The UK has been ranked third in the world behind the US and China for its number of of tech businesses worth more than $10 billion (decacorns), according to Tech Nation.
The UK has doubled its number of ‘decacorns’ in the last six months, with big players in the tech scene reaching $10 billion valuations including Fafretch, Revolut, Arrival, eToro, Checkout.com and Ocado.
Luxury ecommerce platform Farfetch recently reached a valuation of $16.7 billion and leading online grocery company Ocado hit the $20 billion mark as the pandemic sped up the growth for the grocery sector.
Payment company Checkout.com recently secured a $15 billion valuation after completing a $450 million Series C funding round.
“Through 2020 and 2021, the rapid growth of the UK’s highest value tech companies was accelerated by the pandemic, as consumers began to rely increasingly on tech for food deliveries, healthcare and solutions to societal challenges,” Tech Nation head of insights Dr. George Windsor said.
“The growth of these high calue UK tech companies was also expedited by changing national and global priorities, such as the UK’s push towards reducing carbon emissions and becoming net zero by 2050, combined with the growing popularity of FinTech, DeFi and cryptocurrencies.”
“The UK is also a powerful tech incubator due to its commitment to helping startups scale and thrive.”
Venture capitalist Sonali de Rycker added: “In the US, you have tech, Wall Street and Government thousands of miles and three time zones apart. Here, they are a twenty minute cab ride apart.”