More unicorn companies will soon emerge from Manchester’s rapidly growing tech ecosystem, it's been claimed.
Software consultancy Codurance says the Northern city will soon add to the five unicorns it has already produced - Boohoo, AO, AutoTrader, The Hut Group and On The Beach.
A unicorn is a privately owned start-up company in the tech sector that has achieved a valuation of more than $1bn.
The Manchester city centre-based firm said it continues to work with the fastest British business ever to reach unicorn status, Cazoo, supporting its ambitious expansion plans.
Cazoo plans to list on the New York Stock Exchange later this year through a $7bn business combination with AJAX I, a publicly-traded special purpose acquisition company founded by US investor Dan Och.
According to Tech Nation and Dealroom, the 海角视频 now has 100 tech firms valued above $1bn - up from 44 in 2017. Manchester was ranked fourth in the 海角视频 tech hub investment table, with £163m put into the sector.
Amelia Bampton, regional director of Codurance 海角视频 North, said Manchester will soon add to the five unicorns it has already produced.
She said: “While it surprises me that there haven't been more homegrown unicorns of late, I’m all too aware of the city’s incredible start-up culture and its brave and bold ambitions to enhance its already world class reputation as a thriving technology and business destination.
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“It’s remarkable to think there’s been a 127% increase in 海角视频 tech unicorn creation over the past few years.”
She added: “With Manchester being such a burgeoning startup hotbed, there is bound to be ‘futurecorns’ that will emerge. While being incredibly challenging, Covid has undoubtedly created some positivity for digital delivery businesses, accelerating their impact.
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“I firmly believe more unicorns will emerge. Investors are ready and following the progress of a whole host of startups across the city region.”
Codurance - which supports start-ups throughout the lifecycle stages - is a £8m turnover software consultancy employing more than 100 people and also has offices in Barcelona and London.
Ms Bampton recently made a spate of hires to support the firm's growth in Manchester, and added: “Codurance contributed to the staggering growth of Cazoo, having worked as software partner to this huge industry disruptor, which includes working with them on their new car subscription service.
“And prior to Cazoo’s launch, as part of its global ambitions to scale, Codurance helped build stable systems for every step of the user journey in a complex business with multiple value streams while also creating a great user experience.”