15 Top Tech Startups in the UK | 2023
Sarah Cheesman, 11 January 2024
There’s no denying it—UK tech startups are on an incredible growth trajectory. In 2022 alone, £21.2b worth of announced equity deals were raised by UK startups in the technology industry, compared to £11.4b in 2020—a massive 86% surge in pounds invested.
Despite taking on the double incursion of Brexit and the COVID-19 pandemic, the UK (specifically London) remains a top startup hub and the best tech ecosystem in Europe. The UK has a particularly large number of high-growth SaaS or software-as-a-service businesses (3,284), as well as those operating in artificial intelligence (1,506) and fintech (1,338).
In London especially, startups have access to leading venture capital funds, alongside some of the most active angel investors in the world. Tech entrepreneurs in the UK also benefit from an excellent network of accelerator programmes and grant schemes aimed at small businesses.
Indeed, the UK offers an early-stage ecosystem that gives even Silicon Valley a run for its money. So, which UK tech startups should you be watching this year? Read on to find out.
Ranking the UK’s top tech startups
There are many ways to measure startup success. Here, we’ve chosen to rank the top 15 UK tech companies by the amount of equity investment they’ve received to date. Each of these businesses is currently operating at the seed or venture stages of evolution, and was incorporated since the start of 2020.
They won’t boast billion-dollar unicorn valuations like Hopin or Revolut, nor will they have expanded to multiple offices around the world. Instead, this list reveals some of the most promising businesses in the country, still in the early stages of their growth journeys.
It’s clear that investors see bright futures for these tech companies, having provided them with the capital to realise their potential. So, if you work with ambitious tech startups and scaleups, then these 15 companies should all be on your radar.
Do you want to find out more about the most innovative emerging technologies in the UK?
Top 15 tech startups in the UK
15.
Elwood
Sector: SaaS
Location: London
Total amount raised: £56.8m
Elwood specialises in creating a digital assets trading platform online, offering comprehensive market data analysis and services for managing portfolios. It provides market access to the world’s leading crypto trading and liquidity venues through a single, integrated platform.
The company secured £56.8m in one single fundraising, in 2022. It was spearheaded by Goldman Sachs, and Dawn Capital, but also had contribution from multiple investors: Barclays, BlockFi Ventures, Chimera Ventures, CommerzVentures, Digital Currency Group, Flow Traders and Galaxy Digital Ventures. The purpose of the investment is so it can expand its operations, and meet growing demand for its products.
14.
Purespring
Sector: Pharmaceuticals
Location: London
Total amount raised: £61.6m
University of Bristol spinout Purespring is a medtech startup that develops renal-related gene therapies. It aims to transform the lives of the 8m people in the UK who suffer from kidney diseases.
Launched in November 2020, Purespring’s approach is based on the pioneering work of Professor Moin Saleem, Professor of Paediatric Renal Medicine at the university. The research focuses on the podocyte, a cell type vital to kidney functioning.
Purespring’s first round of equity fundraising came from Syncona, a life science investment company with a proven track record in building innovative gene therapy companies. Their second round, in September 2022, was through undisclosed investors.
13.
T-Therapeutics
Sector: Pharmaceuticals
Location: Cambridge
Total amount raised: £63.0m
T-Therapeutics develops pharmaceutical treatments for autoimmune diseases and cancers using T cells. They not only discover and develop T cell receptor-based drugs, but also recruit the patient’s own T cells to kill cancer cells and eradicate tumours. The company is a spinout from the University of Cambridge.
This company has gone through two rounds of fundraising to date, in November 2022 and November 2023. The most recent of these was contributed to by Cambridge Innovation Capital (CIC), Digitalis Ventures, F-Prime Capital Partners, Sonofi Partners, Sofinnova Partners and the University of Cambridge Venture Fund for £48m, aimed at funding oncological research into novel T cell receptor therapeutics.
12.
Fuse
Sector: Cleantech
Location: London
Total amount raised: £67.7m
Fuse provides renewable energy utilities services, with the aim of decentralising access to clean energy generation. Their focus is on building new renewable sites and turning unused land and rooftops into solar developments.
They have completed one round of fundraising to date, in September 2022. This saw £67.7m raised through a number of different investment companies and angel investors, aiming to support the development of its platform as well as funding its buy-and-build strategy for renewable energy assets.
