Technology companies in the ‘Northern Triangle’ of Manchester, Leeds and Sheffield have raised a record £1.3bn in funding in the past five years, according to newly released data.
Speaking at Manchester’s Digital City Festival, Digital economy minister Chris Philp revealed new research showing tech start-ups and scale-ups in Manchester, Leeds and Sheffield raised a collective £1.3bn in external funding in the past five years.
Philp welcomed record investment in the ‘Northern Triangle’ tech sector and committed to introducing digital regulation in 2022 to boost innovation and competition for the thousands of start-up and scale-up companies across the North.
Digital minister Chris Philp said: “We know tech needs talent, investment and ideas to flourish – and we’re investing in top level AI training, skills partnerships with businesses, as well as research and development tax credits.
“Tech also needs the right regulation to grow. When designed effectively it is an enabler of innovation so, in the months ahead, we will write our own rulebook on digital technologies to ensure our sector realises its true potential.”
The Northern Triangle is home to nearly 1,500 tech companies, including seven tech unicorns – companies worth $1bn – and five ‘futurecorns’. The region’s universities have produced 95 tech spin outs.
There are also 10,000 IT openings across the ecosystem according to Adzuna.
