Despite the troubles of the pandemic, the UK tech sector achieved its best year on record with success reaching far beyond London alone.
In 2021, a mixture of venture capital funding, attractive salaries and the creation of unicorns and futurecorns has led to a boom in technology development across the UK.
Tech investment grew 2.3x, the largest increase in growth since 2013/14, and doesn’t look to be slowing down any time soon. This enormous increase in investment allowed for the creation of 29 unicorns this year, including the e-commerce platform Depop, car selling platform Motorway, insurance disrupter Marshmallow, and the challenger bank Starling Bank.
In a turn for traditional expectations, this boom also highlighted a marked shift away from the London centric financial industry, with 35% of unicorns based outside of London and 35% of futurecorns also based outside of the capital.
With a 50% increase in advertised tech jobs, and investment levels soaring, it’s clear companies are preparing for the future and looking to nurture talent to help them expand. Fintech sits firmly at the heart of the UK’s technology sector and such an explosion of investment and innovation is a positive indicator of companies’ potential for growth.
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