Home Somerset business UK tech sector raised record £ 13.5bn in first half of 2021

UK tech sector raised record £ 13.5bn in first half of 2021


Britain’s tech sector has raised £ 13.5 billion in the first six months of the year, nearly three times more than in the same period a year ago, new data shows.

Companies such as fintech giant Revolut, online video conferencing company Hopin, and online car sales platform Cinch were major contributors to the record investment.

The UK’s Digital Economy Council and Tech Nation by Dealroom, who calculated the numbers, said it means the UK is on track to make 2021 the most important year on record for investment. technological.

In the first six months of the year, the biggest fundraisers included Revolut raising £ 577m, Cinch with £ 1bn, cybersecurity platform Snyk raising £ 289m and Hopin £ 289m. sterling to make it the fastest growing tech company in Europe.

Details arrive ahead of London Tech Week and the government hopes to use the data to showcase the country’s position as a technology hub for Europe.

According to the data, more than 1,400 UK tech companies have benefited from the £ 13.5 billion raised and the investment is more than double that made in the next largest market – Germany, which has managed to raise 6 , £ 2 billion.

The UK now has 105 unicorns – businesses worth over $ 1 billion (£ 720million) – with 20 established in the past six months, including Tractable, Zego and Depop.

By comparison, it took 24 years – from 1990 to 2014 – to create the UK’s first 20 unicorns.

The UK also has 12 $ 10bn (£ 7.2bn) tech companies, seven of which were established this year alone.

Gerard Grech, founding CEO of Tech Nation, said: “The UK tech industry is on track to set a new investment record in 2021.

“The success of established companies like Wise, Darktrace and Depop shows that there is a clear path for UK tech companies to make an impact globally.”

Fintech companies are particularly popular in the UK, due to the strong banking sector already in place in the country.

According to Tech Nation, 11 of the 20 companies that became unicorns in the first six months of 2021 were in fintech, led by Revolut, valued at £ 23 billion.

Health technology is the second biggest area of ​​growth, especially during the pandemic, followed by transportation technology companies.

London continues to attract the most liquidity in venture capital, followed by Oxford, Bristol, Birmingham and Cambridge.

In Scotland, start-ups have raised £ 53.5million this year, including £ 35.9million for alternative protein company Enough and a round of workspace platform at Desana.io request.

Nicola Mendelsohn, Facebook vice president for Europe, Middle East and Asia, and member of the Digital Economy Council, said: “The UK tech sector is maturing rapidly and the country now has a status. leader alongside Silicon Valley and China.

“It is an exciting time to be a part of this industry and we should encourage talented young people to understand that the best careers of the future can be found in companies that create innovative products and services that help businesses and individuals. . “

Prime Minister Boris Johnson has pushed for the UK to exit Brexit as a tech hub.

He said: “Our technological revolution is creating jobs, stimulating growth and stimulating investment across the country.

“We have a number of cities on the map as technology hubs and new businesses emerging at a rapid pace. “

New Digital Secretary Nadine Dorries said: “As Digital Secretary I will push our pro-tech agenda to even higher heights and make sure every corner of the UK benefits from the technological revolution. . “