Tech Nation, the UK’s leading growth platform for tech scaleups, today announces the 31 mid-stage scaling tech companies that have been accepted into Upscale 7.0 - the seventh iteration of the Upscale programme, which supports the UK’s fastest-growing mid-sized (Series A) tech companies to overcome common growth challenges and scale faster. This is a critical time in every scaleup’s journey, as around 60% of companies that raise Pre-Series A funding fail to make it to Series A or beyond.
The 31 companies selected to join Tech Nation’s programme have demonstrated an average growth rate of 250% and come from fields ranging from healthtech and edtech, to foodtech and cybersecurity.
From the East of England, Tech Nation welcomes to its seventh cohort Cambridge-based edtech platform Focal Point Positioning, which has built integrated software to upgrade the sensitivity and accuracy of GNSS-dependent devices, based on advanced physics and machine learning.
Focal Point Positioning’s success reflects the strength of the mid-sized market overall, which is growing faster than ever across the board, with mid-stage scaling tech companies (at Series A) having raised $2.7bn in 2021 so far - an all time record - up from $2.4bn in 2020.
The UK currently has 136 tech ‘futurecorns’ (fast-growing tech businesses set to achieve a $1bn+ valuation) in the pipeline, demonstrating the rapid growth of UK tech as companies innovate to solve social, economic and environmental challenges.
Digital Secretary Nadine Dorries said: "It's fantastic to see so many fast-growing scaleups creating wealth and well-paid jobs up and down the country. Through organisations like Tech Nation, this government is helping people across the UK get the skills they need to work in this fascinating industry and supporting businesses with pro-innovation policies so they can continue to grow and thrive."
Tech in the East of England is booming
Focal Point Positioning is part of a vibrant and fast-growing East English tech scene. According to data from The Tech Nation Report 2021, the East of England is home to over 24,525 digital tech firms (and 5 tech ‘unicorns’ - companies valued at $1bn+), and its tech sector employs over 134,890 people, with an annual turnover of $22bn.
Cambridge - where Focal Point Positioning hails from - is the East of England’s largest tech hub, and received £145mn in investment in 2020 despite the Covid-19 pandemic, making it the fifth largest tech hub in the UK overall.
Ramsey Faragher, Founder of Focal Point Positioning, said: “We are really pleased to have been selected for the Upscale cohort. Focal Point Positioning has just launched its USA subsidiary, attracted a veteran CEO of the GPS industry, and is rapidly expanding. We're looking forward to learning and benefiting from this prestigious programme.”
Upscale 7.0’s mission
The six-month government-backed Upscale programme was designed to support and scale the most promising mid-stage tech companies in the UK. Companies accepted into the Upscale programme will receive over 60 hours of support at world-class coaching sessions (delivered by over 20 expert scale coaches), attend networking events with key stakeholders, peers, corporates and investors, and have access to a range of online resources, designed to tackle fundamental scaling challenges around culture, talent, international expansion and financing.
Empowering all of the scaling companies in the new Upscale cohort is at the core of Tech Nation’s mission to fuel the growth of tech scaleups who are helping to create a stronger economy, society and future.