This compares to $5.6bn raised in the whole of 2021.

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

The news comes as Tech Nation announces the 35 mid-stage scaling tech companies that have been accepted into Upscale 8.0 - the eighth iteration of the Upscale programme, which supports the UK’s fastest-growing mid-stage (Series A) tech companies to overcome common growth challenges and scale faster.

The UK currently has 166 tech ‘futurecorns’ (fast-growing tech businesses under 10 years old set to achieve a $1bn+ valuation) in the pipeline, demonstrating the rapid growth of UK tech as companies innovate to solve social, economic and environmental challenges.

Over half (18) of the companies in Upscale 8.0 hail from outside of London, with companies based across the UK, including Scotland (such as PlayerData), Northern Ireland (such as RESPONSIBLE) and the North West (such as Lunio).

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.

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 world-class coaching sessions (delivered by over 20 expert scale coaches), 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.

Empowering all of the scaling companies in the new Upscale cohort is at the core of Tech Nation’s mission to fuel the growth of tech scaleups who are helping us create a stronger economy, society and future.

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. 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.”

Roy Hotrabhvanon, CEO of PlayerData, said: “At PlayerData, we’re most excited about the community - working with other innovators to scale up and reach new territories. We also never say no to a bit of help!”