November 2022
Technology Fast 50
UK 2022
Contents
Foreword
1
The 2022 winners
3
UK Technology Fast 50
4
Fast 50 Women in Leadership
6
Regional winners
7
Rising stars
9
The Winners in Context
10
Introduction to this year’s Fast 50
11
Fast 50 Winner: Tripledot Studios
12
Top investors in the Fast 50
14
Women in Leadership Winner: OKRA.ai
15
The impact of the challenging
17
funding environment
Regional Winner: Wonde
18
Sector breakdown
20
Regional Winner: Nonacus
21
Survey analysis
23
Regional winners
25
Case study: Elvie
26
Training for growth
28
Horizon Scanning
30
Investment and exits
31
Gender diversity
32
What are the key tax issues for CFOs
34
at VC backed companies?
Emerging technologies
36
Location trends
37
25 Years of Fast 50
38
25 successful years
39
Timeline
41
Where are they now?
44
Fast Futures: Levelling Up, Tech,
46
and Finance
Levelling up
47
Three characteristics of a successful
49
growth journey in technology
The importance of differentiation
51
in tough times
Tax as an enabler
52
Tech infrastructure for growth
53
Contacts
55
Technology Fast 50 | UK 2022
Foreword
Duncan Down
Deloitte UK Technology Fast 50 Programme Lead
It’s been another challenging year, with the cost of living
crisis, supply chain disruption and rising interest rates
putting pressure on SMEs across the UK. Yet despite
these pressures, the UK’s technology sector continues
to show resilience and companies are finding impressive
ways to overcome these challenges.
This year we had another phenomenal pool of entrants
to our Deloitte UK Technology Fast 50 programme, which
celebrates and champions the UK’s fastest-growing
technology businesses. This year’s Fast 50, perhaps more
than ever, demonstrates the wide range of innovative
companies being built and scaled in the UK.
In fact, our winner in this year’s list – mobile gaming
company Tripledot Studios – did not appear in 2021’s
list. Tripledot Studios, which offers a unique take on
classic games such as Solitaire and Sudoku, has achieved
astonishing growth of 69,387% over the past four years –
a figure not seen since 2017. The London-headquartered
company, founded just five years ago, is now worth
$1.4b and we look forward to seeing where the company
heads next.
As our Fast 50 programme shows, the UK’s tech sector is a
key driver of economic growth. The average growth rate of
the 2022 Fast 50 winners is an impressive 4,568%, across
sectors including fintech, software, healthcare and media.
These companies are solving problems, providing
employment and supporting local communities.
Take second-place Wonde, for example, which creates
vouchers to help students get access to school meals
and is now expanding to help refugees and housing
association tenants. Meanwhile Cera, in sixth place, is
transforming the UK’s overburdened care system by a
digital-first healthcare-at-home approach. There are so
many exciting businesses in the UK and we are proud to
showcase them in our annual programme.
This is our 25th year of running the Fast 50, and in
this year’s report we explore themes including the
cost of living crisis, Government policy, innovation and
retaining talent.
The UK’s tech sector is a world leader when it comes
to technology innovation, and we need it to stay that
way. In this year’s survey, leaders of these businesses
told us of the importance of R&D tax credits and of
the Government providing clarity on tax, policy and
regulation. Others wish the visa system could be
simplified – making it easier to bring new talent into
the UK – and that the Government would do more to
support green initiatives.
1
Technology Fast 50 | UK 2022
Clearly there are many positives to doing business in the
UK, but access to talent and access to funding are critical
for the UK to remain competitive on the world stage,
and we have no doubt these will remain priorities for
Government at what is a potentially precarious time for
UK entrepreneurs.
We were overwhelmed by the quality of entries for this
year’s Fast 50 programme. It was truly humbling to see
UK technology businesses across a range of sectors
who are doing such innovative things to improve our
lives and society as a whole. Each has proved they have
the right ingredients for growth in spite of the wider
economic obstacles.
The Fast 50 programme and performance of its winners
is juxtaposed to the broader economic climate this year,
with many countries expected to head into a recession
in the coming months, and difficult times ahead for
governments, companies and consumers. We wish
everyone safe passage through these choppy waters,
As Winston Churchill may or may not have once said,
“Success is not final, failure is not fatal: it is the courage to
continue that counts”.
2
Technology Fast 50 | UK 2022
The 2022 winners
3
Technology Fast 50 | UK 2022
UK Technology Fast 50
Rank
Company
Growth
Region
Sector
1
Tripledot Studios
69387%
London
Media & Entertainment
2
Wonde
31762%
South East
Software
3
Nonacus Ltd
28211%
Midlands
Healthcare
4
Onto
9467%
Midlands
Environmental Technology
5
Plum
7735%
London
Fintech
6
Cera
5707%
London
Software
7
iamproperty
5068%
North East
Software
8
Cudos
4240%
London
Software
9
OKRA.ai
4227%
South East
Software
10
Airtime Rewards
3937%
North West
Fintech
11
OnBuy.com
3402%
South West and Wales
Media & Entertainment
12
Sintela
2829%
South West and Wales
Hardware
13
Deazy
2615%
South West and Wales
Software
14
ClearBank
2453%
South West and Wales
Fintech
15
Xydus
2053%
London
Software
16
Motorway
1993%
London
Software
17
Ziflow
1980.3%
London
Software
18
Railsr
1980.2%
London
Fintech
19
Blink
1884%
London
Software
20
Amiqus
1865%
Scotland
Fintech
21
Elvie
1824%
London
Healthcare
22
Element
1783%
London
Software
23
E-Pharmacy
1737%
South East
Healthcare
24
Red Sift
1665%
London
Software
25
Freemarket
1654%
London
Fintech
26
Pupil
1574%
London
Software
27
Napier
1566%
London
Fintech
28
Appvia Ltd
1564%
London
Software
29
Multiverse
1344%
London
Software
30
EO Charging
1320%
South East
Software
4
Technology Fast 50 | UK 2022
UK Technology Fast 50
Rank
Company
Growth
Region
Sector
31
Solidatus
1317%
London
Software
32
Paysend
1184%
London
Fintech
33
Cognism
1079%
London
Software
34
Popsa
1070%
London
Software
35
Soldo
1059%
London
Fintech
36
GetAgent Ltd
1054%
London
Software
37
Panaseer
1049%
South East
Software
38
Aparito
1031%
South West and Wales
Healthcare
39
Forecast
1016%
London
Software
40
Sunamp
993%
Scotland
Environmental Technology
41
iProov
966%
London
Software
42
Influencer.com
965%
London
Media & Entertainment
43
Navenio
923%
South East
Software
44
Omnisend
902%
London
Media & Entertainment
45
LOQBOX
875%
South West and Wales
Fintech
46
Nexus FrontierTech
856%
London
Software
47
Moneybox
824%
London
Fintech
48
Distributed
823%
London
Software
49
ManyPets
810%
London
Fintech
50
The Original Fit Factory Ltd
792%
Scotland
Software
5
Technology Fast 50 | UK 2022
Fast 50 Women in Leadership
Rank
Company
Growth
Region
Sector
1
OKRA.ai
4227%
South East
Software
2
Elvie
1824%
London
Healthcare
3
Element
1783%
London
Software
4
E-Pharmacy
1737%
South East
Healthcare
5
Aparito
1031%
South West and Wales
Healthcare
6
Sunamp
993%
Scotland
Environmental Technology
7
Navenio
923%
South East
Software
8
Simply
558%
London
Fintech
9
Better2Know
509%
North West
Healthcare
10
ORCHA
321%
North West
Software
6
Technology Fast 50 | UK 2022
Regional winners
Region
Company
Growth
Sector
London
Tripledot Studios
69387%
Media & Entertainment
Plum
7735%
Fintech
Cera
5707%
Software
Cudos
4240%
Software
Xydus
2053%
Software
Motorway
1993%
Software
Ziflow
1980.3%
Software
Railsr
1980.2%
Fintech
Blink
1884%
Software
Elvie
1824%
Healthcare
Element
1783%
Software
Red Sift
1665%
Software
Freemarket
1654%
Fintech
Pupil
1574%
Software
Napier
1566%
Fintech
Appvia Ltd
1564%
Software
Multiverse
1344%
Software
Solidatus
1317%
Software
Paysend
1184%
Fintech
Cognism
1079%
Software
Popsa
1070%
Software
Soldo
1059%
Fintech
GetAgent Ltd
1054%
Software
Forecast
1016%
Software
iProov
966%
Software
Influencer.com
965%
Media & Entertainment
Omnisend
902%
Media & Entertainment
Nexus FrontierTech
856%
Software
Moneybox
824%
Fintech
Distributed
823%
Software
ManyPets
810%
Fintech
7
Technology Fast 50 | UK 2022
Region
Company
Growth
Sector
North East
iamproperty
5068%
Software
North West
Airtime Rewards
3937%
Fintech
Midlands
Nonacus Ltd
28211%
Healthcare
Onto
9467%
Environmental Technology
South East
Wonde
31762%
Software
OKRA.ai
4227%
Software
E-Pharmacy
1737%
Healthcare
EO Charging
1320%
Software
Panaseer
1049%
Software
Navenio
923%
Software
South West and Wales
OnBuy.com
3402%
Media & Entertainment
Sintela
2829%
Hardware
Deazy
2615%
Software
ClearBank
2453%
Fintech
Aparito
1031%
Healthcare
LOQBOX
875%
Fintech
Scotland
Amiqus
1865%
Fintech
Sunamp
993%
Environmental Technology
The Original Fit Factory Ltd
792%
Software
8
Technology Fast 50 | UK 2022
Rising stars
Rising Star Award
Company Name
Oracle NetSuite
United Fintech
Deloitte – London
newcleo
Multiverse
The Electric Car Scheme
Deloitte – Regions
Vaarst
Business Growth Fund
Walr
9
Technology Fast 50 | UK 2022
The Winners in 
Context
10
Technology Fast 50 | UK 2022
Overview
The Deloitte UK Technology Fast 50 programme
recognises the world-class achievements of the
UK tech sector and celebrates the innovation and
entrepreneurship of high-growth tech-enabled
companies. In this special 25th anniversary edition of the
programme, our report focuses on 25 years of incredible
success stories of Fast 50 companies and on this year’s
cohort of Fast 50 companies, which are growing at a
tremendous pace despite the volatile post-pandemic
environment.

