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£10m-valued The Data City ups turnover by 63% in FY 2023/24

The Data City has marked its sixth year of consecutive growth with significant progress against its mission to build a new global industrial classification system.

The company has seen turnover rise 63% to £1.25m in the financial year 23/24 and grown its team to 20.

The Data City has also made significant updates to its data platform, with insight now available on female founders, the addition of GVA, company births and deaths, ESG statements, job postings over time, and growth filters.

It has also completed large projects inclusing helping the Department for Science, Innovation and Technology (DSIT) map innovation clusters across the country to support investment and target growth.

Alex Craven, CEO of The Data City, said: “The Data City continues to go from strength to strength with profitable growth as we expand the platform and target new markets worldwide.

“From founding the company in 2017, The Data City has been on a mission to create a new industrial classification system as an alternative to SIC codes. Our Real-Time Industry Classifications are relevant to the modern economy and dynamic to reflect the rapid technology-driven changes we’re seeing.”

The scale-up tech company argues that vague SIC codes can lead to a poor understanding of companies and the broader economy. For example, the SIC code 82990 ‘Other business support services’ includes Amazon UK, Sony Interactive Entertainment Network Europe, Santander, Google and Facebook. It is a global problem that has seen a wide range of government, banking and insurance customers use The Data City to help better understand the economy, markets and companies.

The Data City team has also recently worked with the Energy and Climate Intelligence Unit (ECIU) and CBI Economics to map the UK’s net zero economy and uncovered the gender investment gap in partnership with Panintelligence.

Craven added: “Our plans for the next year are to maintain this pace of growth expanding the coverage of our global product to eventually include every company in the world. We will continue to scale the team with talented data professionals who want to work in a dynamic environment with other talented people, working on interesting products that make a real difference to society.”

In September, a new six-figure funding round accelerated the global roll-out of The Data City’s AI-driven data platform to over 120m companies across Europe, the Nordics and the US. The funding came from existing backers, Yorkshire-based venture capitalist firm, Venturian, and valued The Data City at £10m.

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