UK tech sector leads in Europe

The UK tech sector had produced 13 new ‘unicorn’ companies over the past 12 months, a new study has revealed.

The finding forms part of technology entrepreneur network Tech Nation’s new report into the UK’s thriving tech industry, published ahead of London Tech Week.

According to the research, the UK has created 13 new unicorns – defined as privately owned tech companies valued at over $1 billion – ranking behind only the US and China.

It brings the total number of UK unicorns to 72, representing more than a third of Europe’s fastest-growing tech companies.

The report also shows that the UK leads Europe in terms of venture capital investment in technology, with some $35 billion invested between 2013 and 2018.

Likewise, the UK has also been named the most responsible country to do business in. According to the OECD – who gave the UK its highest overall score for the quality of regulatory practices – the UK is “setting new standards for responsibility and ethics in technology”.

The news has been published during London Tech Week – one of the world’s biggest gatherings of tech talent. Over the course of the week, 10 – 14 June, experts from some of the biggest companies in the UK – including ASOS, British Airways, Twitter and Barclays – will speak about advancements and innovations, as well as barriers and obstacles – in their sector.

Commenting on the figures, Tech Minister, Jeremy Wright said:  “As entrepreneurs and investors arrive in the capital for London Tech Week, we must celebrate the achievements of the UK’s booming tech industry which is attracting record levels of investment and employing millions of people up and down the country.

“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.”

The research can be accessed in full here.

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Posted in Business.