UK tech sector is producing a unicorn per month
THE UK tech sector has produced one unicorn firm each month over the past year, including two in Yorkshire, according to new figures.
The UK has created more unicorn tech companies, firms valued at more than $1bn, than any other country except for the US and China, according to new data compiled by Tech Nation and Dealroom.
Ahead of this year’s London Tech Week, which starts today, it has been revealed that the UK produced 13 firms valued at more than $1bn (£784m) over the past year, taking its overall total to 72.
London leads digital growth across the continent, with 45 unicorns based in the city, including 18 fintech firms, such as Monzo, Revolut and OakNorth.
The new figures also reveal that the UK has six cities outside of the capital which are home to at least two tech unicorns – Leeds, Manchester, Oxford, Bristol and Edinburgh.
Sky Betting & Gaming in Leeds joined the ranks of the unicorns when it was acquired by the Canadian Stars group for £3.4bn in 2018.
Meanwhile, Leeds-based consumer data provider Callcredit achieved its unicorn status when it was sold to TransUnion for £1.4bn last year.
More than a third of Europe’s fastest-growing tech companies are now based in Britain, following $35bn (£27bn) of investment in the British tech sector between 2013 and 2018.
Since the start of 2019, a number of UK firms have confirmed their unicorn status with major funding rounds, including Starling Bank, Deliveroo and Ovo Energy.
Digital secretary Jeremy Wright said: “These brilliant figures show we are currently punching high in the global pecking order and, thanks to our strong fundamentals of skills and talent, business environment and world-leading research, the future is extremely bright.
“The tech sector is playing a crucial role in helping us deliver an economy that works for everyone through a modern industrial strategy for jobs and growth.”
Gerard Grech, chief executive of Tech Nation, added: “The UK’s digital tech sector continues to go from strength to strength with unicorns now being produced right across the country.”