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Members of Tech City UK’s Future Fifty initiative have increased the size of their workforce by 30% in the past 12 months, well above the national average of 5.4%.
The Future Fifty programme aims to make it as easy as possible for companies to list on the UK stock market. It provides tailored support on issues such as immigration, exports and international trade, from a mixture of government and private-sector experts. The programme also helps businesses to accelerate growth and reduces the expense of investing in smaller, fast-growing companies.
Future Fifty was launched in 2013 as part of a long-term plan to strengthen the UK economy. Businesses can apply to join the programme, which offers support to 50 fast-growing businesses each year through mentorship, tailored information and investment advice.
Members of the Future Fifty programme, along with 12 alumni companies, now employ more than 17,000 people worldwide, according to data from Tech City UK.
A Tech City UK report states that 57% of new hires in the past year were software developers, followed by customer service (11%) and sales (9%).
Since the programme’s launch, Future Fifty member companies raised a combined total of £657m across 22 funding rounds. £443m has been raised in the past 12 months, according to Tech City UK.
Andrew Hunter, co-founder of Adzuna, said the data reflects its own research, confirming the explosive growth of the UK’s digital businesses. “It’s an exciting time to be part of the UK’s digital community. Fuelled by record investment, we’re witnessing significant job creation in a maturing sector that is developing into one of the UK’s main employers,” he said.
Ismail Ahmed, founder and CEO of World Remit, said: “There’s an amazing energy in UK tech right now. Talented, creative people are discovering a scene that is every bit as vibrant as Silicon Valley. At WorldRemit we have hired more than 100 people in the UK over the past year, taking us to nearly 160 staff. We’re delighted to be part of this incredible success story, along with the other members of the Future Fifty.”
Philipp Stoeckl, director of the Future Fifty programme, said growth-stage companies are vital to the UK’s tech ecosystem. “As a leading source of innovation and jobs, it is important that we continue to attract and support the world’s most promising companies to grow and scale their businesses in the UK,” he stated.
Read more about Tech City UK
- Connecting Tech City launched to forge deeper connection between East London businesses and young people.
- IT contractors with digital skills can earn £500 per day as the expected shortage of IT professionals begins to unfold and demand increases.
- Tech City UK expands free education for startup academy.