This year’s cohort of Fast 50 businesses have a collective average growth rate of 4,568% and total revenues in 2021/22 of £992 million, employing 16,315 people in the UK.
Tripledot Studios crowned 2022 Fast 50 winners
Mobile games company Tripledot Studios is the overall winner of the 2022 UK Technology Fast 50 awards, having achieved an average three-year growth rate of 69,387% to the year 2020/21, the third largest average growth rate in the 25-year history of the awards.
Founded in 2017, the London-based business employs more than 400 people and specialises in developing casual mobile games. Tripledot reached unicorn status earlier this year.
In second place is Wonde, the South East-based platform that provides tools to manage school data, with a growth rate of 31,762%.
Research and development service provider, Nonacus Ltd, ranks third place with an overall revenue growth rate of 28,211%.
Each of this year’s top three companies come from a different sector: media and entertainment, software, and healthcare. Software remains the leading sector, accounting for 54% of all winners.
Duncan Down, lead partner for the Deloitte UK Technology Fast 50 programme, commented: “The exceptional growth of this year’s Fast 50 is a marker of the ongoing strength and resilience of the UK’s technology industry, which continues to thrive despite considerable headwinds. This year’s cohort represent the very best of the technology industry, with combined revenues of £992 million and average revenue growth of 4,568%. I’d like to extend my personal congratulations to all of this year’s Fast 50 winners.
“Tripledot Studios’ incredible three-year growth rate of 69,387% is one of the most impressive we’ve seen in the history of the awards, and to achieve this while dealing with a new set of economic challenges makes it all the more applaudable. Deloitte’s 2022 Fast 50 awards clearly demonstrate the extent to which the UK’s technology industry can survive and thrive, even in times of change, thanks to the culture of innovation and entrepreneurship being nurtured across the entire country.”
Rising cost of living impacts on the fastest growing technology start-ups
More than half (59%) of this year’s Fast 50 businesses say that increases in the cost of living are having a direct impact on their business. A further 64% say that they are considering increased pay or additional bonuses to help their employees navigate the rising cost of living. Nine in ten of this year’s Fast 50 businesses say they are, to some extent, planning for an economic downturn.
Down added: “There is a great deal of uncertainty regarding the economy at present, on top of the impact that further inflationary pressures may have on businesses. Many will be changing the way they operate to navigate these challenges, however there is still a great deal of optimism amongst start-ups in the UK, with 86 per cent of this year’s Fast 50 businesses claiming to be positive about the next generation. The tenacity of the UK tech sector continues to drive growth, even in the toughest of times.”
Regional businesses shine
Standout performances across the regions include Wonde, a platform that provides tools to manage school data, who jump three places in this year’s rankings and are one of six ranked companies from the South East (second place overall, three-year growth rate of 31,762%, South East winner).
Down said: “While London remains the UK hotspot for fast-growing tech companies to base themselves, we are seeing a marked increase in the number of ranked companies across all regional locations. This is a testament to the ongoing strengthening and diversifying of the technology industry in the UK, across all sectors, but particularly in software. It is great to see entrepreneurs and start-ups thriving both inside and outside the capital as we showcase the very best of our technology industry.”
Female tech leaders acknowledged with new award
This year’s Fast 50 included the launch of a new award category, Women in Leadership, that recognises those companies within the Deloitte UK Technology Fast 50 that are either led by a female CEO or have a founding team comprised of at least 50% women.
The inaugural winner of the Women in Leadership award is South East based OKRA.ai, the AI analytics for healthcare company (ninth place overall, three-year growth rate of 4,227%). London based health and lifestyle technology company Elvie ranks second in the Women in Leadership category (21st overall, three-year growth rate of 1,824%).
Down concluded: “This new category acknowledges the importance of having diverse leadership within the technology industry. Start-up funding is the number one barrier mentioned by women aspiring to be entrepreneurs, with just one per cent of all venture funding going to businesses founded by all-female teams. By celebrating the successes of these leaders, we are amplifying the visibility of women in the industry and encouraging further investment in female-led tech teams.”
