UK tech sector still No.1 in Europe

UK tech sector still No.1 in Europe


The UK tech sector has maintained its place as Europe’s leading ecosystem and third largest after the United States and China.

Against a global backdrop of difficult economic conditions, figures from Dealroom for the Digital Economy Council showed that UK tech companies continued to generate revenue near record highs (£24bn) in 2022, ahead of France (£11.8bn) and Germany (£9.1bn) combined.

This brings the total raised over the past five years to £97 billion.

The UK tech ecosystem now employs three million people and is worth a total of $1 trillion. In contrast, Germany with $467.2 billion and France with $307.5 billion. $ valued.

The UK has more high-growth companies than its European peers, launching 144 unicorns (worth more than $1bn), 237 futurecorns and over 85,000 startups and scale-ups. The numbers are up from 116 unicorns and 204 futurecorns at this time last year.

Innovation is spread across the country with eight cities now home to two or more unicorn companies including Bristol, Cambridge, Edinburgh, Leeds, London, Manchester, Nottingham and Oxford. These high-growth companies leverage decades of scientific and technical research and development to revolutionize areas such as finance, sustainable travel, health research and electronic device development.

UK experts commissioned to ‘build the Silicon Valleys of the future’.

Cambridge was recently named the number one university in the world for producing successful technology founders, ahead of Harvard and MIT – with over 500 alumni founders who have raised more than $10 million in funding.

Oxford came in third with 410. Bristol (173), Nottingham (100) and London (98) all made it into the top 20 thanks to their strong focus on technology and science.

US investors like General Catalyst, Sequoia and Lightspeed have strengthened their UK teams in 2022 after opening new offices here last year; Global firm New Enterprise Associates hired its first UK-based partner in October; and European investor Earlybird VC also opened an office in London.

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UK-based funds have raised a total of £9.2bn this year, up from £9bn at the same time in 2021.

“The UK’s tech industry has proven resilient in the face of global challenges and we ended the year as one of the world’s top digital business destinations,” said Digital Secretary Paul Scully.

“This is good news and reflects our innovation-friendly approach to regulating technology, ongoing support for start-ups and our ambition to advance people’s digital skills.”

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