Tech Nation Report 2020

BNP Paribas Real Estate have partnered with Tech Nation to support its mission to empower and champion the UK’s tech sector.

 

We are living in times of unprecedented change, with tech entrepreneurs and innovators leading the way. Estimates suggest that the digital economy alone accounts for $11.5 trillion globally, or 15.5% of global GDP, and employs 2.9m people in the UK, up from 2.1m in 2017, a truly seismic shift with more to come.

The UK is already a major winner in the tech sector, with a record £10.1bn invested in 2019 (up 44% year on year). Five of Europe’s top 20 destinations for investment – London, Cambridge, Bristol, Edinburgh and Oxford – contribute to the UK having the largest investment share of any European country.

As the industry matures in the UK we are seeing more focus on scaleups – 81% of investment made into UK tech during 2019 went to scaleup firms. With that growing maturity comes a change in the workspace and infrastructure needed for these companies to thrive.

BNP Paribas Real Estate has advised tech companies at all stages of development from startups looking for serviced space, to high-growth UK businesses and mature global players like IBM. We’re proud to support scaling tech companies with top quality digital and physical infrastructure, as well as space where talented professionals want to live and work. Our own Next X research into the UK’s best current and future locations points to a need to understand local community, wellbeing and the environment to attract and retain great talent.

As part of BNP Paribas Group we have a long history of channelling resources towards projects which address the social and environmental challenges facing society, and we are delighted to continue this work by partnering with Tech Nation on its mission to empower and champion the UK’s tech sector.

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To request a copy of the Tech Nation 2020 report, simply click below.

Key Findings

  • Digital tech sector grew 6x faster than the rest of the UK economy in 2019 (DCMS and Tech Nation, 2020)
  • Digital tech employed 2.9m people in 2019, an increase of 40% from 2017 (Tech Nation and Office for National Statistics, 2020)
  • 71% increase in Series C investment and a 51% increase in Private Equity investment in 2019
  • Manchester is the fastest growing European tech
  • 97 UK companies valued at between $250-$800m in the UK in 2019) - the most ever on record - 27% increase from 2018 - including Raspberry Pi, Atom Bank, Bulb and Nutmeg
  • Investment in UK tech companies addressing UN Sustainable Development Goals (SDG) almost doubling in the last year from $2.1bn investment to $3.8bn. UK SDG aligned companies have raised more over the last six years than those in any other European country
  • UK AI companies raised more than $2.4billion, breaking an all-time investment record
Key Findings