- 13 late-stage technology businesses have today joined Tech Nation’s prestigious Future Fifty program of leading UK late-stage technology companies.
- Over the past 10 years, the Future Fifty program has backed 22% (30) of the 138 tech unicorns founded in the UK, which have raised £16.3 billion collectively (contributing to over a third of the 47.1 £billion raised from across the UK- founded unicorns).
- The 13 late-stage companies joining this year work across multiple sectors. from climate technology (The Modern Galatian) and transport technology (Wave), in health technology (Florence) and fintech (Yapily).
- The Future Fifty 11.0 companies collectively employ over 4,200 people and have raised over $2 billion in venture capital investment.
- Almost half (46%) of these companies are based outside of London, making this the most regionally diverse Future Fifty group to date.
- The success of these transformative businesses reflects the growth of the late-stage technology ecosystem in general. So in 2022 the far, late-stage tech companies have raised $18.7 billion – more than 8 times the investment ten years ago in 2012 ($2.3 billion).
- Over the past year, late-stage tech companies have raised 50 mega rounds ($100M+), compared to ten years ago (in 2012), when there were only 2 mega rounds.
Tech Nation, the UK’s leading growth platform for technology scale-ups, announces 13 new companies selected to participate in its eleventh Future Fifty program for late-stage technology companies. Future Fifty is Europe’s leading growth program for late-stage technology businesses, with alumni including Revolut, Skyscanner, Monzo and Deliveroo.
The latest companies to join the program build on a record year for UK tech, with 12 UK tech ‘unicorns’ (companies valued at $1bn+) created in 2022 alone and 166 ‘future waxes’ (Fast-growing tech businesses under 10 to hit $1B valuation+) currently in the pipeline.
Collectively, the 13 companies that make up the Future Fifty 11.0 operate in 19 different countries, have raised $2.2bn in VC investment (with their average total funding exceeding £150m) and employ 4,269 people.
This is the most regionally diverse Future Fifty group to date, with almost half (46%) of late-stage companies coming from outside London. In East Anglia, based in Somersham Paragraph manufactures high-purity graphene (for making electronics) at scale, whereas Cambridge-based artificial intelligence company Conversational have developed automatic speech recognition technology that understands any human voice. In the North West, based in Manchester The Modern Galatian has modernized the milk round to help reduce customers’ household waste, while Zutobased in Macclesfield, works to make car finance more transparent.
Solving global challenges
In the wake of the Covid-19 pandemic and amid growing environmental concerns and a cost-of-living crisis, these companies are helping us solve some of the biggest social, economic and environmental challenges of our time. The Modern Galatian is the first climate tech company to join the Future Fifty programme, helping households reduce waste and live more sustainably, while healthtech Florence uses technology to help address the global health care workforce shortage.
Another one of the Future Fifty 11.0 companies, an insurtech company YuLifechanged the nature of life insurance by enabling YuLife policyholders to complete daily wellness activities to earn YuCoin, which they can use to buy gifts for themselves, friends or family, or to improve the world planting trees and donating to charity.
UK’s late-stage tech ecosystem
The success of these high-performing companies reflects the growth of the late-stage technology ecosystem in general. So in 2022 the far, late-stage technology companies have raised $18.7 billion – more than 8 times what was invested ten years ago ($2.3 billion in 2012).
Over the past year, late-stage tech companies have raised 50 mega rounds ($100M+), compared to ten years ago (in 2012), when there were only 2 mega rounds.
Future Fifty’s mission
Over the past 10 years, the Future Fifty program has backed 22% (30) of the 138 UK-founded UK tech unicorns, which have raised £16.3 billion collectively (contributing to over a third of the 47 .1 billion raised by all unicorns founded in the UK).
As a late-stage technology business, the stakes are high, and Future Fifty was designed to offer personalized guidance that addresses unique challenges for the most successful technology companies in the country. All the companies joining Future Fifty 11.0 will grow and expand rapidly in the coming months, with their average projected headcount growth over the next year topping 400% and the businesses planning to expand to 44 countries collectively the following year .
