Fintech tops table
Tech receives record VC funding in first quarter
UK tech enjoyed a record first quarter for venture capital funding with £9 billion invested, up from £6.3bn in the same period last year.
Companies have raised £12.4bn in venture capital funding to date in 2022, more than the whole of 2020 (£12 bn).
The figures, analysed by Dealroom for the UK’s Digital Economy Council at the start of London Tech Week, reveal that the UK is second to the US, outperforming China, France and India.
The UK tech sector now boast 122 unicorns, with more than 20 cities and towns home to at least one. There are also 248 future unicorns.
More than a third of the fastest-growing next-generation tech companies in Europe are now based in the UK.
London, Bristol and Oxford were named in the top 20 cities in Europe for investment.
Fintech has come out as the strongest sector for UK tech investment this year with £6.2bn raised by fintech startups and scaleups already this year. Healthtech was the second-most popular sector.
London has dominated tech investment in Europe this year, raising £8.6bn, double Paris (£3.9bn) and over four times the amount of Berlin (£1.9bn).
Bristol and Oxford both made it into the top 20 European tech hubs for investment raised this year, raising £220m and £248m respectively.
Sustained investment over the past few years means that three UK regional cities and towns – Cambridge, Oxford and Abingdon – are amongst the top 20 European future unicorn hubs.”
Digital Secretary Nadine Dorries is expected to say to tell London Tech Week delegates: “It is a staggering achievement that UK tech companies are attracting more investment than countries more than ten times our size. This is a huge vote of confidence in the talent behind great British tech and the innovative, competitive market that we have here.
“Today we’ll unveil our new strategy to capitalise on this success by helping firms grow, create and fill new high-skilled jobs and deliver revolutionary technologies to improve lives across the UK.”