UK tech corporations safe document quantity of international funding | Enterprise

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Quick-growing UK tech corporations secured a document £5.5bn in international funding within the first seven months of this yr, in response to analysis for the federal government’s digital economic system council.

The research for the Division of Digital, Tradition, Media and Sport (DCMS) physique revealed that the UK has overtaken the US for the quantity of funding per capita.

Funding progress was pushed by US and Asian funding in unicorns – non-public corporations valued at greater than $1bn (£820m) – comparable to a renewable vitality firm Ovo Vitality and takeaway enterprise Deliveroo, in response to the analysis by Tech Nation and Dealroom.

American and Asian traders pumped £three.1bn into UK corporations through the interval to July, making up 55% of all funding.

Different UK corporations to safe main funding over the yr thus far included provide chain finance agency Greensill and fintech agency Checkout.com.

Nicky Morgan, the tradition secretary, stated: “These implausible figures present the arrogance abroad traders have in UK tech, with funding flows from the US and Asia at an all-time excessive.

We’ve a long-standing repute for innovation and the statistics endorse our repute as among the best locations on this planet to start out and develop a digital enterprise.”

The figures got here because the digital economic system council and Tech Nation launched the primary Brilliant Tech Future awards to recognise expertise and achievement within the sector.

Eileen Burbidge, chair of Tech Nation, stated: “Funding within the UK tech sector has been steadily rising for years and as these newest figures display, the momentum is rising.

“It’s extremely gratifying to see that along with home and European traders, British tech innovators are additionally attracting US and Asian investor consideration and allocation.”

Will Shu, founder and chief govt officer of Deliveroo, added: “The UK is a implausible place to start out and develop a tech firm, appeal to expertise and, finally, flip nice concepts into services that customers know and love. These figures underline the true potential that the UK tech sector has.”

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