Tech Nation accepts 13 leading late-stage tech companies from across the UK onto its prestigious Future Fifty program

  • 13 late-stage tech businesses have today joined the Tech Nation’s prestigious Future Fifty program for leading late-stage UK tech companies.
  • Over the past 10 years, the Future Fifty program has supported 22% (30) of the 138 tech unicorns founded in the UK, who have raised £16.3bn collectively (contributing to over a third of the £47.1bn raised by all UK- founded unicorns).
  • The 13 late-stage companies joining this year work across multiple sectors; from climate technology (The Modern Milkman) and transport tech (Wave), to healthtech (Florence) and fintech (Yapily).
  • The Future Fifty 11.0 companies collectively employ over 4,200 people and have raised over $2bn in venture capital investment.
  • Nearly half (46%) of these companies are headquartered outside of London, making this the most regionally diverse Future Fifty cohort yet.
  • The success of these transformative businesses reflects the growth of the late-stage tech ecosystem at large. In 2022 so far, late-stage tech companies have raised $18.7bn – over 8 times the investment ten years ago in 2012 ($2.3bn).
  • Over the past year, late-stage tech companies have raised 50 mega rounds (of $100mn+), compared to ten years ago (in 2012), when there were just 2 mega rounds.
Tech Nation, the UK’s leading growth platform for tech scaleups, announces 13 new companies selected to join its eleventh Future Fifty program for late-stage tech companies. Future Fifty is Europe’s leading growth program for late-stage tech businesses, with alumni including Revolut, Skyscanner, Monzo and Deliveroo.

The latest companies to join the program are going from strength to strength in what has been a record breaking year for UK tech, with 12 UK tech ‘unicorns’ (companies valued at $1bn+) created in 2022 alone, and 166 ‘futurecorns’ ( fast-growing tech businesses under 10 years old set to achieve a $1bn+ valuation) currently in the pipeline.

Collectively, the 13 companies joining Future Fifty 11.0 operate in 19 different countries, have raised $2.2bn in VC investment (with their average total funding being over £150mn) and employ 4,269 people.

This is the most regionally diverse Future Fifty cohort yet, with nearly half (46%) of the late-stage companies hailing from outside of London. In the East of England, Somersham-based Paragraph manufactured high-purity graphene (for making electronics) at scale, while Cambridge-based AI company Speechmatics have developed Automatic Speech Recognition technology that understands every human voice. In the North West, Manchester-based The Modern Milkman has modernized the milk round to help reduce customers’ household waste, while Zutobased in Macclesfield, is working to make car financing more transparent.

Team paragraph
Solving global challenges

Following the Covid-19 pandemic, and in the midst of 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 Milkman is the first climate tech company to be joining the Future Fifty programme, helping households to reduce waste and live more sustainably, while healthtech company Florence is using technology to help tackle the shortage of healthcare staff globally.

Another of the Future Fifty 11.0 companies, insurtech company YuLifehas changed the nature of life insurance by enabling YuLife policyholders to complete everyday wellness activities in order to earn YuCoin, which they can use to buy gifts for themselves, friends or family, or to improve the world through planting trees and donating to charity.

The UK’s late-stage tech ecosystem

The success of these high-achieving companies reflects the growth of the late-stage tech ecosystem at large. In 2022 so far, late-stage tech companies have raised $18.7bn – over 8 times what was invested ten years ago ($2.3bn in 2012).

Over the past year, late-stage tech companies have raised 50 mega rounds (of $100mn+), compared to ten years ago (in 2012), when there were just 2 mega rounds.

Future Fifty’s mission

Over the past 10 years, the Future Fifty program has supported 22% (30) of the UK’s 138 UK-founded tech unicorns, who have raised £16.3bn collectively (contributing to over a third of the £47.1bn raised by all unicorns founded in the UK).

As a late-stage tech business, the stakes are high, and Future Fifty was designed to offer tailor-made guidance that addresses challenges unique to the most successful tech companies in the country. All of the companies joining Future Fifty 11.0 will be growing and expanding rapidly over the coming months, with their average projected headcount increase for the next year sitting at over 400%, and with the businesses planning to expand to 44 countries collectively in the next year .

