- Tuesday, April 23, 2024
By: Radhakrishna N S
FOUR of the UK’s top fastest-growing startups are co-founded by Indian immigrants, according to SyndicateRoom’s Top 100 list.
India is listed in the third place after the US with eight, and France with five, co-founders in the Top 100 list.
The immigrant co-founders of Britain’s fastest-growing startups represent a huge diversity from 29 different countries of the globe.
Nearly half (49 per cent) of the UK’s fastest-growing startups have at least one immigrant co-founder, while just 14 per cent of the UK residents are foreign-born.
The fast-growing immigrant co-founded startups include video game technology business Improbable, co-founded by India-born Herman Narula.
The fast-growing startups co-founded by the immigrants in the Top 100 have attracted a combined £3.7 billion in investment, according to data from Tech Nation’s 2019 report.
The UK attracted five per cent of global scaleup investment. Only the US, India, and China attracted more investment in scaleups.
The top immigrant co-founded financial technology firms based in the UK include; Monzo, Revolut, TransferWise, OakNorth, iwoca, Onfido, and others.
Nine of the UK’s 14 privately-held startup unicorns have at least one immigrant co-founder. Revolut, TransferWise, Checkout.com, and Indian-origin Rakesh Khosla’s OakNorth are also immigrant co-founded.
While 38 per cent of Britain’s foreign-born businessmen were born in an European Union (EU) country, 42 per cent of the foreign-born co-founders of Britain’s fastest-growing firms are EU-born.
