Tech Nation has announced the latest entries for its annual 'Future Fifty' programme, selecting a cohort of startups that have responded well to the pandemic.
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The Future Fifty is for late-stage digital businesses and the 15 new entrants include virtual events platform Hopin, geospatial app What3Words and autonomous car firm Oxbotica.
The programme reflects the growth of the UK tech sector and the "funnel" which takes companies from seed to billion-dollar valuations. It was initially launched in 2013 and around 202 companies have so far taken part in the programme, collectively raising $36 billion in venture capital investment, with 11 going on to become publicly traded companies. This include the likes of Deliveroo, Darktrace, Wise and Revolut - the UK's single largest tech company, valued at £23 billion.
The new entrants include companies that have surpassed unicorn status this year, with the UK reportedly seeing 20 startups breach the $1 billion mark in 2021. Hopin, for instance, has seen its valuation rise to $7.75 billion since March 2020. Other companies selected to join Future Fifty include Cazoo, Cognism, Double Eleven, Form 3, Huma, Multiverse, MYPINPAD, STATSports, Strike, Tessian, Wagestream and Wolf & Badger.
In total, new joiners to the programme are planning to increase their headcount by an average 60% in the next 12 months. Japan is the top country companies are planning to expand to, followed by Canada, Germany, South Africa and China.
"The companies selected to join this year's Future Fifty programme are a shining example of the UK's entrepreneurship, innovation and resilience," said Gerard Grech, founding chief executive, Tech Nation.
"The UK tech sector is the cornerstone of our economic growth, the 15 companies joining Future Fifty 10.0 collectively employ over 5,000 people and have raised almost $1.6bn in venture capital investment. Based across the UK, nurturing the growth of these scaling late-stage tech companies is critical to future proofing the UK's economy'.
