Top 50 SaaS Companies in the UK | 2022
LILY MECKEL, 11 AUGUST 2022
The software-as-a-service (SaaS) market is one of the fastest-growing sectors in the world, and the COVID-19 pandemic has only accelerated business and consumer reliance on SaaS companies. It’s no surprise, therefore, that the SaaS sector is an attractive field for entrepreneurs and investors alike. Nearly 8% of high-growth companies in the UK are SaaS businesses. What’s more, SaaS companies secured three of the 10 biggest equity deals of H1 2022.
This article profiles 50 UK-based SaaS companies to watch this year, from established firms to emerging startups innovating in this space. It ranks the most successful B2B and B2C SaaS businesses, in terms of the amount of equity funding they’ve received to date, followed by top SaaS startups still in their early stages of growth.
What is software-as-a-service?
Before delving into our list of the top 50 SaaS companies in the UK, it’s worth exploring what exactly SaaS businesses do and the major players in the global SaaS market.
A SaaS company develops software which fulfils a certain service or function, often made accessible to users through an internet or cloud platform. As well as the initial software development, SaaS companies continue to host, update and upgrade their products, generally with the aim of improving overall user experience.
SaaS companies work across a wide range of industries, including fintech, big data, artificial intelligence (AI) and e-commerce. There are countless SaaS solutions in existence today, from human resources, customer relationship management (CRM) and web development, to social media and email marketing automation, enterprise resource planning (ERP) and project management.
The biggest players in the SaaS industry
Many of the world’s most successful businesses are SaaS companies: SurveyMonkey, Microsoft, Shopify, Adobe, Atlassian (creator of Jira and Trello), Dropbox, HubSpot, Zendesk, and Mailchimp, to name a few. Video conferencing company Zoom and instant messaging platform Slack are also both SaaS companies that have become increasingly well known in recent years. A large part of their success is due to the scalability of SaaS models.
How does a SaaS business model work?
SaaS companies typically operate in one of two ways; either through a subscription model or by charging customers based on their usage (the usage-based pricing model). The latter has become increasingly popular amongst SaaS companies recently, as it encourages greater product performance and customer experience improvements, through increased feedback from users.
Different types of SaaS companies: B2B v B2C
SaaS companies can also be differentiated by who their target customer is. As the name suggests, business-to-consumer (B2C) SaaS companies develop software solutions for personal use by consumers. Whereas, business-to-business (B2B) SaaS companies aim their product offering at other companies, such as by helping them to perform better, manage their operations, or meet their customer needs. Some SaaS companies have designed both B2B and B2C SaaS products, however, offering services to both consumers and businesses.
Download our in-depth analysis of the UK’s SaaS industry
Having now discussed the basics around SaaS companies, read on to discover our top 50 SaaS companies in the UK…
Top B2B SaaS companies in the UK
These 20 software-as-a-service companies (all private, high-growth businesses headquartered in the UK) have secured the most equity funding in the UK’s B2B SaaS sector.
1. Checkout.com
Date founded: 2012
Location: London
Checkout.com develops software solutions that allow businesses to process online payments in multiple currencies. With 21 offices, Checkout.com has established an international presence, and clients include Pizza Hut, H&M and Revolut. The fintech company has also completed a total of three acquisitions to date.
The company has secured £1.36b of equity investment, across four funding rounds, with the latest round in January 2022 worth £730m. It’s backed by Blossom Capital, Insight Partners, Tiger Global Management, Altimeter Capital, amongst other investors. It has also attended the Mayor’s International Business Programme and Future Fifty accelerator.
Checkout.com has featured on several high-growth lists so far, most recently the Lazard T100 European Venture Growth Index in 2021. Its impressive growth has made Checkout.com our top UK B2B SaaS company in 2022 and one of the most valuable unicorn companies (private companies valued over $1b) in Europe.
2. OneTrust
Date founded: 2016
Location: London
Digital security firm OneTrust provides software solutions for companies to manage their security, privacy and third-party risk, thereby enabling trustworthy digital interactions between businesses. OneTrust is one of the leading privacy management software companies in the world, with headquarters in London and Atlanta.
OneTrust secured £699m in equity funding, in four rounds, and reached unicorn status in July 2019. Placing second on our list of the most successful B2B SaaS companies in the UK, its latest investment round was backed by US fund Insight Partners and Japan-based Softbank Vision Fund, with plans to expand into the Asia Pacific region. OneTrust also appeared on the Deloitte Fast 50 high-growth list in 2021, and the Regtech 100 for the last two years in a row.
