Ecommerce and delivery companies will make up one third of business making up the new Tech City UK Future Fifty intake, making ecommerce the dominant trend in the programme.
The Future Fifty programme showcases and supports 50 of the UK’s leading growth-stage digital companies, and the new intake have been identified as some of the UK’s hottest tech properties, underling the importance of ecommerce and delivery.
Among the new intake are Deliveroo the food delivery platform which was established in 2013 and has raised $199.59m to date; and Powa Technologies, which is using technology such as beacons to help retailers integrate physical and digital shopping. It was established in 2007 and has raised $176.7m to date.
Collectively, the new companies in the Future Fifty have raised more than $660m.
The success of the digital industry continues to drive economic growth across the country, and although the majority of the incoming companies are based in London, 40% are located outside the capital. Many were identified as having potential for rapid, global expansion.
Companies within the Future Fifty programme receive tailored support from a panel of experts within government and the private sector to accelerate their growth.
Eileen Burbidge, Chair, Tech City UK, said: “The UK is developing a global reputation for world-class digital innovation in sectors such as Fintech and E-commerce. In turn, this is attracting increasing investment activity, talent and expertise into the country.”
Since the programme was founded in 2013, the Future Fifty companies combined have raised a total of £791m and operate in 170 countries worldwide. The programme has assisted some of the most successful digital businesses in the UK, including Funding Circle, UNRULY and Zopa.
Gerard Grech, CEO, Tech City UK, comments, “Britain’s digital industry continues to defy expectation. From Fintech to online shopping, cyber security to gaming, the Future Fifty companies reflect the diversity of our fastest growing sector. In a rich and varied marketplace, these entrepreneurs are united by global ambition and enormous potential. The digital businesses joining the Future Fifty programme are a window into the future of the digital economy.”
Old Street Roundabout – copyright Stephen McKay.
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