British technology firms brought in a record $15 billion in venture capital funding in 2020, including seven private firms valued at over $1 billion each (referred to as “unicorns”).
The companies attracted more money from investors than all of Europe combined, according to data by Dealroom. In 2019, the total raised was $14.8 billion. The generous investments helped create seven unicorn firms, making the UK home to more unicorns than any other European country. The UK has as many as the Netherlands, Germany, and France combined.
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The UK’s digital secretary, Olive Dowden, said it is great to see the UK’s tech firms flourishing, despite the many challenges of the past year. The thousands of high-skilled jobs that will be created will be crucial to the economic recovery, and the government is committed to supporting the sector through a pro-tech approach. The digital minister said that despite the challenges with the pandemic, the UK tech field has had one of the strongest years ever, creating seven new billion-dollar companies and reaching record levels of investment.
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