Flourishing Tech Start-Ups 2021
Nearly $8bn has been raised for tech firms since the start of 2021, a huge number of these firms are tech start-ups, in 2020 the UK was the third biggest destination in 2020, and the UK government is backing tech in a big way; with a £375 million UK-wide initiative of funding for innovative and promising companies.
Below we have compiled a list of a few watchlist-worthy UK Tech Start-ups that have been blazing teh trail for the technology industry in the UK. The list varies in terms of the individual popularity, valuation, and funding raised.
We Are Paradoxx
The London-based beauty brand We Are Paradoxx, is a plastic-free company that produces sustainable and natural products. The company raised £2.9 million in seed funding which will be used on expanding and developing in the US market, electric hair tool R&D, and further developments of current body and hair products. The company also has future plans to extend its electrical products.
£9.5 million was raised for the social networking platform Wefarm, with the goal of helping independent farmers. Founded in 2018, the company's platform aims to help independent farmers network, share ideas, and sell or exchange goods. The recent investment was an extension of the 2019 Series A funding round (guided by Octopus Ventures) and will be used to expand and grow the social network platform. Wefarm now has a total funding amount of £24.5M and is set to expand their company.
With the Covid-19 pandemic preventing live events for the public, online events platforms such as Hopin have recently been seeing substantial growth. Hopin was named Europe's fastest-growing company in 2020 and was on Europe's unicorn list only eight months after its launch. However, there are concerns regarding the company's ability to sustain its previous growth with vaccines rolling out and future possibilities of live events. The last funding round, which was a Series B, raised 156m euros, the company is presently valued at 1.9bn euros.
VRAI is a Dublin based company, also operating from its UK office, that offers training for high hazard environments with the use of VR simulations. Founded in 2016, the company uses VR, IoT, and AI technologies to create simulation training that is genuine and quantifiable to real work environments. The Irish state economic development agency, Enterprise Ireland, along with private investors raised £1.2 million in seed funding for the company which will be used to grow VR simulation training for other businesses.
The start-up company GoCardless, collects direct debits from customers on the behalf of other companies. GoCardless charges a fee of up to 1% from these transactions and returns vital data to companies using their service. The company cooperates with almost 60,000 organisations within the US, Europe, the UK, and Australia. In 2020, GoCardless saw growth due to the increased use of digital payments during the Covid-19 pandemic. The most prominent question for the company now is the health of the company during the first post-Brexit year. The company's last funding round, a series F, raised 198m euros, with a total valuation now standing at 882m euros.
Founded in London in 2017, ReFlaunt is a Resale-as-a-Service company whose goal is to encourage International fashion brands to enable circularity. This month the company received around £1.9 million in Series A funding, with some of the major investors including MadaLuxe Group, former Jimmy Choo CEO, and The Mills Fabrica. The company plans to use this investment to further technological capabilities and business development. The company have received total funding of £2.16m dollars to date, and are likely to capitalise on trends in online retail, as well as environmental sustainability.
Founded in 2015, Revolut is one of the fastest-growing digital banking apps in Europe, it has received huge amounts of popularity as one of the UKs biggest Fintech startups, Revolt also came first in the UK in terms of jobs advertised in 2020. The company have expanded massively into a full range of personal financial services, including cryptocurrency and stockbroking services. Now valued at over £4 billion, revolt has more than 11m customers, and is adding around 11k accounts a day. Their last funding round, a series D, raised over £460m. As the first in the UK in terms of investment raised that year, Revolut now has ambitions of gaining a UK bank licence and conquering the US and Asia.