The UK’s technology ecosystem now has a valuation of $1trn according to Dealroom data analysed by the UK’s Digital Economy Council.
In Brief:
The UK is now the third country in the world to reach this valuation, after the US and China.
The technology industry in the UK is valued at more than twice that of Germany.
These new figures are being announced by Digital Minister Chris Philp at the West Midlands Tech Review in Birmingham.
What does this mean?
The UK’s technology growth was, unsurprisingly, spurred on by the global pandemic with the fastest growth (an increase of 42%) taking place between 2020 and 2021. Now, the UK is home to 13 decacorns – companied valued at above $10bn – and 14 unicorns.
