Address

Precise Investors

Saturday, October 23, 2021
Latest News

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

UK tech sector

The details come ahead of London Tech Week and the Government hopes to use the data to showcase the country’s position as Europe’s tech centre

The UK tech sector raised £13.5 billion in the first six months of the year, nearly three times more than the same period a year ago, according to new data.

Major contributors to the record-breaking investment include fintech giant Revolut, online video conference business Hopin and online car sales platform Cinch.

It means the UK in on course to make 2021 the biggest year for tech investment ever, according to the data from UK’s Digital Economy Council and Tech Nation by Dealroom.

The biggest fundraising rounds during the first six months of the year included Revolut raising £577 million, Cinch with £1 billion, cybersecurity platform Snyk raising £289 million and Hopin banking £289 million to make it Europe’s fastest-growing tech company.

The details come ahead of London Tech Week and the Government hopes to use the data to showcase the country’s position as Europe’s tech centre.

Over 1,400 UK tech companies have benefited from the £13.5 billion raised and the investment is more than double that achieved in the next biggest market – Germany, which managed to raise £6.2 billion, the data showed.

The UK now has 105 unicorns, with 20 created in the past six months alone including Tractable, Zego and Depop.

Gerard Grech, founding chief executive of Tech Nation, said: The UK tech industry is on course for another record high in terms of investment in 2021. The success of established companies like Wise, Darktrace and Depop show there is a clear pathway for UK tech companies to make an impact on a global scale.

Fintech firms are particularly popular in the UK, due to the strong banking industry 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, with Revolut leading the way, valued at £23 billion.

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

This is an exciting time to be part of this industry and we should be encouraging talented young people to understand that the best careers of the future can be found in those companies that are creating innovative products and services that help businesses and individuals, she said.

Prime Minister Boris Johnson has been pushing hard for the UK to emerge from Brexit as a tech centre.

He said: Our tech revolution is creating jobs, driving growth and boosting investment across the country.

Johnson said: We have a number of cities firmly on the map as tech hubs and new companies springing up at a rapid pace.

Important:

The articles are for information purposes only and Precise Investors shall not be held responsible for any errors, omissions or inaccuracies within it. Any rules or regulations mentioned within the website are those relevant at the time of publication and may not be the most up-to-date.

Precise Investors does not endorse any of the products or services that appear on it or are linked to it and are not liable for any action that you may take as a result of the content of this website, or losses or damage you may incur doing so.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Please remember that investments of any type may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

Leave a Reply