Scottish Tech Companies Have Raised Over £43m in Funding So Far This Year
Edinburgh continues to cultivate a reputation as one of the UK’s leading technology hubs, contributing nearly £4 billion in revenue to the economy in 2018.
Scottish technology companies have raised more than £43 million in funding so far in 2019, according to statistics published by Tech Nation this week.
The new figures on Scottish tech funding have been revealed by the scale-up entrepreneur network as it prepares to kick off the Bright Tech Future tour in Edinburgh today. The national tour will bring together local high-growth tech companies, universities and venture capitalists to collaborate on solving the talent challenges faced by tech companies.
Throughout the entirety of 2018, technology companies across Scotland raised a total of £182.6 million in funding, with Edinburgh’s tech sector contributing nearly £4 billion in revenue to the economy across the same period.
In the recently-published Bright Tech Future Jobs/Skills report, Edinburgh was identified as one of Tech Nation’s top 15 tech clusters, employing almost 60,000 people and boasting three of the UK’s leading tech unicorns – Skyscanner, FanDuel and Wood Mackenzie.
Meanwhile, over the past three years, a total of 213 digital technology firms have been launched throughout the country.
- 8 of Glasgow’s coolest technology startups
- 10 of Edinburgh’s coolest technology startups
- 5 of the best space companies innovating in Scotland
One-in-five job vacancies advertised in Scotland’s capital are in the technology sector, research shows, with the average tech sector job in Edinburgh paying around £42,500, almost 15% more than the average non-tech position in the city. This makes Scotland’s capital the best place in the UK – outside of London – for people seeking tech roles.
Vicky Brock, CEO and founder of vistalworks, commented: “Scotland is a fantastic place for a tech business to flourish because you have all the skills you need on your doorstep. A supportive network of entrepreneurs and an active investment scene, coupled with world-class universities – and the fact that it’s such a friendly and beautiful part of the world to live in – combine to make it a truly unique place to run a digital tech business.”
Recent figures on venture capital investment across the UK tech sector showed that 2019 has been a monumental year for the country so far, with £5.5 billion invested in tech companies.
Across Scotland, the nation’s attractiveness to tech workers can also be seen when the cost of living is taken into account, the Tech Nation report shows. Meanwhile, in regards to spending power, Edinburgh is the best place for an analyst to work in the UK. Glasgow, which also boasts a burgeoning technology ecosystem, tops the list for project managers.
To celebrate recent successes and present the findings of its report, Tech Nation will kick off its tour at Codebase, the UK’s largest tech incubator. The event will be hosted by George Windsor and Hazel Gibbens, Scotland’s entrepreneur engagement manager.
George Windsor, head of insights at Tech Nation, commented: “Edinburgh has established itself as a thriving tech hub, not just in Scotland, but across the whole of the UK. The Tech Nation report reveals it has played a key role in the success of the UK’s booming tech sector, contributing billions to the economy and the city and punching well above its weight to beat UK averages for job creation, salaries and digital tech turnover.”