3. Synk
Date founded: 2015
Location: London
Snyk is a cybersecurity firm which develops tools that alert businesses to security vulnerabilities in their open-source coding and software development processes, helping fix them in real time. With 13 global offices, Snyk is expanding rapidly, with plans to hire around 500 people and potentially go public at some point this year. Snyk acquired TopCoat Data and Fugue in 2022, with six acquisitions in total so far.
Founded in 2015, the company has secured £695m in equity investment, across 12 fundraisings. Reaching unicorn status in 2020, Snyk was valued at £8.64b this year (almost double its value a year ago). Early backers include Accell and GV (Google Ventures), with other investors including BlackRock, Tiger Global Management, and Salesforce Ventures. Snyk featured on the Top 100 of Britain’s Fastest Growing Businesses in 2019 and the Lazard T100 European Venture Growth Index in 2021.
4. SaltPay
Date founded: 2019
Location: London
Founded in 2019, SaaS fintech company SaltPay develops payment processing software and point-of-sale technology. It is particularly focused on providing small businesses with payment processing systems. SaltPay is headquartered in London, with additional offices across Europe and in South Africa. The company has also acquired numerous businesses, including Icelandic firm Borgun and Portuguese firm Pagaqui.
Despite launching right before COVID-19 hit, SaltPay has grown tremendously during the pandemic. The company (now a unicorn) doubled its employee count this year and has secured £358m in equity investment already, across two funding rounds. Its investors include Base Partners, Hedosophia and Tiger Global Management.
5. ClearBank
Date founded: 2015
Location: Bristol
Bristol-based fintech company ClearBank operates a clearing bank, which aims to increase efficiency and transparency in the banking industry through its software solutions. Describing itself as the first clearing bank in the UK in 250 years, ClearBank is disrupting major banks like Barclays, NatWest, HSBC and Lloyds.
The fast-growing SaaS business has secured £351m in equity investment so far, across six funding rounds. In 2019, it also received a £60.0m grant from the UK Government’s Capability and Innovation Fund. The company’s latest funding round, in March 2022, saw it secure £175m from Apax Partners, Clearwater International and PPF Group, to expand internationally into the United States and Europe.
6. PaymentSense
Date founded: 2016
Location: London
PaymentSense is a payment processing SaaS company that provides businesses with credit and debit card machines, as well as payment processing software. It offers both face-to-face and remote payment solutions. Founded in 2016, by George Karibian and Jan Sebastien Farrarons, the company provides its services to approximately 70k small businesses across the UK and Ireland.
The fintech company has secured £329m in equity investment, across four funding rounds. Its largest and most recent fundraising, in 2018, brought in an impressive £218m. PaymentSense is backed by the likes of CVC Capital Partners and Drake Capital Advisors. It has also been named on several high-growth lists, including the Fast Track Tech Track 100, Fast Track International Track 200 and the FT1000.
7. Patsnap
Date founded: 2007
Location: London
Patsnap develops web-based software that helps subscribers access information on intellectual property (IP) patents, including IP expiry dates, renewals, licensing and litigation data. Using AI and machine learning technology, Patsnap filters through global datasets to acquire accurate and speedy information. Based in London, with additional offices in the US, Canada, China, Japan, and Singapore, Patsnap has a customer base of over 10k, including major corporations such as Tesla, Walt Disney, and Dyson.
The company has secured £251m in equity investment so far, across four funding rounds. It is backed by investors across the globe, including Softbank Vision Fund, CITIC Capital, Sequoia Capital China and Summit Partners. Patsnap also featured on the Fast Track Tech Track 100 high-growth list in 2018, and is one of just seven UK unicorn companies to have been founded by a female entrepreneur.
8. Allica Bank
Date founded: 2011
Location: London
B2B and B2C SaaS business Allica Bank is a challenger bank that aims to support both small to medium sized businesses and consumers across the UK. It does so remotely from its offices in London and Milton Keynes, as well as through local agents.
Backed by the likes of Warwick Capital Partners and Atalaya Capital Management, the software company has secured £250m in equity investment so far, across 10 funding rounds. Its most recent fundraising, in June 2022, saw it raise £25.0m in equity finance and an additional £30m credit line from British Business Investments, to expand its support for SMEs and help towards reaching its 2022 profitability goal.
9. Paddle
Date founded: 2012
Location: London
Fintech-focused SaaS company Paddle develops software which aims to simplify payment processes for other SaaS businesses. Specifically, it helps developers to sell their digital products, from mobile apps and games to enterprise software. Paddle also offers payment management, VAT and currency exchange, analysis tools and customer support.
