UK tech companies have raised more venture capital funding in the first five months of 2022 than in the whole of 2020.
This puts the UK second to the US globally when it comes to start-up investment and means that UK start-ups are outperforming those in China, France and India when it comes to attracting funding, figures from Dealroom analysed for the UK’s Digital Economy Council showed.
The new figures demonstrate the strength and resilience of the UK start-up sector.
So far, more than 950 UK tech start-ups and scale-ups have raised £12.4 billion in 2022, compared to £12bn for the whole of 2020.
In a record-breaking first quarter, UK tech raised £9bn, up from £6.3bn the same time last year, with the UK ahead of India and China when it comes to start-up funding, as well as raising more than double the funding raised by French tech companies.
This influx of capital means the UK is now home to 122 unicorns, with more than 20 cities and towns home to at least one unicorn, and 248 futurecorns. More than a third of the fastest-growing next-generation tech companies in Europe are now based in the UK.
The new data coincides with the launch of London Tech Week, which brings together leading names from across the UK’s digital industries.
London dominates Europe tech scene
London has dominated tech investment in Europe this year, raising £8.6bn, double that of Paris (£3.9bn) and over four times the amount of Berlin (£1.9bn).
It’s not only London that is thriving in Europe — Bristol and Oxford both made it into the top 20 European tech hubs for investment raised this year, raising £220 million and £248m, respectively. Bristol-based ClearBank, the UK’s new clearing bank, raised £181m in March, while Oxford-based drug discovery company OMass Therapeutics raised £75.5m in a Series B round in April.
Sustained investment over the past few years means that three UK regional cities and towns — Cambridge, Oxford and Abingdon — are among the top 20 European futurecorn hubs. Together, they are home to 18 futurecorns, including Healx, Oxbotica and Immunocore.
Not only are regional start-ups raising large sums, but regional investors are, too. This year, Leeds-based Northern Gritstone has raised £215m to use in university spinouts across Manchester, Leeds and Sheffield, and Manchester-based Praetura Ventures has raised £100m to support start-ups in the north of England.
Cambridge Innovation Capital has also raised its largest fund to date, £225m, to invest in high-growth companies in sectors including HealthTech and enterprise software.
FinTech strongest sector
FinTech has come out as the strongest sector for UK tech investment this year with £6.2 billion raised by FinTech start-ups and scale-ups already this year. Notable rounds included Checkout.com, which raised nearly £800m in Series D funding in January to become the UK’s most valuable private FinTech, and payments provider Paddle which raised £162.2m to become a unicorn earlier this year.
“Despite the wider global challenges that have led to a slow down in public markets, private tech investment in the UK is continuing to grow,” said Yoram Wijngaarde, founder and chief executive of Dealroom.
“The UK has cemented its reputation as one of the best places to invest in FinTech, with more FinTech investment going into the country in the first part of this year compared to even the Bay Area [in Northern California].”
After FinTech, HealthTech was the second-most popular sector for investment so far in 2020, with about £791m invested.
Outside of FinTech, the largest investment round this year was for CityFibre, the UK’s largest independent full-fibre infrastructure platform, which raised £300m in investment by Mubadala Capital Ventures in March to bring full-fibre networks to homes and businesses across the UK.
Impact tech companies, which are using technology to solve challenges including climate change, are continuing to grow and scale across the UK.
Last year, more than £2.7bn was invested in impact start-ups — representing the most ever in a single year.
In 2022 so far, tech businesses focusing on impact have raised more than £791m.
The largest investment raised by an impact start-up this year was for Carbon Clean Solutions, a London-based carbon capture company which raised over £118m in a Series C round in May.
“The UK continues to be a leading light for exciting and dynamic impact and solution-focused start-ups,” said Daniel Korski, DEC member and chief executive of PUBLIC.
“We’ve been working hard to enable an environment where anyone can become an entrepreneur and set up a business that can make a difference, and it's great to see this momentum continuing beyond the pandemic.”
International investment
Increasingly, international investors are backing UK tech.
US investors have put more money into UK companies than they did in the whole of 2020, investing £6.1bn this year compared to £6bn in 2020. Asian investors have taken part in 60 deals this year investing £2.3bn.
This demonstrates that, despite a predicted slowdown in the wider tech ecosystem, UK tech is continuing to be seen as a strong bet by domestic and international investors.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Mobile phone packages comparison
HER%20FIRST%20PALESTINIAN
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The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
Company%20profile
%3Cp%3EName%3A%20Tabby%3Cbr%3EFounded%3A%20August%202019%3B%20platform%20went%20live%20in%20February%202020%3Cbr%3EFounder%2FCEO%3A%20Hosam%20Arab%2C%20co-founder%3A%20Daniil%20Barkalov%3Cbr%3EBased%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Payments%3Cbr%3ESize%3A%2040-50%20employees%3Cbr%3EStage%3A%20Series%20A%3Cbr%3EInvestors%3A%20Arbor%20Ventures%2C%20Mubadala%20Capital%2C%20Wamda%20Capital%2C%20STV%2C%20Raed%20Ventures%2C%20Global%20Founders%20Capital%2C%20JIMCO%2C%20Global%20Ventures%2C%20Venture%20Souq%2C%20Outliers%20VC%2C%20MSA%20Capital%2C%20HOF%20and%20AB%20Accelerator.%3Cbr%3E%3C%2Fp%3E%0A
Friday's schedule in Madrid
Men's quarter-finals
Novak Djokivic (1) v Marin Cilic (9) from 2pm UAE time
Roger Federer (4) v Dominic Thiem (5) from 7pm
Stefanos Tsitsipas (8) v Alexander Zverev (3) from 9.30pm
Stan Wawrinka v Rafael Nadal (2) from 11.30pm
Women's semi-finals
Belinda Bencic v Simona Halep (3) from 4.30pm
Sloane Stephens (8) v Kiki Bertens (7) from 10pm
RESULTS
6.30pm: Al Maktoum Challenge Round-1 Group 1 (PA) Dh119,373 (Dirt) 1,600m
Winner: Brraq, Adrie de Vries (jockey), Jean-Claude Pecout (trainer)
7.05pm: Handicap (TB) Dh102,500 (D) 1,200m
Winner: Taamol, Connor Beasley, Ali Rashid Al Raihe.
