The number of tech unicorns in the UK, companies worth more than $1 billion last ten years according to a new report.
Research from the UK government’s digital economy council and data company Dealroom.co found that the number of unicorns in 2020 was 81 when there were only eight in 2010. Venture capitalists use the term unicorn to describe a startup with funding of over $1 billion.
More than 132 businesses are about to achieve this status, while funding from venture capital investors was found to have jumped from €1.4 billion in 2010 to €13.6 billion in 2020.
Digital secretary Oliver Dowden said the latest figures show the UK’s tech scene is booming.
The majority of the UK’s tech unicorns were found to be based in London, while Cambridgeshire and Oxfordshire have 10 and 11 potential future unicorns respectively.
Germany had just 31 unicorns in 2020 and venture capital funding for the next tech giants of €5.8 billion, while France had 17 and funding of €5 billion.
