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Wise direct listing values fintech giant at $11 billion in big win for post-Brexit London
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Mayor outlines vision to make London the tech capital of the world
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UK tech industry grows tenfold in last decade as London leads Europe
The number of UK tech unicorns has grown tenfold in the last decade (Image: Matt Alexander, PA Wire)
The UK tech industry has expanded tenfold over the last 10 years as London continues to close the gap on Silicon Valley.
Between 2010 and 2020 the number of British unicorns private tech firms valued at more than $1bn grew from eight to 81, while the number of companies nearing unicorn status also grew tenfold.
Driving the rapid growth was a rapid increase in venture capital investment into the UK, which rose from £1.2bn in 2010 to £11.3bn last year.
The number of UK based technology unicorns - startups valued at over $1billion - surged by around tenfold over the last decade, new figures have shown.
There were just eight firms that held unicorn status in 2010, including Ocado and gambling giant Betfair, but this number had grown to 81 last year, according to data firm Dealroom.co and the Government s Digital Economy Council.
By comparison, France, Germany, Sweden and Israel, which have a combined population of about 170 million, had 85 unicorns between them.
Bursting out: A unicorn is a privately-held startup company worth more than $1billion
There was also a more than twelvefold rise in tech futurecorns, fast-growing startups worth at least $250million that have the potential to become unicorns such as energy provider Bulb and children s entertainment group Moonbug.
The UK becomes the European capital of tech unicorns
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