Tech hubs in the UK have created 35% of the 169 tech "unicorns" in Europe and Israel, according to new analysis by Tech Nation and dealroom.co. Since 2008, the UK has created 60 unicorns -- tech companies worth more than US$1 billion -- in all, showing the strength in the UK's tech sector.
London, seen by many as the tech capital of Europe, isn't the only place where technology startups thrive. The UK's other tech cluster regions like Oxbridge -- the cities of Oxford and Cambridge -- have created nine unicorns, more than Berlin (eight) and Paris (five).
Manchester has created five unicorns, putting it on par with Amsterdam. In total, six UK cities have created unicorns: London, Oxford, Cambridge, Manchester, Edinburgh and Leeds. The latter five have all created at least two, while London has 36 since 2008.
The Darktrace CEOs, Nicole Eagan (left) and Poppy Gustafsson (right). Click images to enlarge.
Tech Nation's research found that the UK currently has 15 unicorns, after the IPOs of Farfetch and Funding Circle. Finally, there is a lot of potential for growth; the research shows the UK has 54 companies worth between $250 million and $1 billion, meaning they all could reach unicorn status.
Gerard Grech, chief executive of Tech Nation, said: "The UK is fast becoming a network of digital excellence, with various strengths in different digital domains. Cities like Manchester, Oxford and Cambridge are producing significant companies including The Hut Group, Sophos, Oxford Nanopore and Darktrace. Increasingly these cities are competing with other tech hubs in Asia and the US and can go head-to-head with Europe’s capitals on many measures."
For more statistics and insight, check out the slide deck Tech Nation and dealroom.co have put together.