UK tech update London Tech Week 2022 June 2022Key takeaways The UK ranks 2nd globally for startup The UK has built a deep unicorn pipeline. Resilience set to be tested, but strong fundamentals remain in UK tech. As the world heads into potentially uncertain economic times, the UK?s strong tech ecosystem fundamentals are likely to be tested in the next 18 months. UK-based VCs have record levels of dry powder ready to deploy, which the large late-stage startup pipeline will be looking to tap into. UK startups have raised more investment so far in 2022 than India and China, behind only the US on the global stage. Record levels of first quarter funding for the UK contributed to the surge, though changing market conditions could cause global volatility in H2 2022. The UK has produced 122 billion dollar companies, and is home to a further 258 startups on potential future unicorn track, more than double any European neighbour. Despite London?s leading position, a further three UK cities rank among the European top 20 future unicorns cities. 2022 VC funding Future unicorn count New UK dry powder $10.5B UK France 258 US UK $4.7B Germany India China Switzerland Nether