Home Business NewsBusinessCheck out the billion-dollar tech companies Britain has produced just this year

Check out the billion-dollar tech companies Britain has produced just this year

by LLB Editor
23rd Mar 15 12:13 pm

Watch out Silicon Valley

When it comes to tech, the UK is bedazzled by the US. Weโ€™ve all heard British tech entrepreneurs singing the praises of Silicon Valleyโ€™s funding capacity, the risk appetite and of course, the โ€œcan-doโ€ attitude.

But America being mecca for tech companies is fast becoming an old chestnut, thanks to Britainโ€™s brigade of billion-dollar tech companies. There is research to back that claim – according to a study by South Mountain Economics, Britainโ€™s growth in the tech sector is outstripping that of Silicon Valley.

Check out the billion-dollar tech companies Britain has produced just this year:

1. Shazam

Valuation: $1bn

HQ: London

Keith Lovell, CFO, Shazam

Keith Lovell, CFO, Shazam

Hammersmith-based music app became a billion-dollar company in January this year after a $30m fundraising from unnamed investors. Shazam employs 150 people in its West London office and has more thanย 100 million monthly active users.

>> Read: Can Shazam be UKโ€™s first billion-dollar tech company?

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2. TransferWise

Valuation: $1bn

HQ: London

TransferWise - logo and founders

Kristo Kรครคrmann (R) and Taavet Hinrikus, co-founders, TransferWise

In January, money-transfer start-up TransferWise raised $58m in a Series C funding round led by Andreeesen Horowitz, which valued the company at a cool $1bn. The five-year-old start-up boasts investors including PayPal founder Peter Thiel, early Facebook investor Andreessen Horowitz and Sir Richard Branson.

>> Read: Five-year-old TransferWise becomes Londonโ€™s latest $1bn tech biz

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3. Farfetch

Valuation: $1bn

HQ: London

Josรฉ Neves, founder of farfetch.com

Josรฉ Neves, founder of farfetch.com

Luxury online retailer Farfetch joined the billion-dollar club in March after it raised $86m. Founded in 2008, Clerkenwell-based Farfetch offers shoppers clothes from over 300 independent boutiques around the world. It operates in 180 countries and the average order on the site is $650.

>> Read: London fashion retailer Farfetch now a billion-dollar tech firm

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4. Funding Circle

Valuation: $1bn

HQ: London

(left To Right ) Samir Desai James Meekings And Andrew Mullinger Founders Of The Funding Circle.

(Left to right ) Samir Desai James Meekings And Andrew Mullinger Founders Of The Funding Circle.

Funding Circle hasnโ€™t officially become a billion-dollar tech company but is rumoured to be raising ยฃ50m in the next few months. According to the Sunday Times, this will earn the company a $1bn pricetag soon. Funding Circle was founded in 2010 by Samir Desai (CEO), James Meekings (CMO) and Andrew Mullinger. The tech start-up boasts high profile investors including Betfair co-founder Ed Wray and Carphone Warehouse co-founder Charles Dunstone.

>> Read: Funding Circle might soon become a billion-dollar tech firm – here are 5 key stats about it

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Have we missed any? Tweet us @Londonlovesbiz to let us knowโ€ฆ

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Tinder didnโ€™t originally have the swipe function (and 5 other things you didnโ€™t know about the app)

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