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The news comes as Britain sees a surge in UK based so-called Unicorn enterprises, often involved in the tech industry. In business, a unicorn is a privately held startup company valued at over £850million ($1billion). The term was first popularised in 2013 by venture capitalist Aileen Lee, choosing the mythical animal to represent the statistical rarity of such successful ventures.
Taking to Twitter to celebrate the news, Andrew Neil said: “Britain leads the investment boom in the European tech industry, with more than $100billion of venture capital invested this year, 3 times 2020.”
He continued: “UK top of capital invested + no. of unicorns created. Cambridge designated unicorn capital of Europe.”
Such companies located in the University city include Cambridge Mobile Telematics, providing full-stack telematics solutions and valued at £1.13billion ($1.5billion), CMR Surgical, providing the latest in modern surgical technology, valued at £750m ($1billion), and EQRx, a biotechnology company specializing in turning existing drugs into generic versions, valued at £923million ($1.23billion).
Andrew Neil celebrates a huge Brexit victory for Britain
Andrew Neil Tweets about the success
Enjoying the success, Colin Combover replying to Mr Neil said: “A timely tweet which underlines the need for disinvestment in Eurozone prior to destabilising changes to financial regulation in the zone.”
He added: “The UK is a safe haven for investment.”
In 2020 UK investment in tech was the third highest in the world, hitting a record high of £11.3billion ($15billion).
This year looks set to notch up more records, with £6.2billion ($8.3billion) invested in Q1 alone.
UK deep- or hard-tech investments rose by 17 percent last year, the highest rate of growth in that market worldwide.
Monies raised via tech and consumer Internet IPOs doubled between 2018 and 2020 on the London Stock Exchange, with more flotations in the offing this year.
People took to Twitter to celebrate the news
Boris Johnson examining digital tech used in the rail system
Aside from deep tech (including robotics and AI) and fintech (in which the UK is world number two after the US), so-called “impact tech” is emerging as another hotspot, as organisations look for help in hitting the UN’s Sustainable Development Goals (SDGs) and the UK’s Net Zero target.
The digital sector did well during the pandemic months as companies drifted towards mobility, remote working, cloud platforms and other tools.
Despite Brexit, the tech industry was not ahead of its rivals in other European countries, but the gap has been widening since then.
Britain is at an advantage as it is aided by an incredibly high level of productivity as a whole.
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Huge investment is being made into Brexit Britain
Following Brexit, Boris Johnson’s Government is trying to devise its own plan for digital regulation.
The Cabinet has recently proposed a major new set of pan-EU rules – Digital Services Act and Digital Markets Act for the digital services and tech giants.
However, much like other European nations, in spite of the success, the UK has seen in investment, a major hurdle still has to be overcome.
A report published by Totaljobs, and Jobsite has highlighted that the technology sector is grappling with a skills shortage.
Around three out of ten IT workers believe their firms needs new talent to handle the increased work and boom in the sector.
The Totaljobs report stated that various factors that are slowing down the tech sector, like an ageing workforce, have lasting effects of the COVID-19 pandemic.
Cambridge is being called the ‘unicorn’ capital of Europe
The survey highlighted that the industry needs a workforce with specific skills like knowledge in artificial intelligence.
But at present, hiring managers have been an uphill task.
Though London is still Europe’s most active stock exchange, it has faced challenges after the UK’s departure from the EU.
Many firms have quickly moved to Amsterdam and Paris after the post-Brexit rules, which came into force on January 1.
However, with new investment flooding into the so-called Unicorn enterprises, Mr Neil’s belief in UK towns becoming the capital of Europe has quashed fears of a mass exodus.