Tech Nation Report reveals UK tech boomed in 2020
by Startacus Admin
The annual Tech Nation Report has been launched and highlights the resilience and innovation of the UK's tech sector despite the challenges caused by the pandemic and the EU Exit
It’s that time of year again - Tech Nation, the leading scaleup accelerator, has released its annual Tech Nation Report, the ultimate state-of-the-nation report on the UK tech sector.
After what was an extraordinary 2020, the report reveals how the sector has changed, its top performers, and the challenges and opportunities the UK now faces.
Gerard Grech, founding chief executive, Tech Nation, comments: “This year has highlighted the UK tech sector’s enormous resilience and world-beating innovative spirit. In the face of a major global crisis, it has not only survived; in many areas, it has boomed. From EdTech to HealthTech, tech scaleups are at the centre of rebuilding the British economy and setting new standards worldwide.
These are truly exciting times for UK tech. The successes of the past decade have shown what the UK is capable of when policy foresight, investment and a diverse and ambitious pool of talent come together. By continuing to set our sights high, the next decade promises to be the most innovative yet."
.jpg)
In 2020, the UK tech scaleup ecosystem continued its strong growth. Valued at $585bn, startups and scaleups more than doubled (120%) their collective value since 2017.
The report highlighted 10 superstar scaleups, which between them secured 20% of total UK tech VC investment, at $3.5bn including Revolut, Ki and Karma Kitchen.
Octopus Energy, Arrival, Cazoo, Gymshark, infobip, Gousto and Hopin were the seven unicorns to make it into the unicorn class of 2020, bringing the UK’s total unicorn count in 2020 to 80 and an additional 6 unicorns have already been created so far in 2021.
Despite uncertainty caused by the pandemic, UK Tech IPOs gained strong momentum in 2020, signalling the UK’s attractiveness for tech companies and the continued health of the UK late-stage tech ecosystem. Eight of the UK’s tech companies IPO’d on the LSE in 2020, raising a total of £3.1bn.
.png)
There was also a record level of VC investment in 2020 into UK tech companies, despite the backdrop of the global pandemic. The UK hubs driving investment were London, Oxford, Bristol, Cambridge and Edinburgh.
In terms of tech sectors to watch, data reveals a surprising UK sector champion - transport tech - which had a 160% boom in VC investment in 2020. VC investment in deeptech also increased as did investment into impact startups.
With UK tech going from strength to strength, it’s becoming increasingly fundamental to UK economic growth although it does still face significant challenges in an increasingly competitive global landscape.
Check out the full report for more detailed analysis of the state of the nation and what lies ahead!
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
Innovate UK KTN’s Sustainable Impact Investment Programme chooses 13 sustainable UK startups striving to change the world
.jpg)
Etihad Airways partners with Aerospace Xelerated and Tawazun Economic Council to seek applications from innovative startups that are working in the digital services and solutions area.
.jpg)
New cross-border collaboration project featuring interactive portal and series of networking events to be delivered by TechIreland and Startacus, with support from InterTradeIreland’s Synergy initiative.
In London later this week and interested in learning how AI can help startups scale? Book your ticket now for this free event from Women in AI featuring a panel of industry experts discussing just that.
The latest Funding Review from TechIreland reveals that Irish Startups raised €746M in the first-half 2022 but early-stage rounds have dropped to a five-year low.
London-based SaaS startup Evorra has created a data marketplace enabling brands and agencies to build and scale their marketing audiences.
Artist John Kerr set to exhibit a series of personal paintings at The Spot, the urban-art focused gallery in Derry as part of Culture Night 2022.
The lowdown on customer behaviour analysis - what it's all about, the kinds of things that can have an impact on it and how to get it right.
.png)
The innovative businesses participating in this year’s AI Accelerator, delivered by The University of Edinburgh’s Innovation Hub for Data Science and Artificial Intelligence, the Bayes Centre are revealed.
Edinburgh-based startup SmpliCare innovating how we care and age by exploring the use of AI-driven wearables to predict the risk of falls and other age-related health issues
Published on: 16th March 2021
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Innovate UK KTN launches its 2022 sustainable impact accelerator programme 28th Sep 2022 Innovate UK KTN’s Sustainable Impact Investment Programme chooses 13 sustainable UK startups striving to change the world
- Etihad Airways Joins Aerospace Xelerated as a Partner for its Fourth Cohort 27th Sep 2022 Etihad Airways partners with Aerospace Xelerated and Tawazun Economic Council to seek applications from innovative startups that are working in the digital services and solutions area.
- TechIreland & Startacus promote cross-border business collaboration with InterTradeIreland support 26th Sep 2022 New cross-border collaboration project featuring interactive portal and series of networking events to be delivered by TechIreland and Startacus, with support from InterTradeIreland’s Synergy initiative.
- TechIreland publish their mid-year report on Irish startup and tech funding. 22nd Sep 2022 The latest Funding Review from TechIreland reveals that Irish Startups raised €746M in the first-half 2022 but early-stage rounds have dropped to a five-year low.
