The potential of the North’s burgeoning tech sector will only be realised if the availability of capital becomes more visible, an investment summit has heard. A study by international investment bank, GP Bullhound, last year identified a number of Northern businesses which it considered to be strong contenders to hit $1billion in value within the next few years, including Daisy, The Hut Group, Missguided and RealityMine.
There are twelve $1 billion tech businesses in the North and investment in Northern tech companies is at a 10-year high. However in order to capitalise on the opportunities around high-potential small businesses in the North – particularly the fast-growing tech sector – visibility of capital needs to improve.
The day after Britain officially began its Brexit breakup with the European Union, representatives from 100 tech companies with a combined revenue that topped $2 billion gathered at The Boiler Shop, an old railway building reborn as an event's space in the northern city of Newcastle. There, the Northern Tech Awards, organised by tech-focused investment advisory firm GP Bullhound, was celebrating its fourth year cataloguing the region's fastest growing and most promising startups.
The top 100 fastest growing technology companies in the North generated £1.9bn in revenue last year, according to data compiled by tech investment bank GP Bullhound.
Hugh Campbell, managing partner of GP Bullhound, said: “After years of huge potential, Northern tech companies now command the valuations and deals worthy of international recognition.
Newcastle won prizes as well as playing host when the Northern Tech Awards took place on Tyneside.
Virtual reality company Zerolight was presented with the Judges’ Innovation Award while regional tech body Dynamo received the Local Hero Award.
The 100 fastest growing tech firms in the North were honoured in the prestigious Northern Tech Awards ceremony in Newcastle last night.
Data compiled by GP Bullhound and Tech North revealed that between them the 100 fastest growing tech firms in the north generated over £1.9bn in revenue in 2016.
The winners of the Northern Tech Awards 2017, organised by European technology investment bank GP Bullhound, have been revealed.
The awards recognised the entrepreneurs and businesses that have led the growth of the northern digital economy in the past year.