CB1 – the new city quarter for Cambridge

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23 December 2021

Cambridge named UK’s top regional tech city in Power Tech League

According to new Power Tech League analysis, Cambridge has been named the leading city outside of London for its tech firms.

The Levelling Up Power Tech League consists of analysis for the UK’s Digital Economy Council, carried out by Dealroom and Adzuna. The regional rankings took into consideration a number of factors, including levels of venture capital funding, venture capital rounds, the number of jobs available and high salaries for those working in the tech sector. Marking each city from 1 to 10 for each category, Cambridge achieved the best result, ranking it as the leading UK region.

Another category taken into consideration was the city’s number of unicorns: tech companies that are worth over $1billion.

CB1 has contributed to the development of Cambridge in recent years, with a host of high-quality buildings occupied by international companies including Amazon, Microsoft, Samsung and WeWork at its Station Square development.

Yoram Wijngaarde, founder and CEO at Dealroom, said:

“The UK tech ecosystem has exploded in the past year, with an increasing number of mega rounds minting new unicorns and futurecorns every day. This is significant because we know from research that employees at $1b+ companies often go on to found their own startups, some of which become unicorns themselves, which helps to shore up the ecosystem and lead to a new generation of global companies.”

2021 has been a significant year for the UK tech industry, with tech investment growing 2.3x this year, the highest growth since 2013 to 2014. There has also been a 50% rise in the UK tech job vacancies advertised this year compared to in 2020, with advertised tech vacancies hitting 160, 887 in November.

The rise in remote jobs has also contributed to the industry’s success this year, as it continues to lead the way with hiring remote employees. 21.6% of all job ads in the IT sector are advertised as remote roles, which is growing the UK tech ecosystem outside of London.

Susannah Odell, Head of Digital Policy at CBI, said:

"From Cambridge to Manchester, the [UK’s] digital economy is unlocking vast opportunities and growth across the country. To ensure businesses continue to grow, scale, and invest, equipping the workforce with the right digital skills, and ensuring regulation supports innovation and builds trust in tech, will be essential.”

Another factor that has had a significant impact on the tech industry this year is the Government’s increased investment into research and development, reaching £20bn by 2024-25. Aimed at securing the UK’s future as a global science superpower, the investment will support the UK’s research institutions, universities and businesses.

 

Image credit: Hufton + Crow

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