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Manchester: Booming tech sector attracts investment

The UK tech sector’s investor and employment boom is highlighted in the Tech Nation Report 2020 produced by Tech Nation, the growth platform for tech companies. This shows that the digital tech sector grew six times faster than any other industry in 2018, contributing £149bn to the UK economy or 7.7% of UK GVA (the value of goods and services produced in the UK). The sector now employs 2.9 million people – 40% more than in 2017 – or 9% of the national workforce.

The UK is home to 77 tech unicorns ($1 billion-valued companies) and 95 companies valued at between $250 and $800m in 2019. This is the most ever on record and a 27% increase from 2018. So far, these companies have raised £6.75bn and employ 17,475 people.

UK companies secured a third of the £30.4bn of investment raised by tech companies during 2019 in Europe, with fintech, AI and healthtech all attracting late stage scaling investment. In 2019, 81.2% of investment into UK tech went to scaling firms (companies that have seen average annualised growth of at least 20% over three years with 10 or more employees at the start of the period).

Manchester is the fastest growing European tech city, with a 277% increase in investment between 2018 and 2019, from £48m to £181m.

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