The UK tech industry has expanded tenfold over the last 10 years as London continues to close the gap on Silicon Valley. Between 2010 and 2020 the number of British unicorns — private tech firms valued at more than $1bn — grew from eight to 81, while the number of companies nearing unicorn status also grew tenfold. Driving the rapid growth was a rapid increase in venture capital investment into the UK, which rose from £1.2bn in 2010 to £11.3bn in 2021. Fintech remains the most successful tech subsector, boasting 32 unicorns in the UK and securing £3.2bn in new investment last year alone.
In 2021, UK tech companies raised £29.4 billion in funding, which is more than double 2020’s figure of £11.5 billion. More than a third of this cash came from the US.
Further evidence of the UK’s significance in the global tech scene is another distinguished ranking in the Global Innovation Index 2021 (4th in the world) and placed at 14th position in the Digital Competitive Index 2021 with 13th position contributing subfactor of future readiness.
London is recognised for its world-class talent pool. The city ranks highly across the board for quality and access to Tech and Life Sciences talent. With four of the world’s top ten universities located in or close to London, the city is home to 484,000 software developers and a high number of Life Sciences-focused universities and degree programmes.
The mix of high-growth tech companies helps create a diverse and steady tech ecosystem to start your tech business with us. B&F Services provides business and market planning services; we would like to be your stepping stone for your business. If you would like to be outstanding among all digital tech businesses, please call us at +44(0) 203 637 6137 or get in touch with us through social media.
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