The Fast 50 awards programme has four categories: the
Technology Fast 50; the Fast 50 Women in Leadership;
the Regional Winners; and the Rising Star award. For
the Technology Fast 50, Fast 50 Women in Leadership,
and Regional Winners, rankings are based on four-year
revenue growth rates. The four categories are described
in more detail opposite. Of course, all companies must be
technology companies, which requires them to meet at
least one of the following criteria:
• Owns proprietary intellectual property or proprietary
technology that contributes to a significant portion of
the company’s operating revenues
• Manufactures a technology-related product
• Devotes a significant proportion of operating revenues
to research and development of technology
• Is technology intensive, or uses its own unique
technology to solve problems
The Deloitte UK Technology Fast 50
programme categories
The UK Technology Fast 50 is a ranking of the country’s
50 fastest-growing technology companies, based on
percentage revenue growth over the last four years.
It has been produced every year since 1998.

The Fast 50 Women in Leadership category is new to
this year’s programme and recognises those companies
within the Technology Fast 50 that are either led by
a female CEO or have a founding team comprised of
at least 50% women. The ranking is still judged on the
same percentage revenue growth over the last four
years as the UK Technology Fast 50 and has the same
entry qualifications.

The Regional Winners category recognises the fastest-
growing business within each region of the UK, based
on where the company is headquartered. The ranking is
determined by percentage revenue growth over the last
four years and entry qualifications are the same as the UK
Technology Fast 50.

The Rising Star award recognises the innovation and
achievements of UK tech businesses that are leading the
way but have not been in operation for four years and
therefore do not qualify to enter the Technology Fast 50
awards. Deloitte and the Fast 50 sponsors nominate and
name a Rising Star as part of the programme.
Introduction to this year’s Fast 50
11
Technology Fast 50 | UK 2022
FIRST PLACE OVERALL
LONDON REGIONAL WINNER
69,387% GROWTH
“We had a small team in Ukraine impacted by the
conflict – we relocated 60 families which was a bit
complex,” says Lior Shiff. “We’ve also relocated some
of our team in Minsk to Poland and Barcelona.”
Listening to the cool precision with which Shiff
highlights the challenges he has navigated over
the last couple of years, one could be forgiven for
assuming that he is a top strategist or government
advisor rather than the CEO of successful casual
game developer Tripledot Studios.
Under the leadership of Shiff and his co-founders
President Akin Babayigit and Chief Product Officer
Eyal Chameides, the London headquartered company
has come a long way in a very short space of time.
Founded in 2017, the business has gone from “three guys
with an idea” to a company with over 400 employees in
six international offices. Its flagship mobile games are
Woodoku – a mash-up of the sudoku and block puzzle
genres – and a unique take on the classic solitaire.
Both are available on iOS and Android.
In February 2022, the company raised $116m in a deal
that valued it at $1.4b, boosting it to unicorn status – a
private company valued at more than $1b. The round
was led by 20VC – the venture firm of podcaster Harry
Stebbings – with participation from other investors
including Lightspeed Venture Partners.
Shiff’s encompassing appraisal of the challenges faced by
the company is likely born of his eight years working in
military intelligence for the Israeli Defence Force. He was
responsible for a multidisciplinary team of 40 engineers,
scientists, mathematicians, and programmers at the age
of 24. “The experience taught me to think holistically and
to create impact,” says Shiff. In 2007, Shiff co-founded
social gaming company Product Madness which was
acquired in 2012 by Aristocrat. “We all take something
from past experiences and it makes us who we are.”
Tripledot Studios
UK Technology Fast 50 Winner
12
Technology Fast 50 | UK 2022
Shiff says that a strength of his is building strong teams:
“Everyone is smarter and better than me, which makes
everything easier.” Tripledot certainly has a strong
founding team. COO Babayigit has deep experience in
games and tech. Having spent five years at Facebook,
where he led the audience network team and the games
team in Europe, he moved on to Activision Blizzard
King, where he served as Head of Business Operations
and Special Projects. Holding degrees from Harvard
Business School and Yale University, he held senior
positions at Skype, McKinsey & Co, and Peak Games.
He is also an investor in various gaming companies
in the UK, Israel, and his native Turkey. Chief Games
Officer Eyal Chameides also did a three-year stint in the
Israeli Defence Force in media roles before completing
a BA in Games Design at the Royal Melbourne Institute
of Technology. He joined Product Madness as an Art
Director, rising to Creative Director and Head of Art
before co-founding Tripledot Studios.
Shiff says that the founders love games and love the
business of games. “The company’s DNA is more business
orientated than some of our peers.” He explains how the
founders deliberately chose to enter competitive game
categories such as solitaire to reduce the company’s
product risk, allowing them to focus on execution – an
area where they knew they had an edge. Shiff describes
the company’s creative process as driven by hypotheses
that are tested with data. “The company believes in data
and science. We do what the data says.” He explains that
the company might test 20 hypotheses for improvements
to games only to have three be successful, but that this
approach can dramatically move the needle.
The wisdom of this approach is indeed borne out in the
data – Shiff says several million people play Tripledot
Studios’ games every day. The company is also exploring
strategies for inorganic growth. It acquired US-based Live
Play Mobile in March 2022. The company live streams
hosted games to consumers who can play alongside
on their mobile devices. “We’re a value-added buyer,’’
says Shiff. “We’re looking for opportunities where one
plus one equals three; Companies that have made great
games but where we can help them operate better.” The
company also has plans to utilize more traditional media
going forward to reach new audiences and aspires to be
a household name and maybe a listed company. Shiff
is careful not to lose sight of what’s important: “We like
to create games that people will play for a long time, for
years from now.”
We like to create games that people will play
for a long time, for years from now.
13
Technology Fast 50 | UK 2022
Equity investment can be critical for high-growth companies
as it provides entrepreneurs and leaders with much-needed
capital to help them grow and scale their businesses.
It can also help companies to attract and retain top talent,
as employees are often attracted to companies where
they have the potential to share in the financial success of
a company upon exit. Finally, equity investment can also
give companies a valuable stamp of approval, which can
help them to attract even more investment in the future.
This breakdown provides some insight into the investors
that have backed this year’s Fast 50.

Equity Gap is the most frequent funder of companies in
this year’s Fast 50 based on a total of 245 equity investment
deals since 2012.
The angel investment syndicate focuses on high-growth
companies based in Scotland. It often co-invests with
Scottish Enterprise – a governmental body that focuses
on the economic development of Scotland. The two
funds co-invested into Sunamp (ranked 40), a company
that develops thermal energy storage devices, on three
occasions between March 2015 and October 2018, with
the deals totalling £6.6m.

Equity crowdfunding platforms Seedrs and Crowdcube
also feature among the top investors, having participated
in 10 and five deals respectively. This shows the
continued support crowdfunding platforms provide early-
stage businesses and aligns with the investment activity
in the UK’s wider high-growth ecosystem.
Top investors in the Fast 50
Seedrs
Equity Gap
Par Equity
Octopus Ventures
Future Fund
Index Ventures
Crowdcube
Old College Capital
Scottish Enterprise
Fuel Ventures
Lightspeed Venture Partners
Scottish Co-Investment Fund
Oxford Capital
Notion Capital
Top equity investors into the 2022 Fast 50 companies by number of deals (2012-H1 2022)
10
11
8
8
5
5
5
5
5
6
6
6
6
7
14
Technology Fast 50 | UK 2022
NINTH PLACE OVERALL
FAST 50 WOMEN IN LEADERSHIP WINNER
4,227% GROWTH
“We’ve been playing music without sheets and now
we’re writing it,” says Loubna Bouarfa, founder
and CEO of OKRA.ai, explaining how the company’s
artificial intelligence (AI) technology is being used to
support pharmaceutical companies to bring the right
drug to the right patient at speed. “We help uncover
insights that are business critical and directly impact
physicians and patients,” says Bouarfa, “and so far
we’re only just scratching the surface.”
Founded in 2015, Cambridge-based OKRA.ai creates
“intelligent AI brains”, for the life sciences and
pharmaceutical industry. These systems extract, connect
and enrich data to power different software products,
each tailored to the different stages of the drug creation
and commercialisation lifecycle. Its products include
systems to assist with drug price prediction, medical
affairs strategy, sentiment prediction, and sales and
marketing optimisation.

Bouarfa, who is Dutch-Morrocan, started the company
over seven years ago after working as a research data
scientist at behavioural insights and fraud prevention
company Featurespace. She had previously completed
a PhD at the Netherlands’ Delft University of Technology,
before taking a postdoctoral position at Imperial
College London.

In 2018, motivated by her passion to deliver ethical
and trustworthy AI, Bouarfa started a two-year stint
as a high-level expert on artificial intelligence for the
European Commission. “When advising the European
Commission on AI, we agreed that AI systems are those
that have a high degree of autonomy,” says Bouarfa.
Her contributions to the group helped shape the
European guidelines that were published in 2019.
OKRA.ai
Fast 50 Women in Leadership Winner
15
Technology Fast 50 | UK 2022
Bouarfa says that the COVID-19 pandemic dramatically
impacted the way that pharmaceutical companies
approach drug development and commercialisation:
“2020 was an inflection point for artificial intelligence,
similar to the year 1990 was for the internet.” For OKRA.
ai, the pandemic shifted commercial conversations
from “what are the benefits?” to swift adoption and
implementation. “COVID-19 has shown drug companies
that you can run clinical trials in 10 months instead of 10
years,” says Bouarfa. “From an adoption perspective, it
has been a catalyst.”
This year has been a busy year for the company. In
January, OKRA.ai announced the extension of its
partnership with US multinational pharmaceutical
company Bristol Myers Squibb to support its commercial
teams with insight and automation. OKRA.ai has also
deployed its artificial intelligence models in a new
development environment and studied the feasibility of
expanding its pricing products into new markets including
the US and Japan. OKRA.ai also achieved a 50:50 gender
split across the company (which has a headcount of over
30) including within the engineering team, a rare feature
for a technology company. “It’s worth it even if it means
interviewing 200 people for one role,” says Bouarfa.
She explains how the company is keen to create an
environment where everyone can work together to create
innovative solutions: “We want to safeguard our agile
culture – that’s our DNA and the key reason why we were
able to innovate in a space where others failed.”
Bouarfa uses a metaphor to explain the need to balance
the company’s creative and commercial goals: the park
and the city. She says that the park is where the creativity
happens and the city is where the business gets done;
a company needs both.
When asked about leaders or entrepreneurs that inspire
her, Bouarfa shows no hesitation: “Dame Stephanie
Shirley. She started her software business from her
dining table in the 60s with an all-women programming
team.” Having benefited personally from the example of
Shirley, Bouarfa has some advice for the next generation
of women leaders: “It’s important for women to be part
of the new revolution of AI and technology. It’s also
important to have women equally involved in creating
the new systems that will make future decisions. It’s
important for our world. For all this to happen, it is
absolutely necessary to have an inclusive and diverse
culture. It is the core of innovation work itself. If the tech
revolution yields positive results for women, it will be
good for humankind, and that would be a true revolution,
finally achieving justice for half the people of this planet.”
It’s important for women to be part of the new revolution
of AI and technology. It’s also important to have women
equally involved in creating the new systems that will make
future decisions. It’s important for our world.
16
Technology Fast 50 | UK 2022
Charles Claisse
Partner, Head of Corporate, Deloitte Legal
Whilst the funding environment has become increasingly
challenging, there remain significant pools of capital
available for investment from both venture funds and,
in later-stage businesses, private equity. In addition,
businesses are also able to look to venture debt
from both banks and a variety of debt funds offering
“venture debt”.

