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Bristol named as one of Europe’s top 20 tech hubs
Bristol is one of the leading hubs in what has been a record-breaking first quarter for the tech industry in the UK.
Companies in the city have raised £220m in venture capital investment so far this year in a sector that continues to go from strength to strength and is increasingly recognised as vital to the country’s economy.
The strong contribution puts the city in the top 20 in Europe – in 18th place, just marginally behind Oxford – while London tops the list, which was compiled by data from Dealroom analysed for the UK’s Digital Economy Council.
A record-breaking start to 2022 saw more than 950 UK tech startups and scaleups in the UK raise £12.4bn, more than the £12bn raised across the whole of 2020.
Some £9bn was raised in the first quarter of 2022, compared to £6.3bn for the same period last year.
This puts Britain second only to the US when it comes to startup investment raised this year, ahead of China, India and France.
Bristol is 18th in the top European cities ranked by tech venture capital investment – image: Dealroom
Commenting on the sector, Gerard Grech, the founding chief executive of Tech Nation, said: “UK tech startups and scaleups are increasingly critical to the UK economy, providing high paying jobs and investing in the technologies that help make this country a hotbed of innovation and creativity.
“With more than 17 times growth in value at just under $1trillion and investment over the last ten years, the UK tech ecosystem continues to go from strength to strength.
“We continue to work hard at making the most of this momentum through the right network effects and interventions with government and partners, having seen over 1,000 companies graduate from 41 of our growth and sector programs, with less than a five per cent failure rate over the last eight years.”
The latest figures firmly cement Britain’s place as a leader in tech and Bristol is at the forefront of this.
Some of the city’s big players this year include Clear Bank, a new clearing bank based on Marsh Street in Bristol city centre, which raised £181m in March, while impact-focused fintech Tumelo, based at Runway East on Victoria Street, raised £15m in May.
Bristol is also home to three unicorns – startups worth more than $1bn – with zero carbon air travel startup Vertical Aerospace joining Graphcore and OVO Energy in the exclusive club last year.
UK tech investment by year – source: Dealroom
Fintech has come out as the strongest sector for UK tech investment, with £6.2bn raised by startups and scaleups already this year, while healthtech was the second-most popular for investment so far, with around £791m invested.
The latest data was published in time for London Tech Week, which brings together leading names from across the UK’s digital industries, and just ahead of SETsquared Bristol’s Tech-Xpo 2022 on June 29.
Main photo of Bristol Technology Festival: @JonCraig_Photos
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