London has continued to be at the top spot as the capital of billion-dollar technology startups of Europe’, as surrounding cities help to push the United Kingdom forward while its firms expand internationally.
New figures that were released today by a research that was prepared by Dealroom for Tech Nation and the government’s Digital Economy Council reveal that since the 1990s, the United Kingdom has now established 60 so-called unicorn startups – firms that have a valuation of at least $1 billion (£769.6 million).
London houses 36 of those startups in the United Kingdom. It represents more than a fifth of all the unicorns in Europe at a total valuation of $132 billion. As a comparison, Berlin holds the second spot as the biggest city with only eight unicorn startups, worth $32 billion.
Meanwhile, other cities in the United Kingdom are also rapidly accelerating their climb up the said list, as Cambridge and Oxford combined have produced more fast-growing tech startups, such as Arm and Darktrace, as compared to Paris and Berlin.
More than 40 of the 60 unicorn firms in the United Kingdom have already gone on to achieve realised valuations via successful exits, most recently including the listings of Funding Circle and Farfetch. So far this year, tech companies in the United Kingdom have raised nearly £3 billion on the London Stock Exchange markets. The country has added nine new unicorns to its list, the same amount as the Netherlands, France, and Germany combined.
Today, Jeremy Wright, the Digital secretary, said that the figures that were released today reflect that the track record of the United Kingdom in creating stellar tech startups is “second to none in Europe,” while Sadiq Khan, the mayor of London stated: “When London succeeds, the whole country benefits.”
The founder and chief executive of WANdisco, David Richards, stated: “There’s never been a better time to be involved in UK tech, with so many great companies coming through the pipeline.”
He added: “From my perspective in the US, I can see that people are really starting to wake up to and respond to Europe’s potential and in a very short time the UK has made itself the clear leader of a vibrant, technology network based on great science and entrepreneurship.”