Tech Nation has announced the 35 mid-stage scaling tech companies that have been accepted into Upscale 8.0.

The latest cohort form the eighth iteration of the Upscale programme, which supports Series A tech companies to overcome common growth challenges.

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 success of these 35 companies – which have an average growth rate of 250% – reflects the strength of the mid-sized market overall, which is growing faster than ever across the board.

Data from Tech Nation and Dealroom today reveals that mid-stage scaling tech companies (at Series A) raised more than $5.1bn in H1 2022 compared to $5.6bn in the whole of 2021.

The top three fastest scaling sectors for mid-stage companies in 2022 are fintech, which has received $1.4 billion in VC investment this year, followed by healthtech with $769m and energy tech with $542m.

Dealroom and Tech Nation data also shows that the UK currently has 166 tech ‘futurecorns’ (fast-growing tech businesses under 10 years old set to achieve a $1bn+ valuation) in the pipeline.

Fast-tracking growth across the UK

Over half (18) of the companies in Upscale 8.0 hail from outside of London, with companies based across the UK, including Scotland by way of PlayerData – a platform seeking to revolutionise the way athletes train access to performance data. PlayerData services clubs across the UK, giving teams, coaches and athletes easy and affordable access to their data so they can control their performance.

The new companies joining Upscale collectively employ over 1,400 people, and over half (20) of the Upscale 8.0 companies (20) have employees overseas. Together, the companies operate across 27 countries, including the UK, and nearly half (40%) have at least one non-British founder.

Notably, nearly half (15) of the latest cohort companies have female founders or co-founders.

Upscale 8.0’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 – at a critical stage of growth.

Companies accepted into the Upscale programme will receive over 60 hours of support at coaching sessions, 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.

Winnie Yan, Upscale Programme Lead at Tech Nation, said: “I am delighted to welcome all of these ambitious, fast-growing tech scaleups to the Upscale programme this year.

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“The impact these companies’ innovative solutions are already having on people’s lives across so many industries is evident from their combined revenue of over £90 million, and it’s fantastic to see investors taking note of the potential these tech companies have not only to scale but to transform every corner of society for the better.”