An innovative flower delivery startup, an online money transfer service and a recipe subscription service are among 26 of the hottest startups in the UK which have been identified as having the potential to become household names and globally recognised companies.
Bloom & Wild, Azimo and Gousto are among the up-and-coming names joining the likes of fintech unicorn Transferwise and dinner favourite Deliveroo in Tech City UK’s Future Fifty programme, City A.M. can exclusively reveal.
Ad tech firm SuperAwesome, which City A.M. revealed was exploring plans for a potential IPO, is also one of the firms chosen to join the scheme by top entrepreneurs and investors. Future Fifty supports late stage pioneering UK tech startups and boasts Just Eat and Zoopla among its alumni, both of which went on to float on the London Stock Exchange.
Of the 77 companies which have been through the Future Fifty programme since 2014, five have pursued IPOs collectively raising $1.5bn, while 17 have been acquired – most recently the blockbuster acquisition of Skyscanner by China’s Ctrip for £1.4bn. Figures also reveal they have created nearly 30,000 jobs around the world and raised combined funding of $3.8bn, 40 per cent of that last year alone.
“The fact that so many Future Fifty companies are now household names is testimony that [the Future Fifty programme] works,” said business secretary Greg Clark.
“The innovation that we are seeing in all of these young firms is key to the government’s modern industrial strategy. We recognise that through tech and the digitisation of many aspects of UK business, we can create new opportunities across the city to expand our economy and make it more productive. The companies that join Future Fifty today will be the established businesses and employers of tomorrow.”
Digital minister Matt Hancock added: “These young companies are part of the reason our booming digital economy is already worth more than £118bn a year and growing twice as fast as the rest of the economy.”
The government is expected to announce its long-delayed digital strategy in the coming weeks, refreshing the policy plans which originally spawned Tech City and such programmes. It will outline fresh plans to support tech startups and the UK digital economy which has already handed a boost from the Prime Minister’s industrial strategy.
“Britain remains one of the best places in the world to start a tech business and we will make sure it remains so,” said Tech City UK chief executive Gerard Grech.
“These companies have global ambitions and with the support of the tech community we will do everything we can to help them, so that they can create jobs and opportunities across the UK, as their successful predecessors have done.”
The Future Fifty 2017 – who’s in?
Retail businesses make up the majority of the new joiners, accounting for a third, while fintechs are the second biggest sector and a fifth of all the firms are from outside of London. Four of the companies were graduates of Upscale, a scheme designed to help early-stage startups scale up.
Azimo – An online international money transfer service that allows people to send money to any internet-connected device in over 190 countries around the world
Blis – Uses location data technology to create audiences for advertisers
Bloom & Wild – Provides flower delivery through the letterbox
Carwow – The most convenient, stress free way to find and buy a new car.
To see the full list of recipients and read the original article from City A.M. click here.