Investment into mid-stage tech companies reaches new heights
pharmafile | October 12, 2021 | News story | Manufacturing and Production |
31 companies have been accepted into Tech Nation’s Upscale growth programme for fast growing, mid-stage (Series A) scaling tech companies. This programme, known as Upscale 7.0, supports the UK’s most successful tech companies to help them overcome growth challenges and scale faster.
Nearly a quarter of the new cohort of companies come from healthtech, and a sixth are edtechs. The success of these 31 companies, which have an average growth rate of 250%, reflects the growing strength of the mid-sized market overall. Mid-stage scaling tech companies have raised $2.7bn in 2021 so far, an all-time record, up from $2.4bn in 2020.
The UK currently has 136 tech ‘futurecorns’ (fast-growing tech businesses set to achieve a $1bn+ valuation) in the pipeline, illustrating the exponential and rapid growth of UK tech, as companies innovate to solve social, economic, and environmental challenges.
Digital Secretary Nadine Dorries said: “It’s fantastic to see so many fast-growing scaleups creating wealth and well-paid jobs up and down the country. Through organisations like Tech Nation, this government is helping people across the UK get the skills they need to work in this fascinating industry and supporting businesses with pro-innovation policies so they can continue to grow and thrive.”
Check Warner, Partner at Ada Ventures, Co-founder of Diversity VC and Upscale 7.0 judge, added: “The depth, breadth and diversity of this year’s Upscale cohort is indicative of the positive evolution of the UK’s startup and scaleup ecosystem. It’s fantastic to see a third of the cohort with female founders or co-founders, and companies represented from Yorkshire, Scotland and Northern Ireland. The Upscale programme is going to supercharge these companies to the next stage of hyper growth, which is great news for investors, founders and the economy as a whole.”
Companies accepted into Upscale 7.0 will receive over 60 hours of support at world-class coaching sessions, attend networking events with key stakeholders, and have access to a broad range of online resources. This programme is part of Tech Nation’s mission to fuel the growth of tech scaleups who are at a critical stage of their growth.
Lina Adams