Paddle has secured £239m in equity investment so far, across eight funding rounds. It recently reached unicorn status, following its latest equity fundraising in May 2022. This Series D round, backed by 83North, FTV Capital, Kindred Capital VC, KKR TMT Growth, Notion Capital and SVB Capital, raised £163m for R&D (to meet increased demand).
The company has also attended the Upscale and Future Fifty accelerators, featured on the Deloitte Fast 50 five years in a row, and made two acquisitions to date.
10. TrueLayer
Date founded: 2016
Location: London
Founded in 2016, TrueLayer develops one of Europe’s leading open banking platforms. Its APIs connect apps and websites to bank infrastructure, to standardise customer account data. TrueLayer’s open banking software solutions help businesses to power payments, access financial insights, and onboard customers safely.
The unicorn SaaS company has offices in London, Sydney, Milan, Hong Kong and Dublin, and serves clients across Europe, the US and Australia. TrueLayer’s services will be launched in several new European markets in 2022, including Ireland, France, Germany, Spain, Lithuania and the Netherlands.
TrueLayer has attentended the Mayor’s International Business Programme accelerator and featured on several high-growth lists, including the WealthTech 100 and FinTech 50. TrueLayer has acquired £227m in equity investment so far, across 10 rounds, with Anthemis, Connect Ventures, Mouro Capital and Northzone Ventures among its investors.
11. Matillion
Date founded: 2010
Location: Greater Manchester
Matillion is a cloud computing software company that helps businesses’ cloud data warehouses integrate and transform their data for use, while providing analytics and reporting tools. Among Matillion’s big name clients are Amazon, Cisco, Slack, Ikea and Accenture. The Manchester-based tech company was founded in 2010.
The unicorn company has secured £226m in equity investment to date, across six funding rounds. It reached its $1b+ valuation in September 2021, following a £109m investment from Battery, Citi Ventures, General Atlantic, Lightspeed Venture Partners, Sapphire Ventures, and Scale Venture Partners. The Future Fifty accelerator graduate has featured on numerous high-growth lists over the years, including The Northern Tech 100 for four consecutive years and, most recently, the FT 1000 in 2022.
12. Pollen
Date founded: 2010
Location: London
Adtech company Pollen develops software solutions for events companies to capitalise on word-of-mouth sales, by letting fans sell tickets, as well as linking users and brands. In order to expand its global scope and reach, Pollen has made three acquisitions of other companies so far: We-Represent, JusCollege, and Lifestylez. Pollen was named one of Britain’s Top 100 Fastest Growing Businesses in 2019, and on the Fast Track Tech Track 100 for three years in a row.
Despite many events on its platform being postponed or cancelled due to the COVID-19 pandemic, Pollen has still succeeded in securing equity funding in recent years. It raised £115m in April 2022, from Backed VC, Kindred Capital VC, Lansdowne Partners, Molten Ventures, Northzone Ventures and Sienna Capital. In total, Pollen has secured £221m, across nine funding rounds.
At the time of writing, Pollen has just entered into administration.
13. Genesis
Date founded: 2015
Location: London
London-based SaaS company Genesis develops software solutions aimed at the financial markets. The company’s low code software is based on microservices architecture. And with staff spread across offices around the world, including New York, Bangalore and São Paulo, Genesis has developed a global presence.
Genesis has secured £199m of equity investment, across five funding rounds, so far. Investors include Accel, GV (Google Ventures), Illuminate Financial Management, Insight Partners and Tiger Global Management. In May 2022, Genesis attended the Fuse accelerator programme.
14. Smart
Date founded: 2014
Location: London
London-based SaaS business Smart is active in the pension and retirement field. It offers its own pension scheme, as well as custom enterprise software for international markets. It is one of the largest workplace pension providers in the UK and operates globally, including in the US, Europe, Australia and the Middle East.
Smart has secured £198m of equity investment so far, across nine funding rounds. Investors include DWS Group, Chrysalis Investments, J.P. Morgan Asset Management and Legal & General Investment Management. The company also attended the Mayor’s International Business Programme accelerator in 2019, and appeared on the Lazard T100 European Venture Growth Index in 2021.
15. Quantexa
Date founded: 2016
Location: London
Using AI and big data software, leading SaaS company Quantexa helps track and flag illegal activity in user networks. Founded by former EY Director Vishal Kumar Marria, Quantexa works with clients across industries including insurance, banking and finance, and government.
