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 according to data from Dealroom for the Digital Economy Council.
Not only is the UK’s tech sector attracting more venture capital than its European counterparts, according to the figures, it is also creating more value for investors – retaining the #1 spot in Europe and #3 in world as sector resilience brings continued growth.
During 2022, fast-growing UK tech companies have continued to raise at near-record levels (£24 billion), more than France (£11.8 billion) and Germany (£9.1 billion) combined. This takes the total raised over the past five years to nearly £100 billion (£97 billion).
Yoram Wijngaarde, founder of Dealroom, said: “The UK’s startup ecosystem is unignorable. UK startups are worth more than a trillion dollars collectively, with over 130 unicorns, and many of the world’s most important investors use London as a logical launchpad into the rest of Europe.
“While the lofty rounds and valuations of 2021 are long gone, healthy startup ecosystems with strong fundamentals don’t disappear overnight. We’re now seeing a ‘return to normal’ in startup markets, which for the UK’s startup ecosystem means returning to its roots of ambitious, outward-focused, open entrepreneurship.”
Sustained investment and growth have forged a global tech powerhouse, with over 3 million people working in the UK tech with world-class companies training up a new generation of talent.
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