According to new figures from Dealroom for the Digital Economy Council, fast-growing UK tech companies have continued to raise near-record levels – £24 billion – in 2022. This is more than France and Germany combined and takes the total raised over the past five years to nearly $100 billion (£97 billion).
Stats also show that the UK has more high-growth companies than European peers, having created 144 unicorns and 237 futurecorns and over 85,000 startup and scale-ups. The UK also has more venture capital investment than European peers and eight cities with more than two unicorns including Edinburgh, Nottingham and Oxford.
Consistent growth across UK tech saw the industry reach the $1 trillion in value milestone earlier this year, making it only the third country ever to hit this valuation after the US and China.
The latest figures underline the success of the UK tech economy and its progress as a source of global innovation – a European Silicon Valley. These elements are guiding the expansion of its tech ecosystem, which now employs 3 million people, right across the country.
Upskilling and reskilling have become a key part of the UK’s dominance in tech with nearly 3,000 edtech startups having raised a collective £1.7 billion in funding over the past five years. Companies such as 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 apprenticeships to coding, development and cyber security.
According to Adzuna, UK companies are increasingly hiring for entry-level tech roles, up from 6,596 in November last year to over 15,000 this year, as they seek to bring a new generation of tech talent and develop them into future leaders.
Speaking about the findings, Digital Minister, Paul Scully said, “UK tech has remained resilient in the face of global challenges and we have ended the year as on of the world’s leading destinations for digital businesses.”
“This is good news and reflects our pro-innovation approach to tech regulation, continuing support for start-ups and ambition to boost people’s digital skills.”