7.40pm: Handicap (TB) Dh105,000 (Turf) 1,800m
Winner: Eqtiraan, Connor Beasley, Ali Rashid Al Raihe.
8.15pm: UAE 1000 Guineas Trial (TB) Dh183,650 (D) 1,400m
Winner: Soft Whisper, Pat Cosgrave, Saeed bin Suroor.
9.50pm: Handicap (TB) Dh105,000 (D) 1,600m
Winner: Hypothetical, Mickael Barzalona, Salem bin Ghadayer.
9.25pm: Handicap (TB) Dh95,000 (T) 1,000m
Winner: Etisalat, Sando Paiva, Ali Rashid Al Raihe
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Slow loris biog
From: Lonely Loris is a Sunda slow loris, one of nine species of the animal native to Indonesia, Malaysia, Thailand and Singapore
Status: Critically endangered, and listed as vulnerable on the International Union for Conservation of Nature red list due to growing demand in the global exotic pet trade. It is one of the most popular primate species found at Indonesian pet markets
Likes: Sleeping, which they do for up to 18 hours a day. When they are awake, they like to eat fruit, insects, small birds and reptiles and some types of vegetation
Dislikes: Sunlight. Being a nocturnal animal, the slow loris wakes around sunset and is active throughout the night
Superpowers: His dangerous elbows. The slow loris’s doe eyes may make it look cute, but it is also deadly. The only known venomous primate, it hisses and clasps its paws and can produce a venom from its elbow that can cause anaphylactic shock and even death in humans
UAE%20PREMIERSHIP
%3Cp%3E%3Cstrong%3EFinal%3A%3C%2Fstrong%3E%20Dubai%20Hurricanes%20v%20Jebel%20Ali%20Dragons%0D%3Cbr%3E%0DSaturday%2C%208.15pm%2C%20Al%20Ain%20Amblers%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESemi-final%20results%3C%2Fstrong%3E%0D%3Cbr%3EDubai%20Exiles%2020-26%20Dubai%20Hurricanes%0D%3Cbr%3EDubai%20Tigers%2032-43%20Jebel%20Ali%20Dragons%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ETable%3C%2Fstrong%3E%0D%3Cbr%3E1%20Dubai%20Tigers%2C%2033%20points%0D%3Cbr%3E2%20Dubai%20Exiles%2C%2024%20points%0D%3Cbr%3E3%20Dubai%20Hurricanes%2C%2018%20points%0D%3Cbr%3E4%20Jebel%20Ali%20Dragons%2C%2014%20points%0D%3Cbr%3E5%20Abu%20Dhabi%20Harlequins%2C%2014%20points%3C%2Fp%3E%0A
Brief scores:
Day 1
Toss: South Africa, field first
Pakistan (1st innings) 177: Sarfraz 56, Masood 44; Olivier 4-48
South Africa (1st innings) 123-2: Markram 78; Masood 1-4
UAE currency: the story behind the money in your pockets
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
SPEC%20SHEET
%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Apple%20M2%2C%208-core%20CPU%2C%20up%20to%2010-core%20CPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2013.6-inch%20Liquid%20Retina%2C%202560%20x%201664%2C%20224ppi%2C%20500%20nits%2C%20True%20Tone%2C%20wide%20colour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208%2F16%2F24GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStorage%3A%3C%2Fstrong%3E%20256%2F512GB%20%2F%201%2F2TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20Thunderbolt%203%20(2)%2C%203.5mm%20audio%2C%20Touch%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%206%2C%20Bluetooth%205.0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%2052.6Wh%20lithium-polymer%2C%20up%20to%2018%20hours%2C%20MagSafe%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECamera%3A%3C%2Fstrong%3E%201080p%20FaceTime%20HD%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%20Support%20for%20Apple%20ProRes%2C%20HDR%20with%20Dolby%20Vision%2C%20HDR10%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAudio%3A%3C%2Fstrong%3E%204-speaker%20system%2C%20wide%20stereo%2C%20support%20for%20Dolby%20Atmos%2C%20Spatial%20Audio%20and%20dynamic%20head%20tracking%20(with%20AirPods)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Silver%2C%20space%20grey%2C%20starlight%2C%20midnight%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20MacBook%20Air%2C%2030W%20or%2035W%20dual-port%20power%20adapter%2C%20USB-C-to-MagSafe%20cable%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh4%2C999%3C%2Fp%3E%0A
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
Movie: Saheb, Biwi aur Gangster 3
Producer: JAR Films
Director: Tigmanshu Dhulia
Cast: Sanjay Dutt, Jimmy Sheirgill, Mahie Gill, Chitrangda Singh, Kabir Bedi
Rating: 3 star
