Investment in 2020 is greater than the combined rest of Europe, helping to produce seven unicorns
In 2020, UK tech companies raised a record $15 billion (£11.2 billion) in venture capital, including the formation of seven unicorn firms worth more than $1 billion. According to analysis from data provider Dealroom, the firms earned more funding from VC investors than the rest of Europe combined. Compared to the previous record of $14.8 billion in 2019, the overall $15 billion. Investments helped produce seven unicorns — electric vehicle startup Arrival, recipe box company Gousto, renewable energy supplier Octopus Energy, Gymshark and Cazoo e-commerce platforms, and Infobip cloud communications platform. After a supply contract with Japan, U.K.-based Octopus Energy is estimated at $2 billion. According to the report, it is now home to more unicorns than any other European country and as many as Germany, the Netherlands and France combined. Digital Minister Oliver Dowden said, “Despite all the challenges of 2020, it’s fantastic to see tech companies thriving in the UK. The thousands of highly skilled jobs they create will be a vital part of our economic recovery, and the government is committed to supporting the tech industry through an unhappily pro-tech approach. “The investment of risk capital in UK companies has been boosted by the investment of risk capital in UK companies.
$95 million for GoCardless and $200 million for Octopus Energy, among others, were raised in the last weeks of December. The Japanese utility’s investment priced Octopus, established just over five years ago, at $2 billion. The 7.4 percent stake of Founder Greg Jackson is valued at $155 million (£115 million).’Tech unicorn ‘Octopus Energy plans to create 1,000 new jobs in the UKRead moreOxford overtook Cambridge to become number two in VC investment behind London in tech companies. This year, Oxford start-ups and “scaleups” raised $532 million in funding, led by health-related city businesses such as biotech unicorn Oxford Nanopore, which raised $84.4 million in October.
Leeds, Newcastle and Glasgow businesses have raised more cash than last year. Digital Minister Caroline Dinenage said, “Despite the challenges of 2020, the UK tech sector has enjoyed one of its strongest years yet, with seven new billion-dollar companies launched and record levels of investment. “The success of our regional tech hubs is something to be celebrated, as is the resilience of the s. We will work closely with the industry to help tech companies in the coming months to ensure that this momentum is sustained.