Britain is leading the way for tech in Europe

A new report published this week by Tech Nation and Dealroom, says that more than a third of Europe's fastest-growing tech firms are based in the UK.

The UK has created more than one unicorn tech start-up company every month, worth over $1bn today,  over the past year and is now home to 72 unicorns.

Across the UK, venture capital investment in tech broke new records in the first half of 2019, totalling £3.8bn in the first five months of the year.

London leads digital growth across the continent, with 45 unicorns based in the city, including 18 FinTech firms, such as Monzo, Revolut and OakNorth.

The Capital attracted the most investment throughout the whole of 2018 with £3.7bn, followed by Cambridge, Oxford and Bristol.

Leeds is the leading northern city for tech start-ups. Manchester came eighth, behind Cardiff and Edinburgh, with almost £60m.

Gerard Grech, Chief Executive Officer of Tech Nation, said: "The tech sector is playing a crucial role in helping us deliver an economy that works for everyone through a modern industrial strategy for jobs and growth."

He added: "These figures show the extent to which the UK digital tech sector is rivalling those in the US and China, after an incredibly strong year of investment backing for fast-growing UK companies. The UK's digital tech sector continues to go from strength to strength with unicorns now being produced right across the country."

SAS and the Centre for Economics and Business Research stated that big data and the Internet of Things, alone will be worth £322bn by 2020. Taking this into account, the UK can expect the tech sector to be a key player in the economy for years to come. However, due to the nature of these industries, companies will see a wider skills gap and may struggle to recruit people with both the knowledge and personality to suit their business.

We specialise in the recruitment of IT including web developers, APEX developers and IT managers plus more. Contact us to find out how we can help your business grow with the right tech people - https://www.elevationrecruitmentgroup.com/contact-us

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