By Ben Chernoff, Director at Davis Grant
New data from Dealroom and Tech Nation has revealed that the UK is now home to 100 tech companies valued at $1 billion or more – placing the nation ahead of any other European rival.
The news comes following confirmation of the UK’s 100th tech unicorn. Tractable is an advanced AI start-up, which is building computer vision tools.
This latest tech unicorn is one of many businesses to spring up over the last few years, which has included:
- Skyscanner – A travel search engine
- Atom Bank – A challenger bank
- Fanduel – A fantasy sports league website
This year has seen a sharp rise in the number of UK unicorns, with 13 new tech companies reaching this status so far – almost double the amount created in the entirety of 2020.
This is not surprising given that unicorn creation has increased by 127 per cent since 2017, according to the latest Tech Nation data.
Since the start of 2021, tech start-ups in the UK have raised $14.5 billion, according to the data shared by the publication City A.M.
Speaking to the title,Digital Secretary Oliver Dowden, said: “Smashing through this milestone cements the UK’s place as one of the world’s top tech hubs.”
The surge in tech sector growth now means the UK joins only two other nations to achieve have triple-digit tech unicorns – the USA and China.
It also means that the nation is well ahead of other European nations such as Germany and France, which have 42 and 22 tech unicorns respectively.
This ongoing boom in tech companies is great news for other start-ups in the UK as it reflects the benefits of being based here.
Although many of the unicorns in the list are now based in London, many have roots that spread across the UK.
Our team at Davis Grant has helped a number of successful tech companies to grow, scale-up and exit – helping owners navigate along the journey by providing effective advice and up to the minute financial information.
To find out how we can help you with the launch and development of your tech business, please contact us.