Despite the challenging environment, we are not currently
seeing the level of down rounds (i.e. lower valuations
than on the last round) for later-stage businesses that
might be expected – businesses are looking to avoid the
negative implications of down rounds through flat rounds,
extension rounds and other mechanisms including
convertible debt.
Investors who are concerned about valuation are
increasingly looking at how they structure liquidation
preferences and whether any features beyond 1x return
of money should be put into the capital structure to
better capture risk and the cost of funds (indeed we have
seen >1x preferences as being a mechanism to bridge
differing valuation expectations, particularly to prevent
a down round).
For early-stage businesses, the challenges in this
environment are likely to feed more directly into a lower
valuation but other terms are more standard – it is
businesses at this stage that are typically having the most
challenges raising capital but there are a number of tax
incentives made available by the UK government that do
support including R&D tax incentives and the ability to
raise money using SEIS, EIS or fund VCT funds.
The impact of the challenging
funding environment
17
Technology Fast 50 | UK 2022
SECOND PLACE OVERALL
SOUTH EAST REGIONAL WINNER
31,762% GROWTH
“It was down to an accident that the people that
printed our exhibition signs did them double-sided.
We could just flip them around and they all became
Evouchers signs rather than Wonde signs,” says
Peter Dabrowa, CEO of the school data management
platform Wonde.
Dabrowa is describing the successful launch of Wonde’s
sub-brand Evouchers to the US market via an edtech
conference in New Orleans. A happy accident with the
printing of signage meant the company could double
down on its voucher proposition when it proved
successful with representatives from US schools.
Since launching in 2015, Wonde’s core proposition in the
UK is its software which enables over 25,000 schools
to manage, maintain and control their data and their
relationships with third-party applications.
Its voucher proposition, Evouchers, was designed and
built during the pandemic to help schools to identify
children eligible for school meals and enable their parents
to access supermarket vouchers during lockdowns,
isolation or holidays. Evouchers’ technology is built on
the back of the existing Wonde infrastructure. It seems
like vouchers will be the key to growth in the US
and Australia – two new territories for the company.
“Things evolve – you can go into new territories where
you try new products and things aren’t quite what you
expect. So you have to pivot quite quickly to make it
work,” says Dabrowa.
Wonde
UK Technology Fast 50 Regional Winner
18
Technology Fast 50 | UK 2022
In the last 12 months, Evouchers has started to work with
housing associations in the UK to provide vouchers to
tenants and is also working with local governments on
projects to provide clothing to refugees. “The voucher
piece alone could double in size quite easily, even in
this country, there’s scope to provide new solutions to
customers,” says Dabrowa.
With the launch of Evouchers and the acquisition of cyber
security specialist Secure Schools in August 2022, Wonde
is building out a portfolio of tech-enabled brands
To prepare for further growth and to support its
international expansion, Wonde has been undergoing
an internal restructuring to improve efficiencies and is
launching a new unifying top company under which its
portfolio of brands will sit. The reorganisation of the
team is also needed to support the incredible growth in
headcount the company has experienced. At the start of
the pandemic, Wonde was around 30 people, now it has
over 140 employees.
Dabrowa says “We’ve been asking ourselves how do we
become more efficient? Instead of increasing headcount,
we’re thinking, how do we make processes better for us
and our customers? Let’s give the customers access to
what they need, rather than making them come to us
and ask for it.”
Efficiency is particularly important for the company
because, since February, it has shifted to a four-day
work week. “It’s helped massively with retention and
hiring,” says Dabrowa.
He explains that the shift, though worthwhile, is not
without challenges: “ It’s great for the employee. It’s really
important that they get a whole day back in their life
to do whatever they want. The four-day working week
also brought challenges as you can imagine. We’ve
introduced some key working principles to help reiterate
that we’re doing four working days now, and that brings
a commitment to manage time effectively, to work
efficiently and focus each day you’re in the office. And
help achieve this, we have more accountability, more
targets, and key project milestones.”
With further expansion in the US and Australia planned,
alongside the restructuring of the company, the team at
Wonde have plenty to fit into a short week, though it’s
clear they’ve not lost sight of how they got here. “We love
creating products and things that are frictionless and
easy for customers to onboard. And there isn’t enough
stuff out in the market, especially in the education sector,
that help schools make their everyday life simpler”
says Dabrowa.
We’ve been asking ourselves how do we become
more efficient? Instead of increasing headcount, we’re
thinking, how do we make processes better for us and
our customers?
19
Technology Fast 50 | UK 2022
Sector breakdown
Software dominates the sector ranking for this year’s
Fast 50 companies. Over the last 25 years, the sector
has transformed the tech industry by making it possible
for companies to offer new products and services that
were not possible before and to create them faster
and more cheaply. In the famous words of US venture
capitalist Marc Andressen “Software is eating the world”.
Fast 50 companies in this sector include Suffolk-based
EO Charging, which develops software to support smart
technology for electric vehicles, and London-based
Cognism whose platform assists businesses in sourcing
and ranking sales opportunities.
The fintech sector describes companies at the
intersection of financial services and technology.
27
Software
12
Fintech
4
Media & Entertainment
4
Healthcare
2
Environmental Technology
1
Hardware
Sector ranking for the Fast 50 companies (2022)
Companies in this area provide a wide range of innovative
and tech-enabled ways of delivering traditional financial
services such as payments, lending, investing, and
money transfer. The UK has real strengths in financial
technology, reflecting London’s role as a major financial
centre and the experience and expertise this creates in
the economy. Layering this with the UK’s strengths in
technology, supported by world-class universities, creates
an environment in which financial innovation can flourish.
Of course fintech can be found outside of London, for
example Bristol-based LOQBOX which develops a suite
of online financial tools for consumers, helping users to
improve their credit ratings; and Railsr which develops an
API that connects banks and fintech companies, facilitating
the creation of new financial products and services.

While not as dominant as software and fintech, media
and entertainment and healthcare, with four companies
each, are also areas where the UK is historically strong.
These are two sectors in which it is harder to scale
companies, which is reflected in the lower population
numbers. The environment for media and entertainment
companies is increasingly volatile and companies in this
area face significant competition as the barriers to entry
are lowered by digital tools. Still, Fast 50 companies like
Tripledot Studios are showing how creativity can be
married with incredible financial performance.

Healthcare is also a challenging area as the sector is
highly regulated. Wales-based Aparito, which develops
mobile applications to deliver patient monitoring outside
of the hospital, is showing how digital technologies can
change the status quo.
20
Technology Fast 50 | UK 2022
THIRD PLACE OVERALL
MIDLANDS WINNER
28,211% GROWTH
Nonacus co-founder and CEO Chris Sale plucks a
purple-capped blood collection tube from his desk
and holds up it so everyone can see. “We found many
of our customers were just using standard purple top
EDTA blood tubes. But the problem with these is that
the cells break down… so we developed a specialist
tube for stabilising the cells and preventing their
degradation so that you can then extract the cell-free
DNA, which is ultimately the magical material,” he
says with a smile.

Sale is describing some of the specialised products that
Nonacus creates that allow its customers – university
and hospital labs – to perform non-invasive testing for
cancers and foetal abnormalities. In the industry, less
invasive testing refers to the use of blood (minimally
invasive), urine or saliva to screen for the genetic
markers of disease. Such tests can replace often painful
and invasive biopsies. Nonacus sells diagnostic kits for
detecting a range of health issues including cancers,
foetal abnormalities, genetic disorders, and viruses.

Sale and his co-founder Lee Silcock – the company’s Chief
Scientific Officer – both have significant experience in the
genomic testing industry. They set up the Birmingham-
based company in 2015 when they noticed gaps in
the non-invasive testing market that were not being
supported. “Big companies were dipping their toes into
the water but were not truly supporting market needs,
and especially for new customers in the cell-free DNA
testing market” says Sale.
The early team developed a full clinical workflow that
laboratories and scientists could adopt to screen
pregnant women for abnormalities in the foetus. In
addition to the blood preservation tubes Sale described,
the company’s products include extraction kits that help
clinicians to maximise the amount of cell-free DNA that
is collected. “The pre-analytical steps are so crucial,” says
Sale “You have to have good input going in.”
Nonacus
UK Technology Fast 50 Regional Winner
21
Technology Fast 50 | UK 2022
Within a year and a half, the founders discovered that
many of their orders were coming from cancer labs
rather than labs focused on prenatal testing. “Naturally
we listened to the customers and refocused,” says Sale.
The company began developing different workflows to
support the screening of different cancers. The company
also developed analytical technology to directly support
the sequencing of DNA.

Much of the early work at the company was supported
by a small amount of investment. “We’ve been set up on
very, very slender investment compared to probably 98%
of other companies in this sector. We were founded off
of a £150k investment. Because we already had a plan
of what R&D we wanted to undertake, we really had a
focus on developing products with a clear advantage and
getting them to market quickly.”

The co-founders and their small team have worked hard
to scale the company. There were certainly challenges
along the way, recalls Sale. “Back in the day, I was doing
payroll and marketing and procurement and accounting
and sales and everything. Back then the scariest thing
was, would I remember to pay everyone?”
Since focussing their efforts on workflows for cancer, Sale
says they have committed to investing around £20m of
profits back into the company to support research and
development. The company now employs over 50 people
and reported turnover of £53.9m in its annual accounts
for the year ending December 2021 with an operating
profit of £33.9m.

Nonacus is now focused on international expansion:
“We’ll be expanding into Germany, Nordics, Benelux and
certain key European countries where there’s a huge
diagnostic need and progressive healthcare systems. The
company has just hired a Global Commercial Director
to help lead the international expansion along with a
Channel Manager to focus on direct sales into European
markets and expanding the distribution network. Beyond
Europe, the company is targeting Commonwealth
countries and the US, with expansion into the country
pencilled in for 2024.

