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UK tech extends lead over Europe

New figures reveal how the UK’s booming tech sector is outpacing other European countries including France and Germany. Latest findings show the UK contributes 13 of Europe’s 34 unicorns (private companies valued at $1bn), worth 37% or $23bn in value.

Some of the UK’s unicorns include Darktrace, Deliveroo, Farfetch, Funding Circle, Improbable and TransferWise, all of which have taken part in Tech Nation growth programmes such as Upscale and Future Fifty.

The total value of the UK’s 13 unicorns is estimated at $23bn, out of a combined value for all 34 European companies of $62bn. The UK’s current unicorns are now worth more than the $17bn value of France and Germany’s unicorns combined.

Will Shu, Founder, Deliveroo says:

‘Deliveroo is proud to be a British company, exporting our technology around the world. In just five years we have created work for riders and growth for restaurants in markets across the globe while delivering millions of meals to our customers. None of this would be possible without the creativity and talent of the team in London, an incredible city and the place we call home.’

Aside from London, the UK counts three additional cities with at least one unicorn – Manchester, Oxford, Cambridge – and Abingdon. The UK has now produced 25 $1bn+ exits since 2010, which is as many as Israel, Sweden and Germany combined. Over a third of the European companies formed since 1990, that have gone on to be billion pound businesses, are from the UK. In the last few years, several of these companies have come to the stock market, including Zoopla, Blue Prism, Just Eat and Purplebricks.

uk.tdsynnex.com

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