London-headquartered venture capital (VC) firm Highland Europe has launched a €1bn (£879m) fund to invest in grow-stage software and consumer internet businesses across Europe. It is Highland Europe’s fifth fund, bringing its total capital raised to €2.75bn (£2.42bn). Fergal Mullen, partner, Highland Europe, said: “We want to thank all of those European founders who chose ... Read more ›
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With the global tech downturn continuing to wreak havoc on companies large and small, investors have been re-evaluating how they approach tech financing. Funding for UK tech startups fell 22% in 2022 thanks to a significant downturn in the second half of the year. Smaller funding rounds and lower valuations have become commonplace compared to ... Read more ›
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Scaleup Finance, a Danish-founded fintech, has raised the nation’s largest-ever seed funding round, securing $8m (£6.4m) to bring its “digital CFO” platform to the UK. The funding round, shared exclusively with UKTN, will support Scaleup Finance’s expansion in the UK market, where it will provide its subscription-based platform that automates company finance management. Scaleup Finance’s ... Read more ›
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UK startups could lose an average of £100,000 due to the government’s proposed changes to the R&D tax credit scheme, new research has found. A study from the Coalition for a Digital Economy (Coadec) found that startups will likely lose between 30% and 40% of savings from the tax credit scheme after the changes, which ... Read more ›
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Barclays Eagle Labs has officially been awarded a £12.09m government grant to support UK tech startups in a significant but widely expected blow to Tech Nation. The Digital Growth Grant was established to deliver support services to the UK’s digital tech sector, grow regional support networks and help entrepreneurs scale their businesses. The funding, which ... Read more ›
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This week electric vehicle battery startup Britishvolt filed for administration after failing to find additional investment or new buyers. It comes just three years after it was founded, full of promise to become a key domestic supplier of electric vehicle batteries while creating 3,000 jobs. It also became a flagship for Boris Johnson’s levelling up ... Read more ›
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Business software provider Sage has boosted its recurring revenue to £517m in the last quarter of 2022. The 12% surge in revenue means the Newcastle-based software firm is on track to meet its revenue growth forecast for 2023. Two areas in particular that helped Sage grow its revenue are cloud sales, which rose by 31%, ... Read more ›
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Business secretary Grant Shapps has said he plans to make the UK country a better place for startups to scale up and that the UK can “learn from the mistakes” of Silicon Valley. Speaking in Davos, Switzerland, at the World Economic Forum, Shapps outlined his vision to launch a “Scale-up Summit” for those within the ... Read more ›
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UK-based fintech HyperJar has appointed the former head of Morgan Stanley International as its new CEO. Rob Rooney, who has served in numerous roles over his 30 years at the major US investment management firm, will be running HyperJar as it looks to scale its business. “The closer I get to the team and the ... Read more ›
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Oli Cook is the CEO and co-founder of Ekko, a climate-focused fintech startup that plants trees and prevents bottles from entering the ocean when customers use its debit card. Ekko was co-founded in 2019 by Cook with Manish Vara, Simon Toller and Tom Greenwood. It raised £450,000 in pre-seed funding in 2021. The startup says ... Read more ›
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Alex Chesterman, the founder of used car marketplace Cazoo, has stepped down as CEO. The announcement came as part of Cazoo’s latest financial results, which showed the British-founded but US-listed company brought in UK revenue of £1.25bn in 2022. Chesterman, who founded Cazoo in 2018, will be replaced by COO Paul Whitehead in April. Chesterman ... Read more ›
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In 2022, the era of cheap capital was brought to a halt by soaring inflation and rising interest rates. It has created a very different environment for tech startups compared to the dizzying heights of 2021. But what does 2023 have in store for the UK’s tech sector? To find out, UKTN spoke to those ... Read more ›
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Six major employers have signed a commitment to support retired veterans of the British armed forces to find work in the tech sector as the digital skills gap continues to make hiring a challenge. The 15,000 Futures initiative will see major firms fill positions in the UK that require digital and tech skills with veteran ... Read more ›
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Steven Bartlett has launched his $100m (£81m) “Flight Story Fund” to invest in space, commerce, biotech, technology, blockchain and health startups. It will invest between $1m (£810,000) -$10m (£8.1m) in high-growth businesses with potential of reaching a $1bn unicorn valuation. Bartlett, known for his appearance on the BBC’s Dragons Den and podcast “The Diary of ... Read more ›
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Cost-cutting at Deliveroo has taken the food delivery firm a step closer to profitability, despite an overall drop in orders. In its latest quarterly report, Deliveroo revealed that it had broken even in the second half of the year, after a series of cost reduction measures in 2022. While global orders dropped by around 2%, ... Read more ›
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German life science firm Bayer has acquired artificial intelligence company Blackford Analysis for an unspecified sum. Blackford Analysis provides tools for those working in healthcare to use medical imaging AI applications. Ben Panter, founder and CEO, Blackford Analysis, said: “Blackford exists to improve the lives of patients and populations by unlocking the adoption and benefits ... Read more ›
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CareLineLive, a digital management system for home care, has raised £3m as the West Sussex-based company continues its expansion into Ireland and Australia. Founded in 2014 out of frustration with the limited information provided during home care, CareLineLive has created a digital platform to manage all aspects of providing medical care at home. The company ... Read more ›
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US technology giant Microsoft is set to cut thousands of jobs as major tech firms worldwide continue to scale back staff headcount. First reported by Sky News, the US tech giant could cut around 5% of staff worldwide. The company employs over 220,000 people, 6,000 of whom are based in the UK. If true, this ... Read more ›
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UK venture capital (VC) investment dropped by 30% in 2022, with London continuing to attract the lion’s share of funding. According to a report from professional services firm KPMG, UK businesses secured £22.7bn in VC funding last year. In the first half of 2022, the UK attracted £14.7bn of VC investment before taking a dive to ... Read more ›
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A £130m regional investment fund targeting companies in Wales from the British Business Bank is set to launch early in Autumn 2023. Louis Taylor, CEO of British Business Bank, confirmed the launch date of the Wales investment fund, which was first announced in the 2021 Autumn statement by then-chancellor Rishi Sunak. “We are delighted there ... Read more ›
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29.06.2026 10:21
Last update: 10:15 EDT.
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