London Tech Week opens for record-breaking investment in UK tech sector

UK tech companies raised more venture capital in the first five months of 2022 than in all of 2020, new figures show.

With the £12.4bn in funding raised so far this year, the UK is second only to the US in terms of start-up investment, ahead of companies like China, France and India.

The figures have been analyzed by the UK’s Digital Economy Council, based on data from Dealroom and released ahead of Monday’s London Tech Week – the UK’s annual tech sector celebration where industry and government figures discuss the industry’s future.

They show that 950 UK tech start-ups have raised £12.4 billion this year, compared to £12 billion in all of 2020.

The UK is now home to 122 unicorns – start-ups worth a billion pounds or more – with more than 20 cities and towns now home to at least one unicorn.

London, Bristol and Oxford were also named in the top 20 cities in Europe for investment.

Culture Minister Nadine Dorries, who will deliver the opening address on the first day of London Tech Week, said: “It is a stunning achievement that UK tech companies are attracting more investment than countries more than ten times our size.

“This is a huge vote of confidence in the talent behind great British technology and the innovative, competitive market we have here.”

Russ Shaw, founder of the industry groups Tech London Advocates and Global Tech Advocates, said: “As we move into London Tech Week, it’s great to see the strength and resilience of the entire UK technology ecosystem, not just London.

“That kind of data is important for showing where we stand, but it also helps us do better – we want to see more diverse founders and more impactful companies to tackle the difficult global situations we face.

“And if there’s one thing that can do that successfully, it’s British technology.”

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