11.
Complement Therapeutics
Sector: Pharmaceuticals
Location: London
Total amount raised: £68.8m
Complement Therapeutics researches how to improve the lives of patients with complement dysregulation that causes chronic illness. They are a spinout company from the University of Manchester.
They have secured three funding rounds to date, totalling £68.8m. The most recent of these was in April 2023, seeing Biogeneration Ventures (BGV), Cambridge Innovation Capital (CIC), Forbion Capital Partners, Gimv, Hadean Ventures, Panakes Partners, and Seroba Life Sciences investing £63.6m to further develop its lead product and complete a Phase Ib clinical proof of concept, to evaluate potential non-ocular indications and to expand its laboratory activities in Stevenage.
10.
Shop Circle
Sector: E-Commerce
Location: London
Total amount raised: £69.3m
Shop Circle develops a range of e-commerce tools and applications for small businesses that aim to boost sales and manage online orders. The company is dedicated to revolutionising the e-commerce industry through its comprehensive suite of cutting-edge technologies.
They have secured three funding rounds to date, totalling £69.3m overall. Their most recent fundraising was raised through 3VC, 645 Ventures, NFX, and QED Investors for £14.9m, with the aim of finding new clients, expanding their software team and adding AI features to their existing platform.
09.
Freedom Fibre
Sector: Internet and networking hardware
Location: North West
Total amount raised: £88m
Telecommunications tech startup Freedom Fibre provides fibre broadband services. It aims to reach hard-to-service locations in the UK, so that everyone—households, SMEs, and larger businesses—can access high-speed broadband at an affordable price. The company runs its fibre underground and along poles, and each network is immune to noise, which increases speed. It uses splitters to service as many homes as possible, and its curbside boxes can serve thousands of homes each.
Based in Manchester, Freedom Fibre boasts a management team that’s highly experienced in the UK telecoms industry. Since its inception in 2020, the company has secured two funding rounds, worth £88m.
08.
EyeBio
Sector: Pharmaceuticals
Location: London
Total amount raised: £99.9m
EyeBio develops pharmaceuticals that aim to restore and improve eyesight for those with a range of eye conditions. In November 2023, the company announced an extension to its Series A financing, bringing the total raised to date to £99.9m. The aim of this funding was to accelerate their clinical development program and further build out the innovative retina pipeline.
Also, in November 2023, they recruited Paul Stephens, Ph.D. as Senior Vice President of Chemistry, Manufacturing, and Controls, responsible for early candidate selection and development of EyeBio’s large-molecule portfolio.
07.
Ascend Gene & Cell Therapies
Sector: Biotech
Location: London
Total amount raised: £116m
Ascend Gene & Cell Therapies was incorporated in 2021. This biotechnology research company has a focus on cell and gene therapy manufacturing, with a mission to create the most effective, highest-quality, scalable gene therapies possible.
To date, they have secured £116m in equity investment across two fundraising rounds, aimed at launching as a facilitator for gene therapy companies to help translate product ideas into viable clinical programs. Investors include 4BIO Capital, Abingworth Venture, Ajinomoto, Cathay Health, DCVC Bio, Deerfield Management, Digitalis Ventures, Petrichor, and Monograph Capital.
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06.
Iduna
Sector: Cleantech
Location: London
Total amount raised: £118m
Iduna develops sustainable infrastructure, including a network of electric vehicle charging points. The company invests in data and technology around the transition to electric vehicles, aiming to create positive environmental and social outcomes in the UK.
In October 2022, Iduna received £110m in investment from Octopus Energy to support the expansion of its electric vehicle charging network by installing 1000 new charging points by 2024.
05.
Flexion Energy
Sector: Cleantech
Location: London
Total amount raised: £150m
Flexion Energy develops and operates energy storage assets, specifically large-scale batteries that service the grid. The cleantech startup aims to supply storage solutions that counter problems facing the sector, such as grid volatility and system imbalance, at a utility scale.
Co-founded by Dan Taylor and Hassen Bali in 2020, Flexion Energy’s flexible business model was built to withstand future changes in the energy sector and aims to help the UK achieve net zero emissions. The company has undergone one funding round so far, totalling £150m.
04.
