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UK ‘maintains dominance’ of tech unicorns within Europe

tech unicorn

The UK has maintained its dominance within Europe as home of the tech unicorn, according to a GP Bullhound report.

According to the report, titled European Unicorns 2016: Survival of the Fittest, the UK is home to 18 of Europe’s 47 tech unicorns with new entrants Blippar and Anaplan consolidating the country’s position in the lead.

Manish Madhvani, managing partner at GP Bullhound, commented: “There has never been a better time to operate within the European market.

“I firmly believe that the right ecosystem now exists for one of the companies highlighted in this report to push forward and reach a $10bn valuation in the next few years. With time, Europe could even produce its first $100bn tech company,” continued Madhvani.

Tech unicorns in Europe

The report also showed that Europe’s tech sector had produced an additional 10 unicorns in the past year.

With a combined value of $130bn, the report said, Europe’s unicorns have shown resilience in the face of turbulent global markets and heightened scrutiny of fast-growth tech.

Additionally, the report found that Sweden came in second, as the home to 7 tech unicorns; including Spotify. Germany came in third with six and France and Israel followed with three each.

Finally, according to the report, Luxembourg, Switzerland and Finland produced their first ever tech unicorn in the past 12 months.