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The UK is Leading the Rest of Europe in the Scale-Up Race
Rather than looking at Unicorns, the report focuses on startups in each of the ecosystems who were able to raise between $1-100m in the last five years – ‘quantity over valuation’. They found that across the countries analysed, there were more than 1000 ‘scale-ups’, 40 ‘scalers’ and 400 exits. The mapping project did not include the Nordics or Eastern Europe, two areas which SEP notes account for a lot of activity.
It’s great news for the UK (above), the SEP highlighted 399 scale-ups, with $11.1 billion raised by UK tech companies cumulatively. Amongst the UK tech companies featured in the report are eight Future Fifty member companies – ao.com, farfetch, Funding Circle, Hailo, Just Eat, Shazam, World Remit & Zoopla – who creating jobs at six times the national average.
With 208 scale-ups, Germany is the next best of the countries analysed in the report, demonstrating the dominance of the UK tech market. Over the five countries measured, there are a total of 990 scale-ups mapped, highlighting the huge growth in digital investment across Europe in recent years.
‘Scalers’ are highlighted as companies who have raised more than $100m and as there are 19 highlighted in the UK, it signals that there are more Unicorns on the horizon for UK tech companies.
The report follows the preliminary study from the SEP, which indicated the strength of UK tech companies. This also coincides with the launch of the Scale-Up Institute, as announced by LinkedIn co-founder Reid Hoffman and author of the ‘Scale-Up Report‘ Sherry Coutu CBE.
For more on how London has emerged as the tech capital of Europe, check out our CEO Gerard Grech in the Guardian.