past five years to $100 billion (£97 billion).
Today, more statistics show that the UK has:
- 144 unicorns and 237 future cores and over 85,000 startups and stages, more high-growth companies than European peers
- More venture capital investment than European peers
- A forward-thinking approach to regulation that encourages digital innovation and competition
- They attract VC funds from around the world, including Catalyst, Sequoia and Lightspeed
- Eight cities with more than two unicorns, including Edinburgh, Nottingham and Oxford
The latest figures compiled by the Dealroom for the Digital Economy Council show the success of the UK’s tech economy and its progress as a global source of innovation – Europe’s Silicon Valley. These elements are expanding the technology ecosystem that currently employs 3 million people, across the country.
Continuous investment and growth has created a global technology powerhouse.
Continued growth in UK technology saw the industry hit the $1 trillion milestone earlier this year, making it the third largest country behind the US and China. This means that the UK’s tech industry is ahead of its European peers, double that of Germany ($467.2 billion) and three times that of France ($307.5 billion), and leads in terms of total funding, number of unicorns and start-ups. .
This has enabled the UK to produce nearly 400 high-growth startups since 2000 (worth over $250 million). This includes 144 Unicorns – companies valued at $1 billion or more – and 237 Future Corners, fast-growing companies expected to become the most valuable businesses in the next few years. The new figures show how the ecosystem is expanding, with 116 unicorns and 204 future unicorns at the same time last year.
Laying the foundation for value-based growth
Part of the UK’s strength lies in creating such a broad and wide-ranging technology ecosystem that combines innovation with standards and values. Earlier this year, the UK unveiled a new approach to regulating AI – based on key principles such as safety, transparency and fairness – to reflect a less centralized approach than the EU’s to how AI is used across sectors. The chancellor also announced that the government would bring in statutory powers to boost competition in the digital markets sector and level the playing field for competing technology companies. All this is to create the right environment for future research, technology and development.
Introducing new generations to technology
Skills and abilities are a key part of the UK’s dominance in technology, with nearly 3,000 edtech start-ups raising £1.7 billion in funding over the past five years. Companies like Academy, Code First Girls, Immersive Labs, and Multiverse are focused on enabling people of all ages to gain the skills they need to succeed in tech roles, from tech internships to coding, development, and cybersecurity.
According to smart job search engine Aduzuna, UK companies are hiring more than 15,000 for entry-level tech roles this year, up from 6,596 in November last year, as they look to bring in and develop new tech talent. Leaders.
Take the lead in influence
While the UK continues to dominate outside the US for fintech investment (almost £10bn this year), it is also becoming a leading hub for impact tech – companies creating tech solutions to help achieve the UN’s Sustainable Development Goals. Around 1,200 information technology companies in the UK have raised £3.12 billion in funding this year, ahead of last year’s record £3 billion.
Green energy receives the largest investment, for example Nucleo, a start-up developing technology to enable safe uranium recycling (£258 million). Like Cera, which brings technological innovation to social care and tackles healthcare inequalities, has raised £263m, GrowUp Farms, a vertical farming company that uses technology to grow food sustainably, has raised £100m. An influx of investment into the tech industry means the sector now employs more than 53,500 people, up from 37,500 last year.
Regional strengths make the difference
Innovation is spread across the country, with eight cities currently home to two unicorn companies or more, including Bristol, Cambridge, Edinburgh, Leeds, London, Manchester, Nottingham and Oxford. These high-growth businesses leverage decades of science and technology research and development in areas such as finance (investor – democratizing investing), sustainable travel (vertical aerospace – electric aircraft), health research (Oxford Nanopore – mobile DNA sequencing) and electronic devices. Development (CSR – Semiconductors).
In total, these cities are home to 112 unicorn businesses, more than France (36) and Germany (63) – indicating a strong pipeline of global technology leaders has been created up and into the UK. In fact, Cambridge was recently named the number one university in the world for producing successful tech founders like Harvard and MIT – with more than 500 alumni founders raising more than $10 million in funding. Oxford ranked third with a focus on technology and science, followed by Bristol (173), Nottingham (100) and London (98) at 410.
Finding the next generation of global innovation
This is what is attracting international investors to expand their footprint in London and the UK to access the growing network of entrepreneurs in the new Silicon Valley. US investors including General Catalyst, Sequoia and Lightspeed have increased their teams in the UK after opening in 2022. New offices here last year and New Enterprise Associates hired its first UK-based partner in October. European investor Earlybird VC opened a new office in London earlier this year. This follows another strong fundraising year for UK-based funds, which raised £9.2 billion over the same period in 2021.
Digital Minister Paul Scully said:
UK tech has remained strong against global challenges and we finished the year as one of the world’s leading destinations for digital businesses. This is good news and reflects our pro-innovation approach to technology stewardship, ongoing support for startups and growing people’s digital skills.
It ends
Note to editors:
- Investment information from Dealroom is correct as of Thursday 8 December 2022.
- London is now the largest high-tech ecosystem outside of the US, according to Delrom, including early, windfall and late-stage funding, university talent, patents and unicorns and $1 billion and exits. This is ahead of other major cities including Paris, Tel Aviv and Beijing.
About DEC:
The Digital Economy Council is a non-statutory advisory committee with independent members established to advise the government. Its aim is to leverage the expertise of industry and the wider technology community to develop a world-leading digital economy that works for everyone.
About the shopping section:
Dealroom.co is the leading provider of information on startups, growth companies and technology ecosystems in Europe and around the world. In the year Founded in Amsterdam in 2013, Dealroom.co now works with many of the world’s leading investors, entrepreneurs and government organizations to provide transparency, analysis and insights into startups and venture capital activity.
About Adzuna:
Adzuna is a smart and transparent job search engine used by tens of millions of visitors per month. We love to use the incredible power of technology to bring every job into one place, put people to better, more fulfilling jobs and help Britain work.
Aduzuna provides real-time data for the Number 10 Dashboard, Cabinet Office and National Statistics Labor Market Indices. In the year In 2018, Aduzuna won the British government’s contract to run Find a Job, one of the most widely used online services.
Adzuna.co.uk was founded in It was founded in 2011 by Andrew Hunter and Doug Monro, formerly of eBay, Gumtree, Qype and Zoopla, and is backed by leading venture capital firms LocalGlobe, Index Ventures and Smedvig Capital.
We’ve spent ten years building a smarter, clearer job search so that job seekers around the world (we’re in 20 countries) can zero in on the right job opportunities.
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