Quantexa is currently inching towards unicorn status, having secured £182m in equity investment so far, across five funding rounds. It’s received backing from AlbionVC, Dawn Capital, and Evolution Technology Fund, to name a few. Quantexa has also attended the Microsoft for Startups and Future Fifty accelerators, and has appeared on The Regtech 100 high-growth list for the past four years running.
16. Onfido
Date founded: 2010
Location: London
Onfido creates automation software that enables customer identity verification through assessing government ID legitimacy and facial recognition technology. It aims to help businesses manage secure customer onboarding. The AI and digital security company works with over 800 companies, including Revolut and Bitstamp, and is rumoured to go public in the US soon. Its impressive growth has put Onfido on 11 high-growth list rankings, including the Lazard T100 European Venture Growth Index.
Onfido has raised £176m in equity funding so far, across 11 rounds. It has also been awarded three innovation grants, worth £5.26m in total. The company attended the Future Fifty and Mayor’s International Business Programme accelerators, and is backed by M12, Oxford Seed Fund, and Talis Capital, amongst others.
17. Callsign
Date founded: 2010
Location: London
Fellow AI and digital security company Callsign creates software for authentication processes. Its SaaS solutions use a combination of biometric, device and location data, to make financial transactions more efficient and secure. Whilst based in London, Callsign has additional offices in Manchester, Singapore and Abu Dhabi.
Callsign’s latest fundraising saw a £130m contribution from the Abu Dhabi Investment Office, in order to expand workspace and staff in Abu Dhabi. Altogether, the company has secured £157m in equity investment, across three funding rounds, with US investors Accel and PTB Ventures, among others. The SaaS business has also appeared on high-growth lists such as the Tällt Disrupt 100 and Mishcon The Leap.
18. Form3
Date founded: 2016
Location: London
London-based fintech company Form3 develops internet-based software solutions that simplify payment processing and clearing processes for businesses within the financial sector. Founded in 2016, Form3 works with a large number of financial institutions and challenger banks, including Mastercard and Lloyds Banking Group.
Form3’s most recent funding round, aimed at expanding its SaaS products into new markets, raised £116m from 83North Barclays, Goldman Sachs Growth Equity, Lloyds Banking Group, and several other investors. Overall, the company has raised £155m in equity investment, across five funding rounds. It has also attended the Mayor’s International Business Programme, and featured on the 100 FinTech Disrupters and The FinTech50.
19. Zoovu
Date founded: 2006
Location: London
Zoovu is an AI-powered SaaS company that develops customer engagement software for businesses, helping them improve customer experiences, sales and operations. With a client base of over 3,500 businesses, including Microsoft and Amazon, Zoovu is expanding its scope globally. It currently has offices in London, Berlin and Boston, and recently acquired Belgian company Clever.
With the COVID-19 pandemic accelerating demand for e-commerce platforms and services, Zoovu was able to make the most of this opportunity and attracted investors such as Beringea and Target Global. In total, the company has raised £151m, across three equity funding rounds, including a £139m deal in June 2022 for R&D and job creation purposes.
20. Radius Payment Solutions
Date founded: 2017
Location: Cheshire
Following a merger of over 20 European fuel card companies, Radius Payment Solutions was founded to offer a range of business services, from fuel cards and vehicle tracking, to communications and route-planning software. The SaaS company has offices across the globe, with a staff count of 2,500+ supporting its product development.
Radius Payment Solutions has featured on the Fast Track Top Track 100 high-growth list nine times, and The Northern Tech 100 three times, showing consistent growth over the years. The Cheshire-based firm has made a massive 24 acquisitions, but just one equity fundraising. The £150m deal, completed in 2017, saw participation from Corporate & Acquisition Finance and Inflexion Partnership Capital Fund.
Top B2C SaaS companies in the UK
Now let’s take a look at which of the UK’s fast-growing B2C SaaS companies have secured the most equity investment to date.
1. Zepz
Date founded: 2009
Location: London
Zepz enables expats and migrants to send payments to family and friends abroad, through its online payments platform. Zepz runs two payment brands: WorldRemit and Sendwave, the latter of which it acquired in 2021. With over 4m users, across 150 countries, the fintech-focused SaaS company has featured on nine different high-growth lists so far, including the Fast Track Tech Track 100.
With £528m of equity investment secured, across 10 funding rounds, Zepz takes the number one spot for B2C SaaS businesses in the UK this year. Among the unicorn company’s investors are Accel, Farallon Capital Management and Technology Crossover Ventures (TCV).
