The UK stands fourth in the world just behind US, China and India for scale-up investment in the tech sector, as per the findings of the Tech Nation Report 2019.
According to the report, the UK tech sector did particularly well in 2018 by attracting £5bn in scale-up investment, which represents 5.2% of global high-tech scale-up investment of more than £245bn in the 2015-2018 period. The UK, as a result, stands ahead of the likes of Germany, France and Sweden for tech investment.
Scale-up tech investment in the UK was 2.5 times higher than what was expected based on the relative size of its economy. When it comes to total venture capital investment in 2018, the UK tech sector raked in £6.3bn, which is more than any other country in Europe.
Tech Nation Report 2019 found that the UK has scored over Japan, France and India as far as recruitment of tech talent is concerned by accounting for 5% of all high-growth tech workers employed across the world.
In the fintech sector, the UK stands first with investment in high-growth fintech firms reaching £4.5bn between 2015 and 2018.
According to the Tech Nation Report 2019, 35% of Europe and Israel’s 169 unicorn tech firms have been created in the UK.
When it comes to investment in innovation, the UK sits in the seventh position for research and development (R&D) expenditure, based on the most recent data from 2016. The R&D expenditure in the country in 2016 equals 1.67% of gross domestic product (GDP).
The Tech Nation Report 2019 revealed that there has been a six-fold growth in the UK for investment in artificial intelligence from 2014 to 2018.
Tech Nation CEO Gerard Grech said: “The UK continues to exceed all predictions when it comes to tech growth. This report shows how the UK is a critical hub when it comes to global technology developments, with scale-up tech investment being the highest in Europe, and only surpassed by the US, China and India.
“This is a testament to the innovation, ambition and tenacity of tech entrepreneurs across the UK. These valuable findings will help inform how the UK as a nation can continue to foster competition and collaboration in an increasingly interconnected world.”