Newcastle has one of fastest growing tech sectors in UK, Government says

The Levelling Up Tech Power League highlights a number of significant deals in the city in recent months

Newcastle has one of the UK’s fastest growing tech scenes, according to new official figures.

The Levelling Up Tech Power League has named Newcastle the 8th fastest growing city in the UK, saying the area raised a record £86m in venture capital funding this year

The city’s tech sector has more than 1,300 job opportunities, with an average advertised salary of £46,536, an increase of 5.8% on last year.

And companies such as QuantuMDx, Bottlepay and Haystack have been highlighted as leading lights of the sector, having raised multimillion-pound funding in the last year.

The Levelling Up Power Tech League is headed by Cambridge, followed by Manchester and Oxford. Newcastle is ranked 8th in the list, ahead of Cardiff and Belfast.

Digital Minister Chris Philp said: “It’s been another record-breaking year for UK tech with innovative British startups helping solve some of the world’s biggest challenges.

“Capitalising on this fantastic investment across the country is a crucial part of our mission to level up, so we are supporting businesses with pro-innovation policies and helping people to get the skills they need to thrive in this dynamic industry.”

The new report echoes findings of the annual Tech Nation report earlier this year, which ranked Newcastle as the country’s ninth most important tech hub.

But that report also highlighted the dominance of London’s technology firms, which had a combined turnover of more than 75 times that of North East firms.

After falling investment in North East technology companies for the last two years, this year has seen a number of significant deals. Leading the way was fintech firm Bottlepay, which secured an £11m seed funding round in February and was then sold in November in a shares deal reported to be worth around $300m.

The Levelling Up Power Tech League is based on data for cities around the UK on a range of factors, including venture capital funding, the number of VC rounds, the number of available jobs, the average salary, the number of tech ‘unicorns’ and the number of ‘futurecorns’ in the area.

The table has been compiled for the Government’s Digital Economy Council by Dealroom and job search engine Adzuna.

Andrew Hunter, co-founder at Adzuna, said: “The growth of tech companies across the UK has led to a surge in hiring across the country. The number of IT job openings is higher than its ever been and is consistently growing week on week.”

Credit: BusinessLive

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