A new report examining South Yorkshire’s tech ecosystem has revealed that investment in startups has doubled since 2019.
According to the data from analysts Beauhurst, the region’s tech startups secured equity funding of more than £52.6m in the first 10 months of 2022. That compares to £37m in the whole of 2021, and £23m in 2019.
The analysis forms part of Team SY’s South Yorkshire Tech 100 report, which shows that 3000 tech startups are now based in the region.
More than 400 tech companies have already been formed in South Yorkshire this year, 14% more than in all of 2021, as business start-up rates start to rebound following the COVID pandemic.
“The South Yorkshire Tech 100 report highlights a new generation of tech start-ups that will drive our regional economy forward for decades. Thanks to our entrepreneurs, world-class research universities and talent pool, South Yorkshire is not just attracting, but creating high-quality tech companies and high-value jobs,” stated South Yorkshire’s Mayor, Oliver Coppard.
“Innovation is part of South Yorkshire’s DNA, and we are going to make sure our region flourishes by working closely with stars of the sector to create an action plan for tech growth in our region. Digital and tech are the lifeblood of our economy; increasingly, every barrier is a digital or technology barrier, so it’s a vital sector for the whole of South Yorkshire.”
Darren Balcombe, Deputy CEO at Capital Enterprise and Team SY lead, added:
“There is a lot to be proud of in South Yorkshire’s tech economy, but plenty of work to do to turn its emerging startup scene into a strong, self-sustaining engine of innovation and growth.
“South Yorkshire is home to several market-leading tech companies and thousands of startups that need investment to scale and create new jobs faster. We aim to give those startups and the wider tech ecosystem the best start in life so that South Yorkshire can be home to many more global leaders.”
The companies listed on the South Yorkshire Tech 100 employ almost 4k people and have raised more than £720m in funding.