Manchester skyline/ChrisClarke88/CC BY-SA 4.0
Manchester tech companies raised £500m+ in 2022 to take top Northern spot
Manchester produced eight ‘futurecorns’ and six unicorns last year across the tech sector.
Tech companies in Manchester raised more than £500m in funding last year, racing past major European cities including Rome, Lisbon and Brussels.
Manchester is officially the number one tech hub in the North, and saw a 50 per cent increase from 2021 to hit a total of £532m in venture capital funding.
The are now more than 1,600 startups and scaleups in the city, employing around 60,000 people according to Dealroom.
The companies have collectively raised more than £1.8bn over the past five years.
“Manchester’s thriving tech start-up scene is packed with innovation, fuelled by record levels of funding from 2022 and is outperforming much larger cities on the continent,” minister for tech and digital economy Paul Scully said.
“There are huge opportunities in this city to forge a high-skilled, high-paid career in tech, and my discussions with the region’s business leaders will inform our work to grow the talent pipeline so these industries of the future continue to shine on the global stage.”
Manchester has now produced eight ‘futurecorns’ expected to hit the $1bn valuation mark in the future, and six unicorns, including fintech Interactive Investor.
From fintech to energy, security to transportation, tech job vacancies are up 67 per cent since 2020.
“We’re now seeing the impact that growing investment into Manchester’s early-stage business ecosystem is having,” Praetura Ventures operational partner Helen Verwoert said.
“These breakout businesses create the blueprint to inspire others. Praetura is committed to attracting more investment to Manchester to help maintain this momentum.”