The UK tech sector raised £13.5bn in the initial half of this current year. It’s three times more than a similar period a year prior. Thus, the quantity of English unicorns has leaped to 105.
The UK’s Digital Economy Council and Tech Nation by Dealroom, which did the math, said it means that the UK is on its way to make 2021 the greatest year for tech venture of all time.
Biggest fund raising rounds
Companies including fintech giant Revolut, online video conference business – Hopin, and online car sales platform Cinch were significant contributors to the record-breaking venture.
During the first six months of the year, the greatest fundraising rounds included; Revolut raising £577m, Snap with £1bn, cybersecurity platform, Snyk raising £289 million, and Hopin banking £289m to make it Europe’s quickest developing tech firm.
UK tech jobs increase for first time since pandemic
Demand for tech experts in the UK expanded by 10% over the first six months of 2021, as indicated by new research from Accenture.
however, there is a “critical” demand for skills in emerging technologies driving development across the tech area, with vacancies in quantum computing seeing triple-digit development (157%), while blockchain-related job postings have increased by 72%
Tech has improved efficiency for every 3 in 4 UK businesses
Technology has further developed productivity for three out of four UK private ventures, new research by Hitachi Capital Business Money has revealed.
The study shows that 3/4 (76%) of UK small companies have utilized tech to support their business tasks and to operate more efficiently. This develops to 84%of small businesses that have anticipated modest development – and 91% for those that expected huge expansion.
UK tech industry to benefit from £10bn UAE investment
The UK Office for Investment and Abu Dhabi’s Mubadala Investment Company have signed an arrangement to essentially extend the UAE-UK Sovereign Investment Partnership, a system for investment announced in March 2021.
Over the course of the next five years, the UAE-UK SIP will drive a significant expansion in investment across further three areas: technology, infrastructure, and energy.
The UAE has committed £10 billion by means of the UAE-UK SIP, directed by the OfI and Mubadala. This builds on Mubadala’s £800 million commitment and the UK Government’s £200m to UK life sciences when the partnership was set up in Spring.
UK tech sector grows tenfold in 10 years
Between 2010 and 2020 investment in the UK’s tech industry developed from £1.2bn to £11.3bn, with the majority of this expansion happening since 2015 when the investment was £4.1bn
Similarly, There has been a ten times expansion in the number of unicorns (organizations valued at more than $1bn), which expanded from eight in 2010 to 81 by 2020. A further 10 unicorns surfaced since the beginning of 2021.
The UK currently has 105 unicorns – organizations worth more than 1 billion dollars (£720 million) – with 20 made in the past six months.
The unicorn capital of Europe
Since 2014, the UK has created over two times the total number of $1bn tech organizations than any other country in Europe. It sits just behind the US and China with regards to building fast-developing worldwide firms.
In 2019, eight UK companies arrived at this unicorn status namely; Rapyd, CMR Careful, Babylon Wellbeing, Sumup, Trainline, Acuris, Checkout.com, and OVO Energy. According to that, the UK has now made 77 billion-dollar organizations, twofold the Total number in Germany (34) and roughly four-fold as many as Israel (20).
Investment in UK tech startups and scaleups reached a record $18bn (£13.5bn) in the principal half of 2021 because they pulled in more investment than Germany, France, and Israel combined.