Manchester-based UrbanChain breaks into top three of the Deloitte UK Tech Fast 50 ranking

The 2024 Fast 50 winners have a collective average three-year growth rate of 2,468%, and generated total revenues of £1.93bn in 2023/24.

UrbanChain leads the way for the North West

Despite almost three quarters (70%) of the 2024 Fast 50 winners hailing from London, including four of the top five, UrbanChain, a Manchester-based energy market disruptor, took the number three spot, its first appearance on the list.

UrbanChain also picked up the CleanTech award, underlining its commitment to green technology, and the Women in Leadership award.

Founded by Dr Somayeh Taheri in 2017, UrbanChain returned a three-year growth rate of 8,810%. The business is a provider of Peer-to-Peer (P2P) energy exchange services in the UK.

Securing £5.25 million in a Series A funding round in 2023, the business is now undergoing a Series B funding round having recorded a turnover of £25 million in its latest financial year. This latest round of investment is aimed at rolling out its current model across the United States.

Across the North West, other winners included contract lifecycle management software, Summize, which landed the number eight spot, while supply chain intelligence platform, System Loco, ranked in 34th place.

Commenting on the North West’s performance, Iain White, lead partner for Deloitte Private North West, said: “Manchester has really solidified itself as one of the UK’s biggest tech hubs, so it’s unsurprising that the North West has had an increased presence on this year’s Fast 50. Our region is home to world-leading universities and research facilities, creating an ecosystem that nurtures and supports tech-focused businesses to bring their new innovations to market. Having three Fast 50 winners on our doorstep is a fantastic achievement, and I am sure all the businesses will have a very bright future as they continue to grow in here in the North West and beyond.”

London leads the way for tech start-ups

Fintech company Allica Bank returns as the overall winner of the Fast 50 awards, having achieved a three-year growth rate of 13,411% to the year 2023/24. The London-based business, which topped the ranking in 2023 with the competition’s third largest ever growth rate, specialises in banking for small and medium-sized businesses.

In second place is ZOE, a London-based science and nutrition company specialising in personalised nutrition, with a three-year growth rate of 9,533%.

Kiren Asad, lead partner for the Deloitte UK Technology Fast 50 programme, commented: “We continue to see the resilience of the UK’s technology sector, demonstrated clearly from the impressive growth amongst this year’s Fast 50 winners. Amidst challenging economic conditions, these businesses have navigated their way to growth with tenacity, talent, and innovation in what remains a competitive market. I would like to extend my congratulations to all of the winners.”

Mixed bag of optimism and caution among tech CEOs

In a recent Deloitte survey of CEOs in the UK’s technology sector, one in five (21%) said they are applying cost reduction measures to deal with the changing economic environment. However, over half (52%) said they are not planning any changes, highlighting a mix of caution and optimism among tech business leaders.

Meanwhile, more than half (57%) of respondents said that they intend to raise growth capital within the next three years. In contrast, 16% of respondents stated that they have no intention of raising investment in the near future. Three quarters (78%) of respondents indicated that venture capital investment is their preferred form of investment, with 29% expressing interest in both venture capital and debt financing.

Asad concluded: “The economic headwinds of the last few years have created a challenging environment for many businesses, so it is reassuring that so many tech CEOs are feeling confident in their businesses and strategies. With many looking to raise investment capital in the near future, it is clear that start-ups are optimistic about their growth, albeit with caution.”