Over the next 6 months, the younger Future Fifty team will guide them on their fast-scaling journey by providing them with access to peer-to-peer learning opportunities, open dialogue between experienced entrepreneurs and founders, in-depth masterclass sessions from experienced coaches. meetings with key government officials and exclusive ministerial roundtables and access to a dedicated Tech Nation Visa team.
Tech Nation is pleased to announce HSBC UK, Evelyn Partners and Massacre and May will be Program Partners for this year’s Future Fifty program and will provide invaluable support, expertise and knowledge to the new Future Fifty cohort.
Hussein Kanji, Hoxton Ventures Partner and Future Fifty 11.0 Judge, said: “For the past decade, Tech Nation’s Future Fifty program has been the definitive list to identify the UK’s best and brightest scaling tech companies. This is the strongest group I’ve seen to date in terms of ambition, innovation and potential to scale. It’s amazing to see both the winners and nominees improve year on year as the UK tech ecosystem continues to mature.”
Andres Pieczanski, Managing Partner of IA Global Capital and Future Fifty 11.0 Judge, said: “At a time of increasing uncertainty in the economic environment, initiatives such as Tech Nation’s Future Fifty provide a critical catalyst to support the next generation of UK entrepreneurs. The level of innovation, growth and ambition shown by these companies should be an inspiration to us all.”
Ben Johnson, Partner (and Founding Team Member) at Vitruvian Partners and Future Fifty 11.0 Judge, said: “It is a real privilege to be involved in judging this year’s Future Fifty cohort. Over the years I have been judging the programme, I have seen a continuous increase in the quantity and quality of entrants, which speaks to the growth and health of the UK tech ecosystem. I have been incredibly impressed by the standard of submissions this year and the diversity of companies, representing a wide range of industries from across the country. Companies entered into Future Fifty 11.0 have the potential to become future market leaders, with the ambition and ability to scale quickly with Tech Nation’s support.”
Lorna Tilbian, Executive Chairman of Dowgate Capital and Future Fifty 11.0 Judge, said: “Each year, the caliber of companies applying for the Future Fifty becomes exponentially more impressive. With so many talented founders, building incredible products and companies, going through a thorough judging process, the winners can really be proud to have entered the UK’s best accelerator program for late-stage technology companies. I am excited to support the team on their Future Fifty journey alongside the Tech Nation team to become future market leaders. As part of such a valuable ecosystem and support network, the Future Fifty 11.0 cohort now has the opportunity to accelerate with speed.”
Linda Main, KPMG partner and Future Fifty 11.0 Judge, said: “I have been a judge on the Future Fifty program since it was established and have been consistently impressed with the wide range of UK technology businesses that have benefited from the program over the years.”
Tom Wilson, Partner at Seedcamp and Future Fifty 11.0 Judge, said: “The quality of candidates across the board was really high and further underlines the strength of the UK’s late-stage tech companies. I have no doubt that the companies selected will make the most of the Future Fifty program and all it has to offer.”
James Meekings, Co-Founder and UK CEO at Funding Circle and Future Fifty 11.0 Judge, said: “Congratulations to the final Future Fifty companies! It has been a privilege to work with Tech Nation to support the UK’s late-stage tech companies. The Future Fifty 11.0 cohort shows once again how vibrant and truly disruptive the UK tech sector is. Tech Nation has been phenomenal in fueling the growth of the UK’s most ambitious founders, teams and businesses as the UK continues to be a world leader in technology.”
Niamh Gavin, founder and investor and Future Fifty 11.0 Judge, said: “It’s always great to see companies I met in the napkin scene become household names. Such a feat is all the more impressive when they do it despite recent global headwinds. Future Fifty’s combination of masterclasses, C-Suite, peer support and government input facilitates sustainable growth, which is key to the UK ecosystem.”
Rabin Yaghoubi, Chief Corporate Development Officer of Aleph Group and Future Fifty 11.0 Judge, said: “I thoroughly enjoyed judging this year’s impressive crop of companies – all demonstrating resilience, ingenuity and sustainable growth in uncertain and turbulent times. Through Future Fifty, the leaders of the UK’s fastest growing scales receive unrivaled recognition, access and peer-to-peer support at a critical stage of what is often a lonely journey. The program is also a terrific example of how government-funded initiatives can impact and defend our digital ecosystem.”
Top Image: Logic Group