Sale says that hiring the right team can be tough but
that the company’s mission to provide non-invasive and
improved cancer testing methods helps: “What we’re
trying to try to achieve as a company is phenomenal and
that clearly does touch a lot of our staff in terms of their
interest to work for us.”
So we developed a specialist tube for stabilising the
cells and preventing their degradation so that you can
then extract the cell-free DNA, which is ultimately the
magical material.
22
Technology Fast 50 | UK 2022
We interviewed CEOs, CFOs and other C-suite leaders
from across the UK tech high growth ecosystem about
challenges facing their business this year. How are they
meeting these challenges?
Inflation is on the minds of many company leaders this
year, with almost 60% of our survey respondents saying
the rising cost of living is having an impact on their
business.
More than two thirds of companies have increased wages
or given additional bonuses to help staff navigate rising
costs. In addition, some have introduced the option for
staff to be paid more frequently – weekly or fortnightly –
to help with budgeting. Others mentioned giving one-
off payments and sending a free heated blanket to all
employees to help them manage the rising cost of energy.
Fintech firm ManyPets, which specialises in pet insurance,
is one company that has taken a proactive approach to
help staff manage the rising cost of living.
The London-based company, which has 614 staff, is
offering all permanent employees with at least six
months’ service access to an interest-free loan of £250
to £3,000 to support them if they are facing short term
financial strain. ManyPets is loaning the money directly,
with staff repaying the money directly from their salary
via payroll, across a period of up to 12 months.
“We appreciate that from time to time our team may need
a little help with unexpected finances. We want to be able
to provide them with support if this happens – whether
it’s used to pay for fixing a car, paying an unexpected
bill, or clearing a lingering debt. We ensure the funds are
accessed as quickly as possible,” says Luisa Barile, chief
financial officer at ManyPets.
Many respondents said the option for hybrid ways of
working, with the ability to work from home as well as
the office, is the benefit most valued by employees. An
overwhelming 90% of companies are offering flexible
working hours.
Survey analysis
Most challenging aspects of growing and scaling the company
Other
Customer
retention
Raising
early capital
(Angel,
Pre-series A)
Supply
chain
The impact
of COVID-19
Raising
growth capital
(Series A-C)
Retention
Upgrading
systems and
processes
Growing your
customer
base
Hiring and
recruitment
9%
8%
8%
10%
10%
15%
24%
28%
42%
62%
23
Technology Fast 50 | UK 2022
Some, including tech firms Elvie and Wonde, have even
implemented a four-day week or a nine-day fortnight
to boost staff satisfaction. Both companies say the
move away from the standard five-day week has been
“incredibly popular” and effective for hiring and retention.
Meanwhile a fifth are giving staff the option to work from
anywhere in the world. The option to work flexible hours
away from an office gives staff the freedom to choose
how they structure their day, and save on commuting
costs and improve mental health.
Two thirds of survey respondents said they are struggling
to hire talent, and 40% are struggling to retain talent,
so the option for staff to work with flexibility is key to
retaining staff. Companies are finding it particularly
difficult to recruit software engineers, data scientists
and sales people. One said it had raised its engineering
salaries by 30%.
However, not all companies are sold on the idea of
remote working. Around 2.5% of respondents said
they do not offer the option for staff to work away from
the office because they believe it does not encourage
collaboration.
One of these is Bristol-based investment service
Wealth Club. Alex Davies, founder of Wealth Club, said
the company is 100% office based to make it easier to
innovate and collaborate.
He adds there is very low staff turnover, so he does not
believe remote working is enough to retain staff alone.
“It is hard to train new people and retain your culture
when running a business remotely. The vast majority of
employees were very eager to return to the office after
the COVID-19 pandemic. I believe the biggest benefit you
can give your employees is control over their own destiny
– don’t over manage them and don’t stand in their way.
“Make sure other people aren’t standing in their way to
stop them progressing. I want everyone in my business
to feel like an owner of the business (rather than an
employee) and in fact everyone who has been in the
company for at least two years has share options in the
business,” says Alex.
While there is clearly no one right or wrong way to
navigate the current economic climate, the UK Tech
Fast 50 community continues to bring an agile approach
to overcoming obstacles and managing unforeseen
challenges. And one thing is clear, it’s working. This year’s
cohort of Fast 50 businesses represent the tenacity and
innovation of the UK tech sector with a collective average
growth rate of 4,568% and total revenues in 2021/22 of
£992 million, and collectively employ over 16,300 people
in the UK.
Benefits offered to attract and retain staff
4-day work week
or 9-day fortnight
Paid
sabbaticals
Hiring
apprentices
Individual
L&D budget or
differentiated
training offerings
Working abroad
policy
In-grade pay
rises
Remote\working
(domestic)
Flexible
working
Other
4%
6%
24%
40%
46%
51%
83%
87%
13%
24
Technology Fast 50 | UK 2022
Tripledot Studios, London
Tripledot Studios develops a range of casual mobile
games including Woodoku and Solitaire. Since launching
in 2017, the company has secured £149m in equity
investment via four rounds, the most recent of which was
used to acquire US-based Live Play Mobile.
Airtime Rewards, North West
Co-founders Adam Ward and Joshua Graham launched
Airtime Rewards in 2014, developing a mobile
rewards program for the retail industry that connects
transactional data, brands and mobile networks. The
Manchester-based company has raised £1.49m of equity
investment across five rounds.
Wonde, South East
Wonde operates a cloud-based data management
platform for schools, which allows them to control their
school data and monitor those who have access to it. The
edtech company made its first acquisition in August 2022,
purchasing Secure Schools which develops an online tool
to enhance cyber security in schools.
Amiqus, Scotland
Lawtech firm Amiqus develops software for anti-money
laundering, identity and compliance checks. In June 2022,
the Edinburgh-based firm announced a partnership with
AMLify, an arm of the commercial law firm MacRoberts
Group, to improve the company’s anti-money
laundering offering.
iamproperty, Yorkshire and North East
Proptech iamproperty offers estate agents auctioneering,
conveyancing, compliance and moving services through
its property auction company, iamsold. The Newcastle-
based company acquired VTUK in March 2022.
Nonacus, Midlands
Established in 2015, Nonacus develops non-invasive
diagnostic tools for the healthcare industry. Located in
Birmingham, the company partnered with the University
of Birmingham in July 2021 to develop a non-invasive test
for bladder cancer from urine.
OnBuy.com, South West and Wales
Cas Paton founded OnBuy.com in 2016, an online
marketplace for products across a range of categories
including sports equipment, electronics and homewares.
In February 2022, the company moved into its new offices
in Bournemouth.
Regional winners
25
Technology Fast 50 | UK 2022
TWENTY-FIRST PLACE OVERALL
SECOND PLACE WOMEN IN LEADERSHIP
1,824% GROWTH
“I joined Elvie in September 2018, just in time to
launch our breast pump in the UK. We launched the
pump on the catwalk of London Fashion Week and
got lots of positive publicity,” says Aoife Zakaras-
Nally, Chief Commercial Officer of Elvie, the femtech
company disrupting the women’s health space by
developing, designing, and manufacturing connected
technology for women.
Elvie was founded in 2013 by women’s health expert
Tania Boler, who teamed up with hardware entrepreneur
Alexander Asseily who had previously co-founded
wearable tech company Jawbone. The London-based
tech company started with a pelvic floor trainer with an
accompanying training app. It has since diversified into
breast pumps and now sells its products online and via
distributors in Europe, China, and the US.
Zakaras-Nally joined as Marketing Director before
becoming CCO, so she understands the challenges that
a growing business faces to get the word out about its
products: “We were a startup with very little money. I
came from a business with much deeper pockets. So we
needed to find ways to be really creative to get our name
out there. The catwalk move meant we got a ton of press
coverage both here and in the US.”
The catwalk launch helped boost Elvie to success
when it launched in the US: “We launched in the US in
February 2019 with 25,000 women on a waitlist to get
our product,” says Zakaras-Nally. Elvie’s success helped
it to secure a $42m fundraising deal in April of that year
from investors including Octopus Ventures and Impact
Ventures UK.
Elvie
UK Technology Fast 50 Case Study
26
Technology Fast 50 | UK 2022
Zakaras-Nally explains that Elvie’s team built on the success
of the breast pump and insights from users to launch new
products during 2020: “We launched Elvie Curve and Elvie
Catch, and that was from the insight that women’s boobs
were leaking on one side while they were pumping on the
other. They have been very successful products for us. It
allows us to get Elvie into the hands of women who maybe
couldn’t have afforded our flagship product.” In 2021, the
company launched its hands-free breast pump – the Elvie
Stride – in the US. The US is a big focus for the company as
it accounts for around half of the global market for breast
pumps. In July 2021, Elvie raised £58m from investors
including BGF and BlackRock to invest in further research
and development and to support expansion in new and
existing markets. In 2022, the company launched the Elvie
Stride in Europe. “That’s opened us up to a wider segment
of mums,” says Zakaras-Nally.
While Elvie has been growing in leaps and bounds and
impressing investors, it has faced challenges in the past
because of its focus on technology for women. “Series
A was really difficult to be completely honest because at
that point femtech was just a non-entity, it didn’t exist,”
explains Zakaras-Nally. “We just had door after door
shut on us. It was a niche industry, despite the fact that
it’s 50% of the population. Investors really struggled to
talk about female bodies.” Talking about Tania Boler’s
role as founder, Zakaras-Nally explains that focusing
on education and dialogue has always been important,
particularly in the beginning. “Tania’s quest basically was
to normalise the conversation,” says Zakaras-Nally.
The nature of the challenges the company faces have
changed as it has grown. Zakaras-Nally says that the
pandemic derailed plans for Elvie’s European expansion.
Now supply issues are exerting pressure on the
company: “Our products are incredibly complex. Some
of the components in our pumps have nine-month lead
times,” says Zakaras-Nally. She says that these sorts of
challenges are part of being a startup. “It does make you
incredibly resilient.”
When asked about what is next for Elvie, Zakaras-Nally
explains that the company is quite secretive about its
upcoming innovations but that it remains dedicated to
creating technology that helps women. “We are looking
to do more products within our existing focus, which
is postpartum mum and baby – but also starting to go
further into other parts of women’s lives… The hands-free
pump has definitely been the product that put us on the
map. But there will be more.”
Series A was really difficult to be completely
honest because at that point femtech was just
a non-entity, it didn’t exist [...] Tania’s quest
basically was to normalise the conversation.
27
Technology Fast 50 | UK 2022
Ayman Omar
Head of Partnerships, Commercial and
Sales Academy, Multiverse
Training for growth
The unifying factor of
those that do is a laser-focus
on two areas. Firstly, on
people: recruitment,
development and retention.
Secondly, on skills: building
the technical capabilities that
are needed to succeed today
and in the future.
Most businesses don’t succeed in scaling.

