March 2025 Foreword Webenefit from a well established and active membershiporganisation in Sheffield Digital as well as events, groups andprogrammesled by founders for founders such as StartupMeetups, Venture.Community and The Digital Forge. We have anincreasing number of active angels investing in tech and moredeals being done at VC level. The North of England is a vibrant and growing tech ecosystem.With a startup ecosystem valued at £75B and a pipeline of 1,500VC-backed companies, the North of England is a key driver of theUKʼs tech economy. South Yorkshire is an important part of thenorthern landscape and brings expertise in deep tech and physicaltech. Our Universities play an ever-increasing role in supportingnewstartups into the ecosystem,commercialising IP butimportantly also providing the right support at the right time tospin out scalable businesses. Thereʼs always more to do and TECH SYʼs role is to help developthe longer term support pathways way to ensure that the regionhas a bright, technology led future that leans into the assets andmarkets already here but also the opportunities ahead. To do that,digging into our data but also looking at our role within thenorthern and UK wide ecosystems is essential. We are incrediblygrateful to Dealroom for working with us to help paint a picture ofthe ecosystem both here and across the north; please enjoygetting to know us! For this report with our partners Dealroom, weʼve focused on thetech companies in South Yorkshire that have raised funding tobetter understand the scale journey that many startups are nowon. We know we have a good mix of new ideas led by determinedand talented founders that are not yet raising VC funding – this isnotoriously hard to track and part of the work of TECH SY is to helpidentify more of these businesses and ensure that thereʼs a clearsupport pathway through the various stages of their growth. Tracey JohnsonProject Director at TECH SY South Yorkshire is a friendly and accessible ecosystem with plentyofopen doors and supportive activity.Our amazing techbusinesses attract global money, markets and attention which isan important bellwether of the vibrancy of the landscape. Executive summary £75B in value created bystartups in the North ofEngland North Yorkshire andGreater Manchester leadby Ecosystem Value South Yorkshire has anemerging pipeline of100+ VC backed startups With strengths in Physical tech andDeep tech The North of Englandʼs twodecacorns, Blockchain.com andAnaplan, were both founded inNorth Yorkshire. The North of England is competingwith some of EMEAʼs top emergingstartup ecosystems. Scope of the report What is a startup? Regional scope Power law outcomes While many startups founded in theNorth of England/South Yorkshirerelocate beyond their borders, mostmaintain business-critical ties to theirhomelands. Startups are companies designed togrow fast. Generally, such companiesare VC-investable businesses. Onlycompanies founded since 1990 areincluded in this report. Throughout thereport, “startup” is used to commonlyrefer to all subtypes of eligiblecompanies, including startups, scaleupsand unicorns. Power law outcomes classify companiesby valuation and revenue milestones: Unicorns:Startups that reachedUS$1B+ valuation or exited at this level. Decacorns:A subset of unicorns valuedat US$10B+. In order to take this reality into account,the first chapter of this report includesboth startups based in the North ofEngland & South Yorkshire, whichmaintain their main center of business(HQ) in their region of origin, andstartups originally founded in theseregions but later relocated their HQselsewhere. Thoroughbreds:Startups generatingUS$100M+ in revenue They may be counted as part ofmultiple categories, as many unicornsalso qualify as thoroughbreds, and alldecacorns are unicorns. Please refer the methodology section at the end ofthis report for more details on our approach. A jointly launcheddedicated open-accessdata platform for theSouth Yorkshire techecosystem Accessible to anyone, to providedata transparency, learn aboutthe ecosystem, measure KPIs,promote startups. » view online Page/ 5 Explore South Yorkshirestartups mapped acrossa detailed industrytaxonomy 1The rise of tech in the North of England 2Zoom into South Yorkshire3South Yorkshire x Venture Capital4The South Yorkshire Outlook The North ofEngland is madeup of Yorkshireand the Humber,North East andNorth WestEngland The combinedenterprise valueof startups in theNorth of Englandhas reached£75B The North of Englandaccounts for 8% of the UKʼstech Ecosystem Value, or18% when excludingLondon The North ofEngland iscompeting withsome of EMEAʼstop emergingcountries Startups in theNorth of Englandhave producedover £7.5 invalue for everypound of VCinvested, aheadof the UK andLondon A promising pipeline of startups, with more than 30 Power law outcomes Strong Power Law outcomes: the North of England outperforms many of EMEAʼstop tech ecosys