2. ClearBank
Date founded: 2015
Location: Bristol
As well as ranking fifth for top B2B SaaS companies in the UK, ClearBank is also a leading B2C SaaS company. The challenger bank serves individual customers as well as providing business banking solutions. ClearBank has been listed on several high-growth lists over the years, ranging from the 100 Fintech Disrupters in 2019 and 2020, to the Deloitte Fast 50 in 2021.
3. Allica Bank
Date founded: 2011
Location: London
Fellow challenger Allica Bank also operates with both a B2B and B2C SaaS model. Founded in 2011, the branchless bank uses an online banking SaaS platform and local bankers, to support both business and consumer customer bases.
4. Wagestream
Date founded: 2018
Location: London
Wagestream seeks to create more financial freedom for employees, through access to their earnings in real time. With Wagestream’s software solutions, which integrate with payroll systems, employees no longer have to wait for monthly payments and are aided in their financial management. The fintech company also provides financial support to frontline workers, which has become particularly important during the pandemic.
Wagestream has acquired £194m so far, via a mix of equity and loan investment, across five funding rounds. Backers include Balderton Capital, Fair by Design, Northzone Ventures and BlackRock. The company has appeared on the 100 FinTech Disrupters high-growth list and saw revenues increase by 150% last year. It made its first acquisition in 2021, taking over Australian competitor Earnd, and is seeking to expand internationally into the US and beyond.
5. YuLife
Date founded: 2016
Location: London
Founded in 2016, London-based SaaS provider YuLife operates in the high-growth insurtech space. It provides life insurance products via its online software platform, where users can earn rewards through different wellness practices, such as meditation. This wellness-oriented approach to life insurance is what makes yulife unique in the industry.
The SaaS company has attended both the Mayor’s international Business Programme and Upscale accelerators, and raised £164m worth of equity investment, across four funding rounds. Investors include Anthemis, Eurazeo, LocalGlobe, MMC Ventures and Notion Capital. YuLife has also featured on several high-growth lists, including the InsurTech Impact 25, Startups 100 and BusinessCloud InsurTech 50.
6. Fresha
Date founded: 2014
Location: London
Fresha, formerly named Shedul, is a beauty and wellness software company which allows customers to book appointments at salons, spas and the like, across 120+ countries. Fresha has developed an online booking platform, with 20m appointments booked each month and over 70k partner businesses.
With backing from numerous international investors, including BECO Capital, Partech, Target Global and FJ Labs, Fresha has secured £136m in equity fundraisings so far, across five rounds. In 2021 alone, the SaaS business raised over £100m to expand the company and, in February 2022, it acquired Australian competitor Bookwell.
7. Beamery
Date founded: 2012
Location: London
Founded in 2012, Beamery is a fast-growing SaaS company that helps businesses to recruit potential hires using its AI-driven talent management software. With offices in London, Berlin and Austin, Beamery is helping connect employers and workers across the globe.
Beamery acquired US company Flux in April 2022, before going on to raise £98.7m in its largest equity funding round yet, in June 2021. In total, Beamery has secured £125m worth of equity investment, across five funding rounds, with investors including Accenture, EQT Ventures, Index Ventures, M12 and Workday. It has also attended the Future Fifty and Upscale accelerator programmes, and been listed on high-growth lists such as the Lazard T100 European Venture Growth Index and Deloitte Fast 50.
8. Elvie
Date founded: 2013
Location: London
Founded in 2013, by women’s health expert Tania Boler, Elvie develops health technology and SaaS solutions for women. Its products include electric wearable pumps and kegel trainers, which are monitored through the Elvie mobile app. As one of the UK’s leading femtech companies, Elvie has been placed on several high-growth lists so far, most recently the FT1000 in 2022.
Elvie has received seven Innovate UK grants, worth a total of £1.30m, alongside five equity fundraisings, amounting to £108m in investment. Investors include AllBright, BGF Growth Capital and Octopus Ventures. On top of this, Elvie has also attended the Upscale, Future Fifty and Mayor’s International Business Programme accelerator programmes.
United States and Europe.
9. Cleo
Date founded: 2015
Location: London
Cleo is a London-based company that develops financial management software to help people (predominantly aimed at young adults) budget and track their money. Its SaaS application uses an AI-powered digital assistant to help customers gain better control over their money.
In total, Cleo has secured six equity funding rounds, worth £108m. The company’s most recent fundraising, in June 2022, saw it raise £64.8m from Balderton Capital, EQT Ventures, LocalGlobe and Sofina, to help it expand into the United States and beyond. Cleo has also attended the Entrepreneur First and Upscale accelerators, and appeared on the 100 Fintech Disrupters and FinTech 50 high-growth lists.