The unifying factor of those that do is a laser-
focus on two areas. Firstly, on people: recruitment,
development and retention. Secondly, on skills:
building the technical capabilities that are needed to
succeed today and in the future.

The good news is that these two foci – people and skills
– intersect. Developing skills means developing people:
contributing not just to business capabilities, but also to
building a diverse and talented workforce.

Companies are searching for a mechanism to deliver
skills that are relevant, up-to-date, and ready for
application in the workplace. There’s a name for this
already: the apprenticeship.
28
Technology Fast 50 | UK 2022
Apprenticeships are often viewed as an alternative to
university for school leavers taking their first step into a
career. For this function, they are brilliant. Apprenticeships
open up access to top careers for young people that
simply aren’t being reached through traditional grad
schemes. The numbers speak for themselves: 41% of the
apprentices we place meet an indicator of socioeconomic
disadvantage; 23% are Asian heritage; 21% are Black; 52%
are women – groups that are typically underrepresented
in tech. Apprenticeships are developing a cohort of future
leaders that truly reflects the country at large.
It’s a no-brainer for companies like Student Beans, which
launched a drive for apprentices in a bid to grow its tech
teams by a third. They’re making an investment that
doesn’t just solve the business challenges of today but
creates a lasting legacy of talent.
But apprenticeships are not just for young people.
One shot of learning at the start of a career is not enough
to meet the demands of the future. Apprenticeships offer
lifelong learning for established professionals.
We offer programmes for career development. For
those that use data in their role (which is surely now the
majority of us), we offer a Data Literacy programme to fill
those gaps that schooling and university may have left
behind. For those who find the direction of their career
changing, we offer programmes that enable reskilling in
areas like Data Analytics or Software Engineering.
The impact is immediate. The charity Anthony Nolan was
driven to develop its data maturity and used our Data
Literacy programme and our degree-level Advanced
Data Fellowship – driving both knowledge and agility
across functions.
Skills development is vital to growth – and it’s accessible
through apprenticeships.
In partnership with Deloitte, Multiverse is facilitating the
funding to support several hundred apprenticeships,
through levy donations from big organisations towards
startups and SMEs.
Through this funding, a growing business can launch an
entry-level apprenticeship programme, attracting new
talent from diverse backgrounds into the business. Or,
they can plug skills gaps by developing people already
in the business – whether it’s enrolling a marketing
professional on our Digital Marketing course to expand
into Google Ads; or a business leader on our Data
Fellowship so they can make data-driven decisions based
on the trends.

What it comes down to is thinking ahead, to overcome
the odds when it comes to growth. It’s about investing
in people and skills and laying the foundations for scale
from the start.

As a sponsor of the Deloitte Fast50, Multiverse is offering
fully funded professional development opportunities to
all entrants of this year’s awards. If you recognise these
challenges and want to explore how apprenticeships
can help, the easiest way to start is to reach out to Kariel
Parian from Deloitte Private (kparian@deloitte.co.uk).
29
Technology Fast 50 | UK 2022
Horizon
Scanning
30
Technology Fast 50 | UK 2022
For many high-growth companies, equity investment is
a crucial ingredient to help them grow and scale. Equity
investors are driven by the potential for high returns and
the opportunity to be involved in a company from the
ground up. The chart on this page shows the role that
equity investment has played in the growth journey of
this year’s Fast 50 over the last five years.

The companies secured an impressive £1.26b last year.
Although the number of deals completed in 2021 was
the same as in 2019 the amount of equity investment
secured in 2021 was over seven times that raised in
2019. This speaks to the growth journey that this year’s
Fast 50 are on; they are becoming increasingly attractive
investment opportunities.

Of course, 2021 was an unusual year for investment
for the UK’s private markets. The COVID-19 pandemic
resulted in the creation of new business models suited to
unprecedented times which attracted investors seeking
tech-driven growth amid the uncertainty.

The investment environment is different in 2022. The
first half saw the Fast 50 raise a significant £688m from
funders including Equity Gap, Seedrs, and Octopus
Ventures. This speaks partially to the resilience of fast-
growing UK tech companies – they can progress even in
times of economic uncertainty.

Looking forward to 2023, it is unlikely that the UK’s private
markets will witness the same level of overall investment
as it has over the last two years. However, funds have
raised significant capital during 2021 and 2022 and will
continue to deploy capital to growing companies with
innovative ideas such as the Fast 50.
Investment and exits
2017
£82m
29
2018
£162m
38
2019
£290m
40
2020
£289m
37
2021
£1.26bn
40
H1 2022
£688m
17
Value and number of equity investments into the
2022 Fast 50 companies (2017-H1 2022)
Amount raised
Number of deals
The biggest risk for tech
companies would be to
completely stop investing in
innovation, R&D and growth...
To put themselves in a position
to reach profitability and achieve
better margins, they need to
make sure they are prioritising
sustainable growth.

Sophie Winwood, Investment Principal,
Anthemis Group
31
Technology Fast 50 | UK 2022
There are many reasons why gender diversity among
founding teams is important for the UK’s high-growth
economy. A key reason is that it can help to create more
balanced and effective teams. When there is a mix of
genders on a team, different perspectives and ideas
can be brought to the table, which can lead to more
successful outcomes.

There is a significant opportunity to see more balance
among the gender breakdown of Fast 50 company founding
teams. This is also true of the UK’s wider high-growth
population. As the charts show, a significant majority of
the Fast 50 companies have all-male founding teams.
This aligns with the UK’s population of scaleups
(companies that have grown an average of 20% year-on-
year over three years) based on data from Beauhurst.
The Alison Rose Review of Female Entrepreneurship
was published in 2019 and found that only one in three
UK entrepreneurs is female. The review also found that
women are less likely than men to start businesses and
that businesses owned by women are less likely to grow
and scale. The review made many recommendations to
increase female entrepreneurship in the UK, including
increasing access to finance, networks, sponsorship,
mentorship, and role models.
Gender diversity
6.2%
84.5%
7.4%
0.3%
86.0%
Founding team gender category
All Female
All Male
Equal Split
Majority Female
Majority Male
Founding team gender breakdowns: Fast 50 companies and UK scaleups (2022)
FAST 50
COMPANIES 2022
UK SCALEUP
COMPANIES (N=4,649)
4.0%
8.0%
1.6%
2.0%
32
Technology Fast 50 | UK 2022
Aoife Zakaras-Nally, Chief Commercial Officer of femtech
company Elvie, highlighted in her interview how the
company initially faced difficulty accessing finance
because it was creating technology for women. “Series
A was really difficult to be completely honest because at
that point femtech was just a non-entity, it didn’t exist,”
explains Zakaras-Nally. “We just had door after door shut
on us. It was a niche industry, despite the fact that it’s
50% of the population. Investors really struggled to talk
about female bodies.”

Part of the rationale for the new Fast 50 Women
in Leadership category is to elevate the incredible
success stories of companies that have a woman CEO
or a founding team of at least 50% women. Hopefully,
by providing a platform for women in technology and
entrepreneurship, we can help to change the gender
diversity of future cohorts of Fast 50 companies.
Loubna Bouarfa, founder and CEO of OKRA.ai
and inaugural winner of the Fast 50 Women in
Leadership category, says in her interview:
“It’s important for women to be part of the new
revolution of AI and technology. It’s also important
to have women equally involved in creating the
new systems that will make future decisions. It’s
important for our world. For all this to happen, it is
absolutely necessary to have an inclusive and diverse
culture. It is the core of innovation work itself.”
I don’t buy into the notion that there are not
enough diverse candidates in the market. If
a recruiter doesn’t send us a diverse range of
candidates for a role we are hiring for, we won’t
work with them.

Ylva Oertengren, Chief Operating Officer, Simply
33
Technology Fast 50 | UK 2022
Paul Clay
Partner, Tax, Deloitte LLP
International workforce
We know fast-growing VC-backed businesses care deeply
about their culture and people, and flexible working
can help increase employee engagement, as well as
attract and retain top talent. Share schemes are another
valuable incentive, and you may be looking to introduce
plans more widely across your team. If these are part
of your growth strategy, there are a few things to keep
in mind.
Geographically mobile employees
Having a geographically mobile workforce can incentivise
employees and help build global brand awareness and
an international client base. However, there are corporate
tax risks and payroll obligations when people work
cross border.
For example, inadvertently establishing an overseas
branch or putting undue pressure on tax residence
status can lead to more operational and administrative
complexity, compliance costs, tax risks and in extreme
cases, litigation.
There are safeguards, such as introducing a remote
working policy to restrict the duration and types of
activities performed overseas. But the level of protection
this affords can depend on the work involved, the
relevant tax authority, and any double tax treaty that may
be available. We recommend businesses understand the
risks, recognise the uncertainties and adopt a case-by-
case approach.
Incentives for overseas employees
Care is needed when awarding share incentives to
employees in new jurisdictions, and it’s worth seeking
tax and legal advice at the earliest opportunity to make
sure local requirements are met. Often overseas tax
rules can be very different to your local jurisdiction, and
approaching the grant of (even unapproved) options
to overseas employees can result in a myriad of issues,
which can be highlighted upon any due diligence.
For example, unless options granted to US-based
employees are appropriately structured, this can result in
annual, and additional tax charges for the US employees,
as well as complications for the employer. These issues
can include the need to grant at a certain market value,
obtain valuation reports and/or have specific clauses
included regarding timeframes for the exercise and/or
sale of the underlying shares.
Using ‘employers of record’ for overseas offices
More companies are using employers of record –
independent third parties that hire people and run
payrolls – in new jurisdictions. While this can offer
greater flexibility and enable faster expansion, there
can be complications:
• tax-advantaged employee share awards may not
be available
• share plan rules, such as leaver provisions, need
to be tailored to acknowledge participants are not
group employees
What are the key tax issues for CFOs
at VC-backed companies?
34
Technology Fast 50 | UK 2022
• additional tax considerations can require very clear
communication to make sure the employer of record
operates the payroll with respect to the share awards,
when required
• in the worst case, the granting of options to non-
employees of the group (which in theory is the situation
for the individuals on the books of the employer of
record) could invalidate the entire option scheme,
resulting in a number of adverse tax consequences for
the group and its employees
As participants are not group employees, the legal and
regulatory position will need careful review.

UK investment incentives
We are seeing rapid change, especially across the key
incentive areas listed below. This will require planning to
ensure reliefs are optimised for businesses.

