London’s tech industry has increased tenfold over the last decade, a new report from the UK government’s Digital Economy Council and Dealroom, a discovery platform for investors, claims.
According to its figures, the number of unicorns in the country (companies valued at least $1 billion) grew from 8 to 81, with those nearing unicorn status growing at a similar pace.
London’s tech scene has venture capital investment to thank for the growth, as the money coming into the space grew from $1.7bn in 2010, to $16.02bn last year.
Fintech, ecommerce, digital healthcare and food delivery were some of the most successful verticals.
Growth doesn’t seem to have ended with 2020, as this year the trajectory remained the same. There are now 91 unicorns, including Hopin, Zego and Wise as the new entrants, City AM states.
While London is a regional leader, well ahead of Berlin, Paris or Amsterdam, it still trails some of the world’s biggest tech hubs, such as the Bay Area, Beijing and New York. The UK government wants to narrow that gap and has started reviewing listing laws as it seeks to make London more attractive for companies looking to go public.
According to City AM, culture secretary Oliver Dowden will meet with tech firms next week to discuss how to further expand the sector.