Both Germany and France have been left in the dust as the Digital Minister said the UK has been creating a $1billion unicorn every fortnight. It comes after British technology firms raised a total of 29.4billion this year, more than double last years figure, according to data compiled by analysts Dealroom. It compares to 11.5billion raised in 2020.<\/p>\n
This year, technology companies outside of London and the South East alone raised 9billion.<\/p>\n
Digital Minister Chris Philp said 29 companies this year have reached the so-called unicorn status - being worth more than $1billion (750million).<\/p>\n
And they are said to be the envy of the rest of Europe.<\/p>\n
The 26billion raised is nearly double Germany's 13.5billion and three times the amount raised in France, at 8.6billion.<\/p>\n
While some had predicted an exodus away from the UK technology scene in the wake of the Brexit vote, five years on start-ups have raised nearly four times as much in 2021 as they did in 2016.<\/p>\n
Mr Philp said technology investors were expecting a whole load of Spacs (special purpose acquisition companies after regulators loosened rules around the funding mechanism.<\/p>\n
And he said there was now a need for longer-term British investors, such as pension fund managers.<\/p>\n
He added: \"Pension funds are hugely under-allocated to pre-IPO tech. There is a massive opportunity there for UK pension funds to invest in UK venture capital.<\/p>\n
READ MORE:Omicron 'largely evades' two jabs or past infection immunity protection as low at 19%<\/p>\n
In his budget, Chancellor of the exchequer Rishi Sunak, announced that the Government will ramp research and development (R&D) spending up to 22 billion per year by 2026.<\/p>\n
It is two weeks later than originally planned.<\/p>\n
But it means that, in five years time, public spending would be around 5billion higher than 2021.<\/p>\n
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Science superpower! Brexit Britain crushes EU rivals with 29.4bn record tech funding year - Daily Express<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Both Germany and France have been left in the dust as the Digital Minister said the UK has been creating a $1billion unicorn every fortnight. It comes after British technology firms raised a total of 29.4billion this year, more than double last years figure, according to data compiled by analysts Dealroom. It compares to 11.5billion raised in 2020. Continue reading