R&D
After HMRC’s consultation on the R&D regime, the
following will start to be introduced from 2023:
• the inclusion of cloud and data costs in R&D claims
• the exclusion of overseas costs from UK claims (with
some exceptions)
• pure mathematic activities will qualify
• changes around compliance to tackle abuse.
These include 100 new HMRC inspectors to review
claims, R&D claimants being required to name advisors,
and needing a senior officer to sign off R&D claims
Further changes are expected in the Autumn Budget on
17th November 2022.
Capital relief
The super deduction regime offering 130% relief on
capital expenditure is now in force and in the Spring
Budget, further changes were announced that may come
in for capital spend.
These include:
• raising the Annual Investment Allowance to £500,000
• increasing Writing Down Allowances from 18% and 6%
to 20% and 8%
• introducing First Year Allowances and full expensing
so businesses can write off the costs of qualifying
investments in one go
Patent Box
With the grandfathering of the old Patent Box regime
coming to an end, companies are required to use the
Nexus approach plus track and trace to claim the relief. In
addition, with corporation tax rising to 25% in 2023, the
benefit of Patent Box will increase from 9% to 15%.

Grants
The Government is announcing new UK grant funding for
companies across all sectors, with a significant focus on
sustainability and the race to net zero.

Global digital tax regimes
There has been a fundamental shift in the international
tax landscape. The “user base” concept is increasingly
being considered a key indicator of value-driving
activity for tech businesses, alongside more traditional
incorporation, “bricks and mortar” and “feet on the
ground” reference points.
The OECD is continuing its work on addressing tax
challenges associated with an increasingly digitalised
economy, including international design and
implementation of the Pillar 1 and 2 solution. Many countries,
however, have taken unilateral steps to self-allocate
taxing rights based on local user interaction. This brings
businesses into the scope of new direct and indirect tax
obligations across the world, creating huge complexities
in assessing exposure and maintaining compliance.
The Deloitte Tax Atlas provides a global overview of
these regimes. We would also be pleased to discuss
any of these tax and legal requirements with you.
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Technology Fast 50 | UK 2022
Emerging technologies are those that are still developing
and are not yet widely commercialised. Such innovations
are important because they have the potential to change
the way we live and work by driving productivity and
increasing standards of living. The chart on this page
breaks down the top emerging technologies employed
by this year’s Fast 50.
Companies are increasingly being targeted by
cybercriminals and state actors, who are using
sophisticated methods to disrupt operations, divert
capital, and steal data. As digital technologies enable so
many companies to reach new heights of productivity
and profitability, they are also creating vulnerabilities
that can be exploited. In such an environment it makes
sense that we’re seeing the rise of digital security as an
emerging technology. Fast 50 companies in this category
include Panaseer which has developed software to
assist businesses in producing and analysing metrics
to understand the security of their data. London-based
Xydus which has developed facial recognition software
for user authentication of digital accounts, used by
customers such as Adobe and Vodafone.
Emerging technologies
5
Digital security
4
Big data
eHealth
3
PropTech
3
Internet of Things
Emerging technologies ranking for the
Fast 50 companies (2022)
3
I’m a big believer in the
intersection of markets.
For example, tech and bio,
tech and finance, research and
technology – generative AI is
an example. This is something
the UK excels at, and in
particular London, which is
a melting pot of great ideas
and people.
Hussein Kanji, Partner, Hoxton Ventures
Big data deals with the storage, manipulation, and analysis
of data that is too large or complex to be processed
using traditional data processing methods. As our digital
environment creates more and more data, big data tools can
provide organisations with insights that they would not be
able to obtain from smaller data sets. Often companies use
such tools to streamline operations or better understand
the diverse needs of customers. Fast 50 companies in this
area include Cambridge-based OKRA.ai which develops
machine learning software to enhance the speed of data
analysis for life sciences customers and offers insights and
predictions. And there’s London-headquartered Pupil which
develops software that reconstructs 3D, real-world spaces
digitally using massive datasets and machine learning.
A thread that links together the emerging technology areas
for the Fast 50 companies is the sophisticated use of data.
It provides the raw input that these technologies rely on
to function. We will undoubtedly see Fast 50 companies
making increasingly innovative use of data in the future.
36
Technology Fast 50 | UK 2022
2022
2021
2020
2019
2018
2017
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Regional breakdown of the Fast 50 cohorts
(2017-2022)
London
Scotland
South West
South East
East of England
West Midlands
North East
Wales
East Midlands
North West
Yorkshire and
The Humber
Northern
Ireland
Economic diversity is strongly linked with prosperity.
When an economy is diversified, it is better able to
weather economic downturns and periods of slow
growth. A diversified economy is more resilient to
shocks, be they economic or viral. Examining the regional
distribution of the Fast 50 companies is informative
because while London-centric, it shows that growth is
possible across the country.
As the last five years show, companies in London
dominate the Fast 50. The high number of companies
in the South of the country reflects the population
density – and therefore access to tech talent – as well as
the availability of capital and access to facilities such as
accelerators and lab space.
This year’s cohort has a lower proportion of London-
based companies than the last four years. Many of the
companies in this year’s cohort have found innovative
ways to grow that were catalysed by the pandemic,
potentially helping to increase the proportion of
companies based outside of the Capital. Another aspect
that may be encouraging this shift is the move to remote
and hybrid working styles. Companies can now tap talent
across the UK – and the world – benefitting from skilled
workers wherever they may be located. Offering hybrid
or remote working can be a way to boost employee
retention and also keep down operating costs. Such
shifts may help to disperse the economic benefits of fast-
growing company populations across the UK.
Location trends
37
Technology Fast 50 | UK 2022
25 Years of
Fast 50
38
Technology Fast 50 | UK 2022
Paul Lee
UK Partner and the Global Head of Research for the
technology, media, and telecommunications industry
at Deloitte
In 1998, the UK technology scene was in a state of
flux. The internet was nascent but growing with 9% of
households having an internet connection. Consultants
turned entrepreneurs Martha Lane Fox and Brent
Hoberman launched lastminute.com to sell discounted
flights, theatre tickets and hotel bookings. Semiconductor
design ARM had listed on the London Stock Exchange and
the NASDAQ. In a world first, a professor at the University
of Reading had a radio frequency identification or RFID
tag implanted under his skin.

Also in 1998, the Deloitte Fast 50 was published for the
first time. The growth league table dedicated to the
UK’s fastest-growing companies launched with games
producer Eidos plc in the number one spot. Founded in
1990, the listed company had grown via acquisition and
harnessing the success of titles such as Tomb Raider.

Since the inaugural list, the Fast 50 has been published
annually and has become a key barometer of the
health of the UK technology sector, and a showcase
for the country’s most innovative and successful tech
companies. Many of the companies that have featured
among the Fast 50 are household names or are some of
the most innovative companies in the world. They include
stalwarts and household names such as racing team and
car manufacturer McLaren, life sciences research tool
supplier Abcam, DVD and streaming provider LoveFilm,
flight booking site Skyscanner, and online marketplace
Notonthehighstreet.com.
Over time, the composition of the Fast 50 has naturally
reflected the most successful technologies and business
models in the UK ecosystem. When the Fast 50 launched
in 1998, software companies were already a dominant
force on the list. The dot-com boom of the late 1990s
saw internet-based companies ascend to insane highs
only to come crashing down throughout the early 2000s.
Assumptions about the speed at which the internet
would transform the world proved to be unrealistic and
many businesses had poor fundamentals and ran out
of capital.

However, the Fast 50 shows that internet-based service
providers rose to prominence during the early 2000s;
those with viable business models were able to emerge
from the ashes of the dot-com crash and grow rapidly.
Hotel reservation service Active Hotel took the top spot
in 2003, Lastminute.com ranked first the following year.
Consumer computing and internet use was beginning
to take off.

