By Daniel Hunter
The UK’s leading digital businesses are driving economic growth and creating jobs nationwide, according to new data from Tech City UK’s Future Fifty initiative.
The latest figures found that the rate of new jobs created by Future Fifty member businesses is six times the national average.
To coincide with London Technology Week, the annual showcase celebrating the capital’s position as a hotbed of tech innovation, digital entrepreneurship and creative talent, a snapshot of Future Fifty members shows the momentum behind Britain’s most successful digital businesses.
Members of the Future Fifty programme, which include some of the most exciting fast-growth digital businesses operating in the UK, have increased their workforce by 30 per cent — well above the national year-on-year average of 5.4 per cent — and, alongside the 12 Future Fifty alumni companies, now employ more than 17,000 people in total.
Software developers made up the bulk of new hires, comprising almost 60 per cent of the roles filled by Future Fifty companies over the past year.
A further indicator of growth is the volume of funding raised by the companies. Since the inception of the programme, the Future Fifty member companies raised a combined total of £657 million across 22 funding rounds, with £443 million raised in the last 12 months alone.
The latest figures underline the vital importance of fast-growth digital businesses to the future of the national economy, and reflect the findings of the Tech Nation research powered by Tech City UK, which found that Britain’s technology sector employs 1.46 million people nationwide.
The research revealed that Future Fifty businesses employ more than 17,000 worldwide and that jobs at Future Fifty businesses increased by 30 per cent in the 12 months from June 2014 to June 2015 — more than six times the national average of 5.4 per cent
With regards to funding, the research showed that Future Fifty businesses have raised a combined total of £657 million in funding since the programme’s inception over 22 rounds and to date, Future Fifty businesses have paying customers in 170 companies around the globe.
Philipp Stoeckl, director, Future Fifty programme, comments: “Growth-stage companies are vital to the UK’s tech ecosystem. As a leading source of innovation and jobs, it is important that we continue to attract and support the world’s most promising companies to grow and scale their businesses in the UK.”