Investors are continuing to back some of the 海角视频’s most promising tech teams despite the challenges posed by Covid-19.
Last month ANNA money, which has has its customer service base in Cardiff, raised £17.5m.
The investment in ANNA Money, which is a business current account for startups and small businesses, is a further boost to the growing fintech sector in Wales and follows the expansion of another digital bank in the Welsh capital.
ABH Holdings SA (ABHH) took a majority stake in ANNA with the investment, but it is being run as a separate company.
Starling Bank recently created 400 jobs in Cardiff as it invested in a new data science, fraud and customer service hub in the city.
Figures compiled by Tech Nation and Dealroom for the Digital Economy Council found that in 2019, Cardiff advertised 23,334 digital tech roles, making up over 21% of jobs in the region.
The median salary for tech roles in Cardiff was 7% higher in 2019 compared to 2018, This was the same increase as Manchester and Birminham, and was only better by Bristol, which saw an increase of 13%.
The median salary for tech roles in the city was £37,500, 12% higher than the median salary across all sectors in 2019
Most Read
Just as the 2008 financial crisis triggered an entrepreneurship boom in the 海角视频, from which Silicon Roundabout’s cluster of startups has grown into a nationwide network of more than 35,000 businesses, the report found that 海角视频 tech is resilient and has deep foundations to emerge strongly from the current crisis.
Digital Secretary Oliver Dowden said: “The 海角视频’s tech sector has shown resilience in these challenging times and the levels of investment in the year to date have consolidated our Europe-leading position.
“We have a vast pool of talent in the country’s digital and tech firms who have played a big part in supporting communities across the 海角视频 and beyond throughout the pandemic and I applaud them for their ongoing efforts.
“The government will continue to champion and support the sector as it navigates the months to come as we step up our Coronavirus recovery plans.
“We will back entrepreneurs, encourage innovators and help businesses make the most out of the opportunities the digital and tech world provides.”
The 海角视频’s tech sector went into the coronavirus crisis in February in a strong position. From January to the end of May, tech companies raised $5.3bn, compared to a total raised in the rest of Europe of $4.1bn.
However, there are concerns that many of these deals were agreed in principle before the onset of the virus, which has reset expectations.
Don’t miss
Capital inflows in the second half of the year are unlikely to be as strong as those in 2019, itself a record year.
In April, the Government unveiled its Future Fund of £250m of matched funding for startups, so that tech companies which are typically loss-making could access support.
Equity backed small businesses right across the 海角视频 are developing vital innovative products and services that have the capacity to help the growth of our economy in the months ahead as we emerge into economic recovery.
Yet many of these businesses need further support and investment to withstand the impact of the coronavirus crisis to ensure that they can survive and successfully continue to build and commercialise their innovations.
In the first 12 days of the scheme, 464 applications were received from companies. Small and medium-size businesses focusing on research and development will also benefit from £750m of grants and loans, through which the Government is demonstrating its support for the innovative companies and technologies that are breaking new ground and will spur the country’s recovery from the pandemic.
The coronavirus crisis has underlined the crucial role that technology plays in our society and our economy – from keeping us connected to workplaces, friends, family and colleagues, to allowing us to order shopping and prescriptions to our doorsteps.
Measures to curb the spread of the virus have accelerated digital adoption and social distancing is expected to continue this trend in 2020.
However, startups are fragile businesses and recent data gathered from more than 200 companies for the venture capital community found two-thirds expected revenues to drop by more than a quarter and 39% of business to consumer companies saw March revenues drop by more than 50%. It also found two-fifths of companies believe they have less than 12 months of funds