The number of “visible” green scaleups in the UK has fallen by 10 per cent year on year to 256, according to The ScaleUp Institute.
Last year it identified 282 companies operating within its broad definition of “green” which were growing sales by more than 20 per cent a year for three years, with at least 10 employees.
The Scaleup Institute has widened its green index research, however, to include what it calls “scaling pipeline businesses” growing at more than 10 per cent a year, which takes the total community of green scaleups to 316 companies.
Between them they have a combined turnover of £15.3bn, employ 62,996 people and have received £1.8bn in investment.
And one third of these 316 green businesses have earned £1.1bn in exports.
Where green scaleups are based
Encouragingly, nearly three quarters (73 per cent) of green scaleups are based outside of London and the South East.
The South West is the top region by turnover (£5.7bn), employment (21,121) and funding raised (£542.2m).
The East of England dominates when it comes to exports (£537.7m) and the South East in terms of total value of funding grants won (£39.3m).
Outside of the South West and the South East, green scaleups can be found in the East of England, the North West and Scotland. More specifically these green scaleups can be found around Bristol, Armagh, Edinburgh, Leeds, Aberdeen, Manchester and Chester.
As to who is putting money into green businesses, angel investors were the most active investor category (accounting for 11 fundraisings into visible scaleups), followed by the Parkwalk Opportunities EIS fund (8), Legal and General Capital (6), Octopus Ventures (5), Scottish Enterprise (5) and Parkwalk UK Tech Fund (5).
Wealth Club was the most active backer of scaling pipeline businesses with four deals.