The UK technology sector will end the year as Europe’s leading science and technology ecosystem, retaining its position as the main challenger to the US and China amidst a global backdrop of difficult economic conditions, according to figures released this week by Dealroom and the Digital Economy Council.
During 2022, fast-growing UK tech companies have continued to raise at near-record levels (£24bn), more than France (£11.8bn) and Germany (£9.1bn) combined. This takes the total raised over the past five years to nearly £97bn.
The UK has more high-growth companies than European peers, having created 144 unicorns and 237 futurecorns and over 85,000 startups and scale-ups, according to the data.
Upskilling and reskilling have become a key part of the UK’s dominance in tech with nearly 3,000 edtech startups having raised a collective £1.7bn in funding over the past five years. Companies such as Academy, Code First Girls, Immersive Labs and Multiverse are focused on enabling people of all ages to gain the skills they need to succeed in tech roles, from tech apprenticeships to coding, development and cyber security.
See the next issue of CIR Magazine for further analysis.
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