Despite a rough year on all financial fronts, UK’s tech sector retained the top spot in Europe.
The country’s tech sector showed resilience with the fast-growing UK tech companies raising funds at near-record levels (£24b),which was substantially more than France (£11.8 b) and Germany (£9.1 b) combined.
UK’s tech sector has raised nearly £100b over the past five years. According to a Department for Digital, Culture, Media & Sport press release earlier today, the UK had more high-growth companies than European peers, having created 144 unicorns and over 85,000 start-ups. The country also has more venture capital investment than its European peers.
The latest figures, compiled by Dealroom for the Digital Economy Council, state the case for a successful of UK tech economy. The report also puts the UK at the forefront of progress and as a source of global innovation. According to latest numbers, technology and related industries employ over 3m people in the UK.
Consistent growth across the UK saw the sector reach the $1t (£0.80t) in value milestone earlier this year. UK is only the third country ever to hit this valuation after the US and China.
MP George Freeman was quoted saying “The UK Tech sector is key to our growth, productivity & creating opportunity.”