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Manchester tech startups raise £532m, the highest outside of London

Manchester funding 2022
Image credit: Shutterstock

Manchester-based tech companies raised a record £532m in funding in 2022, the highest amount outside of London and the South East of England and retaining the top spot for the best-funded northern tech hub.

The data, provided by Dealroom, found that the city outperformed international cities such as Rome, Warsaw, Lisbon and Brussels.

“Manchester’s thriving tech startup scene is packed with innovation, fuelled by record levels of funding from 2022 and is outperforming much larger cities on the continent,” said Paul Scully, digital economy minister.

Notable rounds achieved by Manchester-based companies include Modern Milkman’s £50m Series C round in November, Freedom Fibre’s £84m investment and BE.EV’s £110m round.

Funding in the northern city soared 50% in 2022, up from £355m the year prior. Despite the continued growth in Manchester, London continues to attract the lion’s share of tech funding, with startups in the capital securing £16.2bn in 2022 out of a total £24bn nationwide....