UK tech sector attracting greater investment than EU leaders combined
According to a new research published by Dealroom on behalf of the UK government, tech companies in the country have raised more venture capital than tech companies in France and Germany combined. All this in the middle of one of the toughest economic times the country has ever witnessed.
UK tech firms have raised a total of £24 billion across 22, while tech firms in France and Germany raised £11.8 billion and £9.1 billion respectively, totalling to £20.9 billion. In a period of 5 years, tech companies in the UK have raised a total of £97 billion.
It shouldn’t therefore come as a surprise that the UK tech industry surpassed the $1 trillion in value earlier this year to join the US and China as the only other countries to have crossed the trillion dollar mark.
However, one person who has not been surprised by the news is Digital minister Paul Scully who notes that it’s a reflection of the country’s efforts to foster growth in the industry.
“UK tech has remained resilient in the face of global challenges and we have ended the year as one 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 startups and ambition to boost people’s digital skills,” Scully said.
These latest figures from Dealroom are a confirmation that the UK’s tech industry will still continue to rise above its European peers. As it stands, the industry is worth more than double that of Germany which is valued at $476.2 billion and that of France which is currently valued at $307.5 billion.
Also, according to Dealsroom the UK is still leading in terms of number of unicorns, startups, and overall funding. The country currently has 144 unicorn businesses and 237 ‘futurecorns’. In 2021, the country had 116 unicorns and 204 futurecorns.
These figures will come as a major boost to the UK government after it announced plans to appoint five industry-leading experts that will guide the country into becoming the world’s next Silicon Valley.
The five-person advisory will work together with national technology advisor Sir Patrick Valance in identifying the key barriers to innovation and economic growth in the country.