UK’s Future Fifty tech firms have raised over £1.1bn investment to date
Fast-growth digital businesses can now apply to be part of the next cohort of Tech City UK's Future Fifty programme
Businesses from Tech City UK’s Future Fifty programme; 50 of the country’s fastest-growing digital businesses, have collectively raised a total of £1.1bn on London’s capital markets, according to recent analysis.
Tech City’s study of the programme’s latest cohort revealed that in the first nine months of 2015 alone Future Fifty tech firms – including Startups 100 featured Transferwise and Adzuna – secured £470m in funding; up 63% on the amount raised for the whole of 2014.
This fundraising has fuelled a period of large-scale international expansion, with businesses within the group now present in over 170 companies and a third of their combined workforce based outside the UK.
The programme’s high-growth tech firms – 22 of which are led by first-time founders –are now responsible for the employment of 9,000 people, an increase of 30% on last year.
To date, four Future Fifty businesses have been acquired, including marketing tech company Unruly which was acquired by Rupert Murdoch’s News Corp in September as part of a £114m deal.
Application’s for the next Future Fifty cohort are now open. To be eligible, businesses must have revenues of £3m-£30m and 30% year-on-year revenue growth.
Gerard Grech, CEO of Tech City UK, said: “Successful fundraising and international expansion are two fundamental characteristics of all fast growing digital businesses. Unprecedented numbers of British companies are following this growth trajectory and consolidating the UK’s position as a country in which the most successful companies can flourish.”
Sarah Wood, founder of Unruly, said of the Future Fifty programme:
“[It] offers Unruly a unique platform to elevate our company brand and to be proudly counted amongst a curated list of some of the most exciting digital trailblazers in the UK.
“Tech City UK are able to give us practical help and advice in tackling the speed bumps and barriers we face on our growth journey – invaluable when you’re a lean scale-up and internal resources are stretched!”