UK tech scaleups receive record H1 investment in 2022

Tech Nation, the UK’s leading growth platform for tech scaleups, announces the 35 mid-stage scaling tech companies that have been accepted into Upscale 8.0 - the eighth iteration of the Upscale programme, which supports the UK’s fastest-growing mid-stage (Series A) tech companies to overcome common growth challenges and scale faster. This is a critical time in every scaleup’s journey, as around 60% of companies that raise Pre-Series A funding fail to make it to Series A or beyond. 

The success of these 35 companies - which have an average growth rate of 250% - reflects the strength of the mid-sized market overall, which is growing faster than ever across the board. Data from Tech Nation and Dealroom reveals that mid-stage scaling tech companies (at Series A) have raised $5.1bn in 2022 (January - August) so far already - an all time record for H1 - compared to $5.6bn in the whole of 2021. The top three fastest scaling sectors for mid-stage companies in 2022 are fintech (the fastest scaling sector, which has received $1.4 billion in VC investment this year), then healthtech (with $769mn) and then energy tech (with $542mn).

According to new data from Dealroom and Tech Nation, the UK currently has 166 tech ‘futurecorns’ (fast-growing tech businesses under 10 years old set to achieve a $1bn+ valuation) in the pipeline, demonstrating the rapid growth of UK tech as companies innovate to solve social, economic and environmental challenges.

Fast-tracking growth across the UK

Over half (18) of the companies in Upscale 8.0 hail from outside of London, with companies based across the UK, including Scotland (such as PlayerData), Northern Ireland (such asRESPONSIBLE) and the North West (such as Lunio). 

The new companies joining Upscale collectively employ over 1,400 people, and over half (20) of the Upscale 8.0 companies (20) have employees overseas. Together, the companies operate across 27 countries, including the UK, and nearly half (40%) have at least one non-British founder.

Notably, nearly half (15) of the latest cohort companies have female founders or co-founders.

Upscale 8.0’s mission 

The six-month government-backed Upscale programme was designed to support and scale the most promising mid-stage tech companies in the UK - at a critical stage of growth.

Companies accepted into the Upscale programme will receive over 60 hours of support at world-class coaching sessions (delivered by over 20 expert scale coaches), attend networking events with key stakeholders, peers, corporates and investors, and have access to a range of online resources, designed to tackle fundamental scaling challenges around culture, talent, international expansion and financing.

Empowering all of the scaling companies in the new Upscale cohort is at the core of Tech Nation’s mission to fuel the growth of tech scaleups who are helping us create a stronger economy, society and future.

Tech Nation is pleased to announce that Cooper Parry, Cooley and Silicon Valley Bank will be Programme Partners for this year’s Upscale programme, and will provide invaluable support, expertise and insights to the Upscale 8.0 cohort.

Winnie Yan, Upscale Programme Lead at Tech Nation, said: “I am delighted to welcome all of these ambitious, fast-growing tech scaleups to the Upscale programme this year. The impact these companies’ innovative solutions are already having on people’s lives across so many industries is evident from their combined revenue of over £90 million, and it’s fantastic to see investors taking note of the potential these tech companies have not only to scale but to transform every corner of society for the better.”

ZeShaan Shamsi, Director at The People Collective and Upscale 8.0 Judge, said: “When I was judging the applications, I was first struck by the creative approaches these companies were using to address some significant problems. I was then moved by their passion for being a part of the Upscale programme. It only serves to highlight how highly scaling startups value the chance to access expertise and be part of the Upscale community. It's one that I love being part of too.”

Jat Bansal, Director of Talent at Funding Circle and Upscale 8.0 Judge, said: “I thoroughly enjoyed my recent judging & advisory experience with Tech Nation on the Upscale programme. I resonate with Tech Nation's ambitions in helping entrepreneurs & small businesses get the support they need to grow, innovate and disrupt. It was brilliant to see some incredible and innovative UK based tech scale ups disrupting multiple industries and creating something really special for the future.  Having Tech Nation to support and drive this ecosystem in the UK continues to be key to unlocking upcoming talent and ideas.”

Mandeep Singh, Co-founder and Former CEO of Trouva and Upscale 8.0 Judge, said: "As an alumnus of Upscale, I know first-hand how valuable the programme can be to help tech companies accelerate their growth and scale. I was therefore delighted to help judge Upscale 8.0, and I can honestly say the quality of this year's cohort shows how the UK tech's ecosystem continues to go from strength to strength."

Carrie Babcock, Investment Manager at Beringea and Upscale 8.0 Judge, said: “Tech Nation's Upscale programme is a great opportunity for startups looking to grow as it connects them to valuable investors and resources, and it lends them an immense amount of visibility - we certainly pay a lot of attention to this list at Beringea. This year's cohort includes a diverse range of innovative companies and impressive founders, and as with every year, I look forward to finding out more about them."

Justina Chung, Investment Vice President at SoftBank and Upscale 8.0 Judge, said: “The enduring strength and quality of UK scaleups is clear. For the tech community to continue to thrive, a shared commitment between Government and private sector is essential, and Tech Nation is an important way to recognise these rising stars. Congratulations to all those in the 2022 Upscale cohort.”

Divinia Knowles, Upscale 8.0 Judge, said: “I am honoured to have been part of the judging for this year’s Upscale cohort. I have been incredibly impressed with the standard of the submissions and with the diversity of brilliant companies that I have seen that represent a wide range of industries from all over the country. The selection that made it into Upscale 8.0 represent the best up-and-coming disruptive tech startups in the UK, with the ambition and potential to scale rapidly and successfully with Tech Nation’s help and support.” 

Katy Trost, CEO Coach, Founder Advisor & Upscale 8.0 Judge, said: “Each year, the companies applying for Upscale are seriously 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 growth accelerator programme in the UK. I’m excited to be supporting the cohort on their Upscale journey alongside many other mentors, coaches, and the Tech Nation team, so they can reach the next level in their scaling journey. Being part of such a valuable ecosystem and support network, the 8.0 participants now have the opportunity to accelerate their companies in so many ways.”