Over the next 6 months, the newest Future Fifty cohort will guide them through their rapid scaling journey by granting them access to peer-to-peer learning opportunities, open dialogue between experienced entrepreneurs and founders, in-depth masterclass sessions run by seasoned coaches, sessions with key government officials and exclusive ministerial roundtables, and access to a dedicated Tech Nation Visa team.

Tech Nation is pleased to announce that HSBC UK, Evelyn Partners and Slaughter and May will be Program Partners for this year’s Future Fifty program, and will provide invaluable support, expertise and insights to the new Future Fifty cohort.

Quotations:

Hussein Kanji, Partner at Hoxton Ventures and Future Fifty 11.0 Judge, said: “Over the past decade, Tech Nation’s Future Fifty program has been the definitive list for identifying the UK’s best and brightest scaling technology companies. This is the strongest cohort I have seen to date in terms of ambition, innovation and scaling potential. It’s amazing to see both the winners and applicants improve year over year, as the UK’s tech ecosystem continues to mature.”

Andres Pieczanski, Managing Partner at 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 in support of the next generation of UK entrepreneurs. The level of innovation, growth and ambition shown by these companies should serve as an inspiration to us all.”

Ben Johnson, Partner (and Member of the Founding Team) at Vitruvian Partners and Future Fifty 11.0 Judge, said: “It’s a real privilege to have been part of the judging for this year’s Future Fifty cohort. Over the years I have been judging the program, I have observed continued growth 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 the submissions this year, and by the diversity of the companies, which represent a wide range of industries from all over the country. The companies that made it into Future Fifty 11.0 have the potential to become future market leaders, with the ambition and potential to scale rapidly 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 Future Fifty becomes exponentially more impressive. With so many talented founders, who are building incredible products and companies, going through a thorough judging process, the winners can truly be proud of making it into the best accelerator program in the UK for late-stage tech companies. I’m excited to be supporting the cohort on their Future Fifty journey alongside the Tech Nation team, so they can become future market leaders. Being part of such a valuable ecosystem and support network, the Future Fifty 11.0 cohort now has the opportunity to accelerate at speed.”

Linda Main, Partner at KPMG and Future Fifty 11.0 Judge, said: “I’ve been a judge of the Future Fifty program since it was established and I have been consistently impressed with the great range of UK tech businesses who have benefited from the program over the years.”

Tom Wilson, Partner at Seedcamp and Future Fifty 11.0 Judge, said: “The quality of applicants across the board was really high and further highlights the strength of the UK’s late-stage tech companies. I’ve no doubt the companies that have been selected will make the most of the Future Fifty program and all it has to offer.”

James Meekings, Co-Founder and UK Managing Director at Funding Circle and Future Fifty 11.0 Judge, said: “Congratulations to the latest Future Fifty companies! It’s been a privilege to work with Tech Nation to support the UK’s late-stage tech firms. The Future Fifty 11.0 cohort shows yet again how vibrant and truly disruptive the UK’s tech sector is. Tech Nation has been phenomenal at fueling the growth of the most ambitious UK founders, teams and businesses, as the UK continues to be a global tech leader.”

Niamh Gavin, Founder and Investor and Future Fifty 11.0 Judge, said: “It’s always wonderful to see companies which I met at the napkin stage go on to become household names. Such a feat is even more impressive when they do so despite recent global headwinds. Future Fifty’s mix of C-Suite masterclasses, peer support and Government introductions facilitates sustainable growth, which is key for the UK ecosystem.”

Rabin Yaghoubi, Chief Corporate Development Officer at Aleph Group and Future Fifty 11.0 Judge, said: “I very much enjoyed judging this year’s impressive crop of companies – all demonstrating resilience, ingenuity and sustainable growth during uncertain and tumultuous times. Through Future Fifty, leaders of the UK’s fastest-growing scale-ups get unrivaled recognition, access and peer-to-peer support at a critical stage of what is often a lonely journey. The program also sets a formidable example for how government-funded initiatives can impact and champion our digital ecosystem.”

Top Image: Speechmatics team

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