The UK tech industry has expanded ten folds in the last decade. According to a new report by Dealroom.co and the Digital Economy Council, it is paving the way for several fast-growing tech companies that are all set to challenge Silicon Valley in the next decade.
Since 2010, the UK has experienced a sustained increase in the VC funds flowing into the tech sector, especially fintech, food delivery, e-commerce, and healthtech.
During the past decade, the number of unicorns, private tech companies valued at $1 billion or more surged to 81 in 2020 from a meagre eight in 2010. Unicorns such as Betfair, Admiral Group and Ocado have progressed into household names.
Also, there is a surge in the number of futurecorns — tech companies with the potential to grow into a unicorn has skyrocketed from 10 in 2010 to 126 in 2020. Further, there is also a surge in the VC investment into the UK tech sector from £1.2 billion in 2010 to a whopping…