London is widely considered the tech hub of the UK and Europe – and with good reason. Last year, tech startups based in the capital raised a record £18.55bn, making it the fourth-highest city for VC investment globally. It also became home to a record 18,549 new tech startups.
But 2021 also highlighted the increasingly important role that regional tech hubs play in Britain’s tech ecosystem. In total, £9bn in VC funding went to startups and scaleups based outside of London and the South East.
In particular, tech startups based in the so-called “Northern Triangle” – encompassing Manchester, Leeds and Sheffield – have become a magnet for funding and innovation.
Over the last five years, tech startups based in the Northern Triangle have raised £1.3bn in VC funding....