10. Plentific
Date founded: 2012
Location: London
Proptech company Plentific develops software that helps landlords to manage their properties. Through its online marketplace, the SaaS business connects property managers to contractors, who they can book for repair and maintenance work. At the start of 2022, it also acquired property reporting software company TouchRight Software.
Plentific has raised £107m in equity investment so far, across eight funding rounds. Its most recent fundraising, in August 2021, saw it raise £72.9m to expand into the US and invest in R&D and product development. Investors include 1/0 Capital, Highland Europe and Wild Blue Cohort. Plentific has also attended the Pi Labs and HouseMarkEvolve accelerators, and appeared on high-growth lists such as the BusinessCloud PropTech 50.
11. Proximie
Date founded: 2016
Location: London
Founded in 2016 by Nadine Hachach-Haram, London-based startup Proximie is a remote surgery technology developer. It uses augmented reality (AR) to help surgeons across the globe to attend operating rooms remotely, thereby enabling skill sharing and training. The healthtech SaaS company operates in 500 hospitals, across 100 countries, helping improve worldwide clinical care.
Proximie is growing fast, having secured £104m in equity investment so far, across four funding rounds. It has also been awarded three innovation grants from Innovate UK, worth £497k. Earlier this year, the company received its largest investment to date (worth £66.6m) from over 11 global investors, including Advent Life Sciences, F-Prime Capital Partners, Global Ventures and Minderoo Foundation.
12. YOPA
Date founded: 2014
Location: Hertfordshire
YOPA is a Hertfordshire-based proptech company that develops software solutions for the real estate industry. It operates an online estate agency which enables people to list properties for sale, and sellers are guided by YOPA property agents throughout the process.
Backed by DMG Ventures, Grosvenor Hill Ventures and LSL Property Services, YOPA has secured £94.6m in equity investment, across six funding rounds. YOPA also appeared on the LinkedIn Top Startups UK high-growth list back in 2017.
13. Signal AI
Date founded: 2013
Location: London
Using artificial intelligence, Signal AI extracts information and insights from news and media sources online, assembling data and information to help in business decisions-making processes. Founded in 2013, the high-growth SaaS company has offices in London, New York and Hong Kong, helping a variety of customers, including Deloitte, EY and Bank of America.
To support the development of its SaaS product, Signal AI has participated in four accelerator programmes so far: PwC scale Programmes, Fuse, Upscale and Fintech Innovation Lab London. The company has secured £77.1m in equity funding, across six rounds, with investors including Frontline, GMG Ventures, Hearst Ventures and Highland Europe. Signal AI has also featured on high-growth lists such as the Tällt Disrupt 100, FT1000, Top 100 Britain’s Fastest Growing Businesses, and the Fast Track Tech Track 100.
14. Speechmatics
Date founded: 2006
Location: Cambridge
Speechmatics develops speech recognition software that translates speech to text, using AI. Describing itself as the most accurate and inclusive speech-to-text engine available, Speechmatics’ AI is built to translate speech regardless of accent or speaking manner, thereby removing biases inherent in much of the AI world.
The Cambridge-based SaaS company has received three Innovate UK grants, worth £300k in total, and attended the Accelerate, Microsoft for Startups, and Upscale accelerator programmes. Speechmatics has also featured on the FT1000 for four years in a row, between 2019 and 2022, in addition to the Deloitte Fast 50 and The Queen’s Awards for Innovation.
Speechmatics recently secured a major £50.9m investment, in June 2022, which will enable its international expansion and further R&D efforts. In total, the company has raised £69.1m, across five equity rounds, with investors including Albion VC, Amadeus Capital Partners and IQ Capital Fund.
15. Perlego
Date founded: 2016
Location: London
Perlego is an edtech-focused SaaS company that provides e-book subscriptions for textbooks, via an app-based e-reader. The London-based company aims to make educational materials more affordable for students and learners across the world, providing 800k titles, across 900+ topics to its subscribers. Perlego has been equated to the Netflix or Spotify of textbooks, having seen tremendous growth during the pandemic.
The company has secured £55.6m in equity investment so far, across six funding rounds, and been featured on high-growth lists such as Startups 100, London Tech 50, and the BusinessCloud EdTech 50. In March 2022, Perlego raised its largest equity round to date, worth £38.3m—backers included Mediahuis Ventures, Evli Growth Partners, Raine Ventures, We Are Human, and angel investors.
