UK Tech Sector Celebrates Unicorns at London Tech Week
The UK is leading Europe with more unicorn companies than any other economy; every month for the last year the UK has produced a unicorn tech company, on average.
Every month for the last year the UK has produced a unicorn tech company, on average. The UK is a leading light in the tech sector, with more unicorns – firm valued at more than US$1billion – than anywhere except the USA and China.
The figures were released ahead of the launch of London Tech Week and compiled by Tech Nation and Dealroom. The statistics also showed that the total unicorns in the UK amounted to 72, with 13 of them being created in the previous 12 months.
London is ahead of its European neighbours in the fintech sector, out of the 45 unicorns based there, 18 are in the fintech field. The numbers aren’t surprising, with US$35billion being pumped into the sector between 2013-18.
In the first half of 2019 companies such as Starling Bank, Ovo Energy, and Deliveroo have all had their unicorn status affirmed during their funding rounds. Aiming to continue that growth, Prime Minister Theresa May announced US$1.27billion of pledged investment into the UK tech sector from global companies, with a further US$194million government funding for quantum computing.
"British Tech is growing over one-and-a-half times faster than the rest of the economy, adding more than £130 billion to our economy every year. But if we are going to maintain our position as a global leader, our challenge is how we develop British Tech and make it even better.
"We want this to be the place everyone thinks of - and comes to - first when they want to develop their world-changing tech ideas. This is a challenge shared between industry and Government," declared Mrs. May as she opened London Tech Week.
London Mayor Sadiq Khan also tweeted his support, saying “#LondonIsOpen for tech innovation and talent from across the world. I welcome the focus on #AI for @LDNTechWeek.”
Demonstrating this support, an announcement is planned to launch 2,500 places on artificial intelligence and data conversion education programmes starting in 2020. Alongside this, a study will be launched into UK tech sector competitiveness to guarantee the economy can maintain its leading position.