The internet began to change from the static web of the
late 1990s and early 2000s as platforms like Facebook
and Twitter rose to prominence. These platforms allowed
people to connect with each other and share information
in real-time – a major shift from how most people had
used the internet up until that point. The appearance of
companies like the online game site Miniclip – ranked fifth
in 2007 – reflect how the consumer experience of the
internet was changing.
25 successful years
39
Technology Fast 50 | UK 2022
Another important step in the evolution of the internet for
consumers was the launch of the first Apple iPhone mobile
device in 2007. In the early 2000s, smartphones were a
rarity, used only by a small number of businesspeople
and tech-savvy consumers. But adoption throughout
the decade saw them become ubiquitous, with millions
of people using smartphones to stay connected to the
internet and each other. The shift towards mobile helped
propel companies like Mobile Interactive Group through
the financial crisis and to the top of the Fast 50 in 2010.
It provided mobile commerce and marketing solutions to
brands around the world and was acquired the following
year by Irish rival Velti.
Widespread use of smartphones also allowed the sharing
economy of the 2010s to flourish. The term refers to the
emergence of a new way for people to access goods and
services. Companies like Airbnb and Uber were possible
because smartphones allowed people to easily connect
with each other and share resources. Smartphones also
gave publishers the opportunity to sell digital advertising
and target individual consumers more accurately, propelling
companies like video ad platform Unruly Media into second
place on the Fast 50 list in 2012, programmatic ad buyer
Infectious Media to the top spot in 2013, and social media
tool provider Brandwatch to number 20 in 2014.
The increasing range of jobs we do on the internet,
both as consumers and professionals, has helped drive
success in the UK’s financial technology or fintech sector
in recent years. The UK has long had strengths in financial
services but technology has supercharged the sector,
increasing the reach and impact of financial innovations.
The Fast 50 saw digital payment provider GoCardless
rank second in 2016, its peer Checkout.com ranked
second in 2018, challenger banks Revolut and Oak
North were first and second respectively in 2019, and
the top company in 2021 was ClearBank, which provides
financial institutions with digital infrastructure to support
their operations.
A crucial trend over the last few years of the Fast 50 has
been the rise of companies utilising artificial intelligence
and machine learning. This is set to be one of the most
transformative technological developments of our time.
With the ability to learn and improve on their own, these
technologies are already starting to have a profound
impact on a wide range of industries, from healthcare
and finance to manufacturing, transportation, and
cyber security.
An example of a company innovating in this last area
is cyber security firm Tessian. The London-based
company is utilising machine learning technology to help
organisations to keep their email secure by learning
patterns of behaviour and flagging suspicious or unusual
activity such as phishing scams or misdirected emails.
AI and machine learning are still in their early stages, but
it is clear that they have the potential to revolutionise the
way we live and work. The last 25 years of the Fast 50
have shown the tremendous speed at which technologies
can change the status quo. This year’s Fast 50 provide
a glimpse of what the next 25 years might hold.
40
Technology Fast 50 | UK 2022
September 2008 – Lehman Brothers files for bankruptcy.
March 2000 – Dot-com bubble bursts. NASDAQ falls by more than 75% between March 2000 and October 2002.
July 2008 – Old Street’s Silicon Roundabout named and mapped.
April 2008 – Mind Candy’s Moshi Monsters launched.
July 2009 – Just Eat secures a £10.5m Series A round from investors including Index Ventures.
December 2009 – Affiliate marketing platform Skimlinks secures £929k in equity investment.
May 2001 – Cambridge Broadband Network fundraises £10.4m.
November 1999 – Cambridge Broadband Network established.
1998 – First edition of the Deloitte Fast 50 published.
September 2007 – Cambridge Display Technology acquired by Japan’s Sumitomo Corporation for £142m.
July 2006 – Innovise lists on AIM.
March 2006 – Just Eat is launched.
June 2002 – Bowman Power raises £15.0m in equity investment from investors including 3i and Lehman Brothers.
April 2004 – Green energy company Intelligent Energy spun out from the University of Loughborough.
March 2005 – Oxford Nanopore Technologies is established.
April 2006 – Notonthehighstreet.com is launched.
November 2010 – Scottish and Southern Energy purchase an undisclosed stake in Intelligent Energy.
April 2011 – Oxford Nanopore Technologies announces £25.0m fundraising.
May 2011 – BGF launches with a £2.5b fund to support SMEs.
2010
2011
1998
2003
2009
May 2000 – Shazam is launched.
November 2003 – Edinburgh-based Skyscanner is launched.
Timeline
41
Technology Fast 50 | UK 2022
November 2017 – Wise valued at £1.07b in a £215m equity deal.
July 2017 – A fundraising round values Darktrace at £556m.
November 2016 – China’s Ctrip International acquires Skyscanner for £1.40b.
February 2016 – Multiverse is launched.
November 2015 – Mimecast IPOs on the NASDAQ Stock Market valued at $540m.
January 2015 – AlertMe is acquired by British Gas for £65.0m.
December 2013 – Revolut is established.
June 2013 – Cambridge University spinout Darktrace is launched.
November 2014 – The British Business Bank is launched.
March 2014 – Horizon Discovery lists on AIM for £68.6m.
April 2014 – Just Eat IPOs valued at £1.47b.
June 2014 – The ScaleUp Institute launches with the aim of making the UK the best place to scale a business.
September 2012 – The Seed Enterprise Investment Scheme (SEIS) is launched.
May 2012 – Yell acquires Moonfruit for £18.0m.
August 2012 – Deliveroo is launched.
March 2012 – Mobile payments business SumUp is launched.
2012
2013
2014
2015
2016
2017
2018
July 2014 – Intelligent Energy raises £55.0m via an IPO that values it at £639m.
August 2014 – Oxford Nanopore Technologies becomes a unicorn (a private company valued at $1b+).
September 2018 – FarFetch IPOs on New York Stock Exchange valued at $5.80b.
September 2018 – Shazam is acquired by Apple for a reported $400m.
42
Technology Fast 50 | UK 2022
March 2020 – UK enters lockdown due to COVID-19.
2022 – 25th edition of the Deloitte Fast 50 published.
January 2022 – Checkout.com receives £730m in equity finance from investors inc. Tiger Global Management.
January 2022 – Blockchain.com acquires London-based Magic Carpet.
July 2022 – Revolut valued at £21.5b by £578m equity deal.
August 2022 – The Government’s scale-up visa is launched.
June 2022 – Multiverse valued at £1.28b in a £175m equity deal with participation from Index Ventures and Google.
September 2022 – Seedrs is acquired by US-based Republic for £86.5m.
November 2021 – Blockchain.com acquires Argentine crypto company SeSocio.
August 2021 – Zepz secures £214m in equity finance from investors including Accel.
March 2021 – Deliveroo raised £1b via an IPO on the LSE.
March 2021 – Blockchain.com raises £218m from investors including Baillie Gifford.
September 2020 – The Hut Group IPOs on the LSE raising £920m with a market cap of £4.85b.
October 2020 – Fonix Mobile IPOs on AIM.
November 2019 – FX brokerage Ebury acquired by Santander.
September 2021 – Oxford Nanopore Technologies IPOs on the LSE valued at £3.38b.
October 2021 – SumUp acquires FiveStars for £231m.
2019
2020
2021
2022
2023
43
Technology Fast 50 | UK 2022
The Fast 50 has been celebrating some of the UK’s most
successful fast-growing companies for the past 25 years.
From digital money transfer systems to AI-powered
cyber security companies – many have become thriving
international businesses. Here is a look at the journey
some of these companies have been on and where they
are today.
The Fast 50 has pioneers in cleantech such as Intelligent
Energy. Established in 2004, It develops low-carbon fuel
cell systems to use in consumer electronics and power
industries. It ranked 33 on the Fast 50 list in 2012. It has
continued to expand its green energy model in Japan,
South Korea, and China. In May 2022, BMW Leipzig
announced it was using Intelligent Energy’s products
to power its factory; in October energy giant Shell
announced it will be using the company’s fuel cells for its
pipeline inspection.

Aside from cleantech, the Fast 50 has tracked leading
biotechnology companies such as Oxford Nanopore
Technologies. Established in 2005, the University of
Oxford spinout develops nanopore sequencing products
to improve DNA and RNA testing. In August 2014,
the company raised £35m from investors including
IP Group in a deal that valued the company at over
$1b and marking the company as a unicorn (a private
company valued at over $1b). Oxford Nanopore listed
on the London Stock Exchange in September 2021 with
an impressive valuation of £3.38b, raising £350m.
Online marketplaces were considered to be a nascent
industry in the 2000s. Picture this, it is 2006 and you want
to buy a gift for a loved one – where do you go? Your first
point of call is most likely a shopping centre. Two women,
Holly Tucker and Sophie Cornish, decided to change
this narrative.
In 2006, they launched Notonthehighstreet.com, a
digital marketplace where customers could purchase
authentic, artisanal, and niche products. It gained its
competitive edge by giving exposure to small businesses.
The London-headquartered company made three
appearances on the Fast 50 (2011, 2013 and 2014).
Another challenge in the 2000s was sending money
abroad to family members – it could only be achieved
by visiting a local transfer agent. This was expensive
and unaffordable for many. Frustrated by this, Somalian
refugee Ismail Ahmed launched London-based Zepz
(formerly World Remit) in 2009. Zepz is a digital cross-
border payments platform and its business model
disrupted the traditional means of sending money
abroad. At the time of its inception, Western Union and
MoneyGram dominated the sector with very little digital
presence. A decade ago, online payment platforms like
Zepz were nascent and their potential was unknown.
Fast forward 10 years and Zepz claimed the top spot in
Deloitte’s Fast 50 2015. Since its establishment, it has
received £497m in equity investment from investors
including LeapFrog Ventures, Accel, and Farallon Capital
Management. It now has a digital presence in over 130
countries and continues to invest and partner with
African countries – most recently Uganda’s DFCU bank
in February 2022.
In 2013, Bloom & Wild founders Aron Gelbard and
Ben Stanway started measuring the size of UK
letterboxes – why? They wanted to provide an online
flower service that customers could rely on. Bloom & Wild
customers now receive flowers through their letterbox
– guaranteeing delivery – even when no one is home.
Its customer-driven approach in conjunction with it use
of technology, earned it second place on the Fast 50
list in 2017.
Where are they now?
44
Technology Fast 50 | UK 2022
Another recent e-commerce success story is Motorway,
which operates a marketplace for private car sellers.
Launched in 2016, the London-based company strives
to make the selling process as fast and efficient as
possible. It reached unicorn status in 2021 after a
£143m fundraising round and ranked 30 in Deloitte’s
Fast 50 in 2021.

Similar to Motorway, Cazoo operates an online
marketplace for used cars. Established in 2018 by Alex
Chesterman OBE (founder of LoveFilm and Zoopla), Cazoo
secured £445m in equity investment via six rounds.
The company was named a rising star in Deloitte’s Fast 50
in 2020 and by August 2021, it was listed on the NYSE via
a SPAC merger with Ajax. Continuing with its expansion
into Europe, Cazoo launched in Spain and Italy in 2022.

The last 25 years have seen the creation of many versatile
high-growth companies. Deloitte’s Fast 50 has showcased
some of the most exhilarating, dynamic, and innovative
companies to enter the tech sector.
45
Technology Fast 50 | UK 2022
Fast Futures:
Levelling Up, Tech,
and Finance
46
Technology Fast 50 | UK 2022
The concept of “levelling up” means different things to
different people. To the Government – who can take credit
for popularising the term – levelling up is “about growing
the economic pie, everywhere and for everyone, not re-
slicing it.” But the Government also calls it a “contemporary
Medici model, our twenty-first century recipe for a new
Industrial Revolution” – an unlikely reference redolent of
the minister who oversaw the whitepaper.
But the levelling up agenda has resonance outside of
Government too. It’s not just that levelling up presents
direct opportunities for private companies (contracts,
delivery partnerships), but because the idea also appeals
to companies and business leaders in a broader sense.
As businesses become more aware of their ability – and
responsibility – to be agents for good, one way in which they
can seek to exercise that ability is by ensuring that regional
inequalities in the UK decrease rather than increase.
Sometimes private companies’ contributions to levelling
up don’t even need to be that altruistic. Hiring outside
of London can be better value. Taking on office space
outside of London can be better value. Setting up
business infrastructure outside of London can be
better value.

It is pleasing then to see that this year’s Fast 50 cohort
is the first to see a falling proportion of companies
headquartered in London since 2016. And indeed many
of the London-based companies in this year’s Fast 50
(and in previous years) have offices outside London as
well. Perhaps most impressively, this year six of the top 10
companies are headquartered outside of London.

A big part of the levelling up agenda – at least as
articulated by the Government – is about jobs and
opportunities.
Levelling up
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
Headquartered outside of London
Headquartered in London
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Fast 50 cohorts by proportion of companies headquartered in London (1998-2022)
47
Technology Fast 50 | UK 2022
As the whitepaper puts it: [it’s] “critical that we improve
productivity, boost economic growth, encourage
innovation, [and] create good jobs.” But it also adds that
“Levelling up skills, health, education and wellbeing would
deliver similarly-sized benefits.”
What’s striking about this year’s Fast 50 is not only that
those headquartered or with offices outside of London
will be directly economically contributing to the levelling
up cause, but that many of the companies (regardless
of location) are creating and developing products and
services that help the cause too.

The numerous biotech and healthcare companies on the
list are helping to improve lifespans, which in turn helps
levelling up. Educational and edtech businesses on the list
are helping to improve skills, which in turn help levelling
up. The fintech companies on the list are helping to
improve access to financial services, which in turn helps
levelling up.