Early-stage SaaS startups to watch in 2022
The above businesses are among the top SaaS companies in the UK right now, but which early-stage startups should you be keeping an eye on this year? These 15 ambitious businesses are all currently operating at the seed stage, and raised their first equity deal during 2022. Read on to discover the future of the UK’s high-growth SaaS industry.
1. Vertice
Date founded: 2021
Location: London
In the number one spot for up-and coming software-as-a-service startups is Vertice. The B2B SaaS company helps businesses to manage their software spending. Given the countless software tools available to businesses these days, Vertice helps manage purchases and renewals through its platform.
The London-based startup has offices across seven countries and was founded by brothers Roy and Eldar Tuvey—experts in the SaaS industry that also founded ScanSafe and Wandera. Vertice secured its first equity investment of £20.9m in May 2022, with 83North, Bessemer Venture Partners and business angels, to create new jobs and spur R&D.
2. Ravio
Date founded: 2022
Location: London
Founded at the start of 2022, Ravio is an exciting new startup in the SaaS field. It provides insights on company data relating to salaries, compensation and equity through its SaaS platform, thereby helping businesses make compensation decisions in order to attract the best talent. Ravio already works with several big names, including Deliveroo, Truelayer and Zego.
Within four months of incorporating, Ravio secured an impressive £7.97m equity fundraising, with investors including Cherry Ventures, Northzone Ventures and Spark Capital. Given the extreme competition for talent, the shift towards remote work, and the ‘great resignation’ pandemic era, the process of hiring and retaining employees is more important than ever, making Ravio one to watch this year.
3. Merge
Date founded: 2021
Location: London
Merge is a fintech-focused SaaS company based in London. It operates an API-based online banking platform, offering payment solutions, specifically for web3 and crypto companies. It offers financial services that are often difficult for crypto companies to access from traditional financial services firms, given the risk associated with them.
In May 2022, the startup completed its first equity funding round, raising £7.51m from Alameda Research, Coinbase Ventures, Ethereal Ventures, Hashed, and Octopus Ventures. The fundraising also saw participation from several angel investors in the crypto and finance industries, including the Founder of Aave, former-CEO of Barclays Consumer Banking, Ledger’s CEO and a co-founder of Polygon.
4. Nous
Date founded: 2021
Location: London
B2C SaaS startup Nous develops software that helps consumers take steps towards saving money on bills. It does so by tracking household costs, as well as planned utility and service price rises. Amidst the UK’s current cost-of-living crisis, Nous is well-placed to help households in curbing their expenses.
Founded in 2021, Nous secured a £6.62m equity investment in February 2022, with Mosaic Ventures and over 65 angel investors, including Tom Blomfield (co-founder of GoCardless and Monzo), Eamon Jubbawy (co-founder of Onfido) and Christopher North (fomer AmazonUK head). This funding will allow the London startup to increase hiring and scale operations across the UK, as well as launch its first SaaS products.
5. Opendialog.ai
Date founded: 2022
Location: London
Using artificial intelligence, Opendialog.ai develops an online conversational platform that aids businesses in their customer service needs, aiming to transform human-machine interactions. The London-based startup provides a no-code conversation design, simplifying the creation of online customer support.
In May 2022, Opendialog.ai secured £3.99m in its first equity fundraising, which will enable the company to further develop its SaaS product, as well as allow for plans to expand internationally. Among its named clients are BDO, Peppercorn Insurance and The Cyber Helpline.
6. Laminar
Date founded: 2020
Location: London
Laminar provides platform-based software for video streaming and content management, thereby allowing media companies to launch streaming services in a quicker and more economically efficient manner. The London-based startup aims to add six to eight streaming services to its platform by the end of 2022.
Founded in 2020, Laminar recently secured its first equity funding round: it raised £3.77m in February 2022, in a fundraising led by Artha India Ventures (AIV) and Leo Capital.
7. Omnea
Date founded: 2022
Location: London
Founded in January 2022, Omnea is a London-based SaaS company that develops procurement tools for businesses, allowing for simplified B2B purchases. It was co-founded by Ben Freeman and Benjamin Allen, and claims to have created the world’s first procurement orchestration layer that enables the entire purchasing process to take place on one platform.
Omnea raised £3.65m worth of equity investment in March 2022, in an unannounced funding round with undisclosed investors. The B2B SaaS startup is now actively hiring and seeking to expand the business.
