UK passes 'major milestone' as number of tech companies valued at $1bn hits 100, according to new data

Research from Tech Nation and Dealroom says the UK has joined the US and China as the only nations with 100 tech unicorns

The number of UK tech companies valued at $1bn or more has hit 100 in a "major milestone" for the industry, according to new data from Dealroom and Tech Nation.

It sees the UK join the USA and China as the only countries to have triple digit tech unicorns, with 13 UK unicorns already being created in 2021 compared to seven in the whole of 2020, according to the analysis.

Tractable, an AI startup building computer vision tools, and a member of Tech Nation's late-stage Future Fifty programme, is the latest to hit the valuation after announcing $60 million of Series D funding.

"With UK tech unicorn creation growing by 127 per cent over the last three years, it's clear that the UK tech sector has become a rapidly growing hub for unicorns, culminating in 100 companies with unicorn status today," Gerard Grech, chief executive, Tech Nation, said.

"It's a privilege to have worked closely with many of these inspiring companies, helping them navigate scaling challenges as they continue to transform every corner of UK industry."

Dealroom research recently found that the number of tech unicorns has skyrocketed since 2010, when the figure stood at just eight companies.

The UK has more tech unicorns than Germany (42), France (22) and the Netherlands (18) combined, the research states.

Collectively, the UK's 100 tech unicorns have raised almost $32bn in VC investment across multiple tech sub-sectors, including e-commerce, insurtech, and cybersecurity and energy.

UK tech startups have raised €13.2bn (£11.32bn) since the start of the year, beating the previous record of €8.1bn in the second half of 2020, with two weeks still left to go.

"The UK has just passed a major milestone," Yoram Wijngaarde, founder and CEO, Dealroom, said.

"The raw unicorn figures can be a sign of a maturing ecosystem, but there is also no let up in pace. Europe is an entrepreneurial hotbed attracting international investor attention, with 2021 investment already breaking all records.

"The 2021 unicorn founders club will be welcoming new members before long."