As political support for levelling up can wax and wane,
it’s brightening to think that some of its goals may still
be achieved through the hard work and ingenuity of the
UK’s entrepreneurs.
48
Technology Fast 50 | UK 2022
Andy Gregory
CEO, BGF
Three characteristics of a successful
growth journey in technology
Of all the sectors BGF invests in, technology
accounts for the largest single share – well over
100 out of a total of more than 500 companies
backed. These tech businesses are a diverse
group, solving a variety of problems. In my time
overseeing investments at BGF, there have been
a few clear themes among those that have navigated
a successful growth journey.
The first is that they are alive to the transformative
potential of equity funding. We’ve seen numerous good
companies set up and built using a classic bootstrapping
model, i.e. they use savings and loans from friends and
grow organically while keeping costs to a minimum. What
turns them into great companies is that they seek out
investment to accelerate that growth. One example out
of many would be cloud services provider HeleCloud,
which we backed from 2018 until its exit last year to Swiss
multinational SoftwareONE. Founder Dob Todorov says
he achieved in four years what it would have taken 15
years to do without our support.
Time is of the essence
with technology. If you are
slow to market, you may
find someone else has got
there first.
49
Technology Fast 50 | UK 2022
That’s a story that has been repeated time and again
across our portfolio. And I would argue it’s a story that
is particularly pertinent to technology entrepreneurs,
who operate in such a fast-moving sector. Time is of the
essence with technology. If you are slow to market, you
may find someone else has got there first.
A second quality that successful technology leaders
share is a willingness to take advice. Even the most
plugged-in technology entrepreneur will admit it’s hard
to stay on top of every new trend. Yet it’s crucial for
a growing business to understand its place in the
market, its competitors and the needs of its customers.
We find that this kind of objective view or sounding
board is often well delivered by a non-executive, ideally
someone with extensive relevant experience who
can share the fruits of this experience with the
management team.
Introducing experienced non-execs to portfolio
businesses is a key part of what we do at BGF.
Over 400 appointments have been made to company
boards with our help. I could point to many in the
technology sector, but one example would be Irish
cybersecurity business Edgescan, which appointed
former senior IBM executive Bernie Waldron as non-
executive chair, bringing a wealth of industry experience
to help guide the company’s strategy.
Finally, I would say that a successful growth journey
depends on ambition. The kinds of businesses we work
with – and which are successful in securing funding from
us – have big ambitions (backed up with evidence and
credentials). How that ambition manifests itself varies,
but one example is growth by acquisition. Technology
companies are often well positioned to grow rapidly by
acquiring other companies in their sector. One example
is Miss Group, a web hosting provider that we began
supporting in 2018. The company made seven acquisitions
while we were a shareholder. Indeed, it grew so fast that in
this instance we exited our investment about 18 months
after signing the initial cheque, at a 100% internal rate
of return. BGF is a long-term investor, meaning we can
partner with companies over many years, but when I talk
about equity investment accelerating growth, this is the
kind of speed that is possible.
As I mentioned, the technology companies in our
portfolio are a diverse group. They include app
developers such as Dundee-based Waracle, autonomous
vehicle businesses such as Oxford-based Oxbotica, and
payment infrastructure businesses such as London-
based Paddle, which recently achieved ‘unicorn’ status
with a valuation of over $1b. Technology remains an
incredibly exciting sector and we are looking forward to
backing many more innovative tech businesses in the
years ahead.
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Technology Fast 50 | UK 2022
Chris Graves
Partner, FA – Advisory Corporate Finance
With European venture capital investment down >30% in
Q3 2022 and the Bank of England noting that it believes
the UK is already in recession, it is more important than
ever for fast-growing companies to present investors with
clear differentiation, evidence of downturn resilience and
clear unit economics and a route to profitability.

However, funds have significant amounts of dry powder
to invest and with an increase in SEIS limits being one
of the few policies announced in the “mini” budget to
survive, companies who can show a balance between
high growth potential and realism around economic
headwinds will continue to be able to access capital.
Sector focus will be important for investors, with a clear
shift away from consumer already in evidence and
software continuing to account for a large proportion of
funds raised. But each downturn is different and there
are already signs that traditionally cyclical segments such
as media and marketing technology may prove resilient
in 2022-3, fuelled by the ongoing pandemic bounceback
in entertainment, a boom in content and learnings from
2020 where budgets were cut too far too fast.
Investment in high-growth tech companies in the
UK continues to be underpinned by a robust exit
environment, with the UK and Ireland accounting for
50% of exits by value in Q3. The weakness of sterling will
continue to make UK assets good value for international
acquirers, while the country’s strength in the active
software and biotech verticals will also underpin a
steady volume of exits. Companies with very clear
competitive positioning in structurally fast-growing and
resilient markets will be most attractive to trade or PE
acquirers amidst economic turbulence, with disruptive
business models well placed to grow regardless of
macro conditions.
The importance of differentiation
in tough times
51
Technology Fast 50 | UK 2022
Willo Renehan
Partner, Deloitte Private Tax
Often tax is seen as a compliance burden, a cost,
something which a company is forced to address when
instead it would rather be applying scarce resources to
running the business.

But what if tax can be used to drive business efficiency,
help create shareholder value, make it easier to contract
with your customers, and be a driver for growth? How can
this be achieved? Set out below are some ideas across six
key growth areas for any startup or scaleup business.

1. Intellectual property
Central ownership and management of IP is not just good
for value creation, it can also assist with R&D claims, as
well as using the Patent Box to reduce corporation tax.
One of the keys here is to ensure that upon diligence,
there is clarity as to how the IP has been developed, who
owns it, and how the owner is exploiting the IP.

2. Supply chain
Minimising costs such as customs duty, VAT and
withholding taxes in getting your offerings to market.
Even in the case of businesses offering services, costs
and delays can be incurred on going to market where the
supply chain has not been designed appropriately and is
understood across the business.
3. Internationalisation
Consider how to establish overseas operations to best
meet commercial objectives whilst reducing costs.
It is important that overseas activities do not take up
a disproportionate amount of management time whilst
allowing the group to expand in target markets.
4. Funding
Efficiently raising funds, and getting those funds to where
they are needed, whilst managing foreign exchange, tax
costs and foreign controls.

5. Employee reward
Incentivising your employees in a manner which keeps
your business competitive with the market and avoiding
unexpected tax costs. Each territory will have a different
approach to options and shares, with the timing of certain
elections/notifications being key to the reward be valued
by the employees.

6. Governance
In modern parlance… if it is not evidenced, it is not done.
Improving tax controls in a manner which reduces costs
and reduces and aids business.

As with most things in this fast-changing environment,
successful businesses are looking at tax through
a different lens, one which enables the business to be
more efficient, makes you a more attractive employer,
and eases your path to market.
Tax as an enabler
52
Technology Fast 50 | UK 2022
Nicky Tozer
SVP Oracle NetSuite EMEA
Tech infrastructure for growth
Growing a company in today’s economic turmoil is
no small achievement. Entrepreneurs often believe
they’re ready to scale internationally as soon as
they’ve established a business model at home–
however this is often the time when operational
challenges become more apparent.

Scaling a business internationally can be just as difficult
as launching and comes down to more than just
having a great idea, product, or service. It’s essential
to understand the challenges of managing a global
business and the role of technology in helping to operate
and scale.

Businesses with a real-time, single view of a global
business can make better investments, meet
compliance requirements, drive strategic decisions,
spot opportunities, and act, evolve, or diversify
with confidence.
Scaling a business
internationally can be just as
difficult as launching and
comes down to more than
just having a great idea,
product, or service.
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Technology Fast 50 | UK 2022
Preparing for growth
To grow, companies must be able to adapt to different
business rules, regulations, and cultural expectations if
expanding into new markets.

The most effective way is to a) centralise, and b)
automate some processes. One solution to do a lot of
the heavy lifting is an enterprise resource management
platform (ERP), which will enable a business to manage
multinational and multi-subsidiary operations. Efficiency
gains can be seen quickly through the delivery of real-
time operational visibility and consolidation.

So, in which business areas can ERP technology make
the most impact?
1. Complex business structures
Although more complex, the subsidiary structure has
its advantages over opening a branch office, including
protecting the parent company from liability. However, it
also makes processes more complicated.

As a separate business, the subsidiary needs to follow
local accounting rules and generate its own financial
statements. Those results must then roll up to the
parent company, where different accounting standards
may apply.

Consolidating data from subsidiaries in different countries
and following different rules increases the time and effort
required to close the books and is a common source of
reporting errors.

Adopting an accounting solution specifically designed for
companies with multiple legal entities allows you to post
every transaction to multiple accounting books at once. In
doing so, it ensures the correct standards are applied at
local and headquarter level, enabling you to identify and
deliver information faster.

2. Exchange rate volatility
When entering a new market, companies are expected
to conduct business in the national currency. This isn’t
just a convenience for local trading partners, but a legal
requirement in most countries.

However, dealing with multiple currencies adds
uncertainty, risk, and complexity to financial processes.
Converting financial data into a common currency
for analysis is often a manual process. Automating
conversion using the latest exchange rates produces
more timely insights, leading to more accurate results.
3. Local tax policies
Companies expanding internationally will need to keep
up with tax policies. Changes are likely as economic
conditions continue to put pressure on countries to raise
taxes, as governments look for ways to increase revenue.
Tax rules and rates vary from country to country and at
a regional level too. Knowing when to collect these taxes
and what rates apply can be confusing and it becomes
more difficult as you sell into more markets.
Keeping up with tax policies is too often done with
spreadsheets. Automating tax collection within a single,
fully-integrated system is an easier and more accurate
approach to managing risk and compliance.

4. Complying with local regulation
Compliance may be the biggest challenge companies face
when entering a new market. It’s easy to misinterpret
regulations and that can lead to costly fines or other
penalties. It helps to draw on local expertise to ensure
rules are being followed and automate compliance by
embedding those rules within the applications you use to
run your business.

With a governance, risk, and compliance programme you
can confidently anticipate and act on customer, third
party, compliance, enterprise, and financial risk while
elevating corporate governance and controls across your
organisation.

Gain a competitive advantage
Modern businesses must be data-driven, innovative,
and scale rapidly, so it’s difficult to argue against the
automation of areas that can threaten the speed and
success of that expansion.

A single, fully-integrated global system brings a more
consistent, holistic, real-time view of risks, geographic
nuances, and regulations that impact on domestic and
global expansion strategies – freeing you up to grow your
business across international markets.
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Technology Fast 50 | UK 2022