Zapp
Sector: Food delivery
Location: London
Total amount raised: £186m
Part of the rapid online grocery delivery revolution, Zapp is a mobile app that promises to deliver groceries, snacks, and other essential products in 20 minutes or less. Zapp’s edge is that, unlike other grocery delivery companies like Getir and Gorillas, Zapp is available 24/7. Zapp is expanding rapidly and now operates in London, Manchester, Cambridge, Bristol, Paris, Rotterdam, and Amsterdam.
Zapp was launched in November 2020 by Joe Falter, along with his co-founder Navid Hadzaad, a former product leader at Amazon’s Seattle HQ. Since then, the company has secured £186m in funding, with investors including Lightspeed, Atomico, 468 Capital and Burda.
03.
Field
Sector: Cleantech
Location: London
Total amount raised: £240m
Field aims to finance, build, operate, and monetise the renewable energy infrastructure required for the world to reach net zero. By creating profitable infrastructure, it aims to show there’s a way to invest that benefits both the planet and investors. The company is led by Luke Gibson and Bulb co-founder Amit Gudka.
Starting with energy storage, Field aims to accelerate the development and buildout of its 4.5 GWh pipeline of grid-scale battery energy storage projects in the UK and Western Europe as it seeks to contribute to the renewable energy infrastructure needed to reach net zero. To date, Field has secured four funding rounds with DIF Infrastructure VII, LocalGlobe, Plural, Giant Ventures, and angel investors, worth £240m in total.
02.
Nothing
Sector: Consumer electronics hardware
Location: London
Total amount raised: £308m
Nothing (also trading as Nothing Technology) develops smart consumer electronic products, such as mobile phones and earphones. They have raised £308m to date, with their most recent equity round raising £75.9m to help them expand into the US and grow their product and technology portfolio.
Founded by Carl Pei in 2021, Nothing grabbed international attention when it launched its Phone 1 device to compete with the iPhone last year. They pitch themselves as an innovative challenger in the saturated consumer electronics market, with plans to ‘make tech fun again’ with their innovative designs.
01.
Netomnia
Sector: Internet and networking hardware
Location: South West
Total amount raised: £734m
Founded in 2019, Netomnia provides fibre broadband to businesses and homes across the UK. Much of the UK still relies on a copper network, which is unsuitable for internet use today. Netomnia plans to upgrade the network to fibre, using light particles to carry data. It’s secured an impressive £734m in investment so far, over four funding rounds.
The company aims to first serve areas across the country that historically have had to contend with poor internet speeds and connections, as well as create a network that lasts long term. By the end of 2023, it aims to connect 1m homes and all company types, from small businesses to larger enterprises, and 2m nationwide by 2024. The team has decades of experience in the industry between them, and is led by Jeremy Chelot as CEO.
The future of the tech space in the UK
The tech industry is one that moves at lightning speed, with innovative new startups joining the ranks every month to continue moving the UK’s industry forward. It’s no wonder why this is such a ripe and exciting space for investors, with opportunities to capitalise on groundbreaking advancements.
As we look ahead, several key trends are poised to shape the future of the tech space in the UK. AI and machine learning are expected to play pivotal roles, revolutionising everything from healthcare to finance. As proven above, the emphasis on sustainable and green technologies is also gaining momentum, aligning with global efforts to address climate change. Additionally, the ongoing development of 5G networks promises to enhance connectivity and unlock new possibilities for the Internet of Things (IoT), fostering a more interconnected and efficient digital landscape.
The UK’s commitment to fostering a vibrant tech ecosystem through regulatory support and investments further solidifies its position as a hub for technological innovation. As the sector continues to evolve, collaboration between established industry players and agile startups will likely fuel unprecedented advancements, cementing the UK’s reputation as a dynamic and competitive force in the global tech arena.
Working with Beahurst
If you want to find out more about some of the key players in the tech industry, the BeauhurstInvest tool has everything you need. With 5m+ profiles of active UK companies in one searchable system, we provide up-to-date visibility on every different industry and sector. We use a unique blend of machine learning models, data extraction tools and 60+ data analysts to provide our users with accurate, verified, and relevant data. If you’d like to find out more about how we can work together, speak to a member of our team today. You can also see how the platform works by booking a demo.
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