The UK's top three are the two on-demand food delivery companies, Just Eat and Deliveroo, followed by VR company Improbable, with the total value of the UK's 26 unicorns adding up to $64 billion. In comparison, Sweden's seven unicorns total $54 billion, while Germany's eight have a value of $36 billion.
It's not all good news for the UK, however: Sweden's $54 billion is heavily influenced by Spotify, the largest tech company in Europe, which tips the scales at just over $30 billion according to GP Bullhound. In comparison, the UK's most valuable is Just Eat, at around $15 billion. This is the UK's only "decacorn" -- the GP Bullhound term for a tech company worth between $10 and $50 billion. (See LeadersIn Tech Day #1: Brexit Won’t Slow Down the UK Tech Scene.)
In January 2018, Spotify had 70 million paying subscribers: up from 20 million just two years previously. (Image: Pankaj Patel, Unsplash)
What does this tell us? Nothing especially new: it's already well known within government and tech industry circles alike that the UK is not great at scaling up businesses to decacorns and "titans," a company worth more than $50 billion. That said, Europe has no titans at all, with Spotify currently sitting at just over $30 billion after its IPO earlier this year.
Finally, in more good news for the UK, GP Bullhound has called it "Europe's tech factory," in that it has created six, billion-dollar companies in the last year alone: Blue Prism, Oak North Bank, onthebeach.co.uk, Revolut, Speechmatics and The Hut. Revolut especially is a company going places, with 1 million UK users and expansion into the North America and Asia planned for later this year. (See Revolut Signs Up 1 Million UK Customers & Eyes Global Expansion.)