8. Opply
Date founded: 2021
Location: London
Opply develops software solutions that automate the supply chain management process for SMEs, particular in the food and beverage industry. Working with both buyers and suppliers, the company helps simplify the process, enabling businesses to save an average of two months and 20% on costs. Opply has been particularly useful to SMEs since its launch in 2021, given the supply chain issues arising from the pandemic and Brexit. At present, it has over 10m suppliers in its database.
In June 2022, Opply secured its first round of equity investment, worth £3.29m. Investors included Anthemis, Chalfen Ventures, Entrepreneur First, and numerous angel investors. This influx of capital will help improve Opply’s technology, as well as allow for the creation of engineering and commercial teams, and expansion of its global team.
9. Papaya
Date founded: 2022
Location: London
Founded in 2022, Papaya specialises in electric vehicle fleet management, putting sustainability at the core of its mission. The SaaS startup helps businesses keep track of their fleets, all within one online platform.
Papaya works with both fleet operators, including GoPuff, Hived and Zedify, as well as service providers, such as Ottoscotter.
Just months after its founding, the SaaS company has secured a £3.26m equity funding round, from investors including Giant Ventures, Seedcamp and 20VC. This investment will help finance the build-out Europe’s largest EV ecosystem.
10. LottieLab
Date founded: 2021
Location: London
Founded by Andrew Ologunebi and Alistair Thomson in 2021, LottieLab is an up-and-coming design services startup that allows for the simplified creation of graphics and GIFs on its motion design platform. Among its SaaS platform users are developers from major companies TikTok, Canva, Apple and Amazon.
The London-based startup secured £3.10m of equity funding in April 2022, in a round led by Point Nine Capital. Other backers included 20VC, Entrepreneur First, and angel investors, including the CEO of Squarespace, CPO of Slack and a former Twitter VP. This funding will enable LottieLab to triple its employee count in 2022, with particular focus on the expansion of the product development team.
11. StackZone
Date founded: 2022
Location: Berkshire
The youngest company on our list of top early-stage SaaS startups in the UK, StackZone was founded in April 2022. It is developing a cloud management platform that provides management, security and compliance tools for businesses. Based in Berkshire, StackZone aims to make cloud management easier, simpler and more cost-efficient.
StackZone raised £3.00m of equity investment in May 2022 (within just a month of its founding), again via an unannounced funding round.
12. Qudo
Date founded: 2020
Location: London
Founded in 2020, Qudo is a B2B SaaS company that provides data-driven precision targeting and analysis of research programmes through its AI-powered digital marketing platform. The company aims to make marketers’ jobs easier, saving them time and money by placing the entire marketing value chain into a single platform.
Qudo secured £2.70m in an unannounced seed funding round in April 2022. With a team of around 15 employees, the London-based startup is seeking to expand and is actively hiring right now.
13. Cynomi
Date founded: 2020
Location: London
London-based digital security company Cynomi develops AI-powered software for small to medium sized businesses, which are more likely to be subject to cybersecurity threats and hacking. Cynomi currently works with businesses in the US, UK and Israel.
The digital security firm has received two Innovate UK grants so far, worth £408k in total, and secured its first round of equity investment in February 2022. The £2.57m round saw participation from Flint Capital, Lytical Ventures, SeedIL, and angel investors (such as Nir Giller, the co-founder of Cyber X, which was acquired by Microsoft). It will help Cynomi increase R&D efforts and expand in both the UK and US markets.
14. Vektor AI
Date founded: 2021
Location: London
Vektor AI is a B2C SaaS platform that uses AI technology to connect mentors and mentees for career progression support—whether it’s helping land a job, developing new skills or guiding people towards finding the right career path. The London-based startup was founded by two former Meta employees, Anna Buldakova and Viktor Buldakov.
Mentors on the Vektor AI platform include the Marketing Lead at Canva, Daria Seredinskaya, and Meta product manager Jean-Pierre Pequito. The company secured £2.48m in equity investment in March 2022, with the company showing immense potential for growth this year.
15. CropSafe
Date founded: 2019
Location: Northern Ireland
Northern Irish agritech company CropSafe develops software solutions to help farmers manage their farms and crops. Using satellite imagery and AI, CropSafe helps keep track of weather conditions, anticipate crop disease and contamination, and keep oversight of many other farming operations, all within one SaaS platform.
The startup has offices in Belfast, London, Cambridge and Los Angeles, and attended the Propel Pre-Accelerator Programme back in 2020. It secured its first equity investment in May 2022, in a £2.39m round with Elefund, Foundation Capital, Global Founders Capital (GFC), Great Oaks Venture Capital and V1.VC, alongside angel investors.
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