Tech Nation selects fifth Upscale programme cohort

Tech Nation has selected 30 of the fastest growing technology companies to take part in its Upscale programme, which is now in its fifth year.

The programme is designed to create a peer-to-peer network of companies to support one another as they scaleup, and will include sessions on entrepreneurial leadership as well as how to scale internationally. This year’s programme has received a record number of applications with 131, up from 115 last year. Some 30% of applications also came from outside of London, including Manchester, Cardiff, Leeds and Belfast.

So far, the cohort has collectively raised £217m, with an average of £7.2m per company, an increase of one million on the previous year. Healthtech, software as a service (Saas), and ecommerce and marketplace companies represent half of the cohort, with five places each. According to Tech Nation, healthtech in particular has exploded over the last decade, experiencing an increase of 473% in companies scaling over that time. There are also four enterprise and cloud computing companies, two fintech, two lawtech, two edtech and two artificial intelligence companies involved.

Proptech, tech for good and advertising technology companies are also represented in the group by one scaleup each.

Companies are selected through a judging process of tech entrepreneurs and established VCs, including Anthony Fletcher, CEO of Graze, and Cherry Freeman, CEO of Lovecrafts, as well as entrepreneurs who have gone through the programme themselves, such as Aron Gelbard, CEO of London-based Bloom & Wild.

“It’s incredibly exciting to announce the 30 companies joining the Upscale 5.0 programme, especially with many of this year’s cohort using technology to address important societal issues around health, waste and education,” said Liam Ward, upscale lead at Tech Nation.

“Through workshops and peer networking, Tech Nation’s Upscale programme helps some of the UK’s most disruptive tech companies solve crucial scaling challenges, including international expansion, hiring and retaining talent at pace and developing leadership capabilities.”

Overall, there are 5,000 tech companies in the UK scaleup ecosystem, which collectively employ 200,000 people and, according to Tech Nation, add £17.2bn to the UK economy.

In 2019 UK tech scaleups significantly outperformed their European peers by raising £10.1.bn, more than France (£3.8bn) and Germany (£5.4bn) combined.

According to the Tech Nation Report 2019, investment in the UK’s technology scaleups grew by 61% in 2018, accounting for 5% of global tech scaleup investments.

In 2019, the UK’s technology sector also secured one-third of all European tech investments to hit a record high of $13.2bn, according to the latest industry figures.

“I’m particularly pleased to see the funding landscape maturing, reflecting the growth of the UK tech sector as a whole and the expertise of the founding teams,” said Eileen Burbidge, a partner at Passion Capital.

“Working closely with and investing in mid stage tech companies through Passion Capital, I have seen first-hand how valuable Tech Nation’s Upscale programme is to the UK tech ecosystem. Providing know-how for founders who are going through a key stage of growth, the programme passes on specific and timely knowledge through generations of founders.”