UK creates a tech unicorn company every month over the past year

The UK has produced 13 tech unicorns valued at over $1bn over past 12 months, taking overall total to 72

The UK has created more than one billion-dollar tech unicorn company every month over the past year, and is now home to 72 unicorns.

It has more than double the number of unicorns as the next highest-ranking European country, and comes third globally to the US and China, according to data from Tech Nation and Dealroom.

More than a third of Europe’s fastest-growing tech unicorn companies are now based in Britain, following $35bn (£27bn) of investment in the British tech sector between 2013 and 2018.

Speaking at London Tech Week, which begins today, Prime Minister Theresa May will announce more than £1.2bn of new investment coming into Britain from 13 tech companies.

Software firm VMware will lead the pack with an investment of £1bn over the next five years, while Markley Group will enter the UK market by building a £150m data centre and creating 200 new jobs.

“British tech is growing one and a half times faster than the rest of the economy, adding more than £130bn to our economy every year,” May is expected to say.

“But if we are going to maintain our position as a global leader, our challenge is how we develop British tech and make it better.

“We want this to be the place everyone thinks of – and comes to – first when they want to develop their world-changing tech ideas. This is a challenge shared between industry and Government.

“Today we sit on the cusp of the next great industrial revolution, we have the opportunity to work together and ensure that the advances we see transform our world for the better, and for the benefit of everyone,” the Prime Minister will say.

May will also commit the government to invest £153m in the development of quantum computing.

Twitter and Square boss Jack Dorsey will also announce his support for UK small businesses as part of London Tech Week.

Further reading

Are you on track to be running a $1bn unicorn business?