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‘Northern Triangle’ UK tech firms raise £1.3bn

Northern triangle tech funding

Northern Triangle tech startups – those based in Manchester, Leeds and Sheffield – raised £1.3bn funding over the last five years, demonstrating the rising appeal among investors to back companies based outside of London.

The Northern Triangle is home to nearly 1,500 startups that collectively raised £420m last year. There is a strong ecosystem with academic institutions, with universities from the area producing 95 tech spinouts since 2017.

The influx of investor capital has helped tech jobs more than double in the last 18 months, according to job site Adzuna. In Manchester and Leeds, the IT industry is the fastest-growing sector when it comes to vacancies, with 10,000  IT openings.

The extra capital has also created seven unicorns and five futurecorns in the Northern Triangle. Among them are Sheffield-based Zilico, which is improving cervical cancer diagnostics; Leeds-based C-Capture, which is designing chemical processes for carbon dioxide removal; and Manchester-based ecommerce giant THG....