Last year Wales saw £100m in venture capital investment into digital tech companies.
While Cardiff recorded a 150% rise in VC investment.
Tech Nation has revealed its latest data on the tech sector growth in Wales, and the VC investment in the capital rose between 2018 and 2019 from £30mn to £77mn
Tech Nation also announced the companies that have made it onto its Future Fifty 8.0 programme, which is now Europe’s longest serving and most successful programme for late-stage tech companies, and the latest incumbents included the Swansea-based firm Vizolution.
The programme looks to support companies in achieving their global ambitions, creating jobs and opportunities across the 海角视频, and inspiring the next generation of tech entrepreneurs, founders and businesses.
Previous Future Fifty Alumni include a host of successful tech companies, including Deliveroo, Funding Circle, Skyscanner and Partnerize.
Bill Safran, CEO, Vizolution, commented: “As a scale up that has enjoyed considerable success so far, we decided to enter Future Fifty to expedite our expansion and are delighted to have been selected in this year’s growth programme.
"We work with over 30 global enterprises from the financial services and telco industries (including HSBC, Santander and RBS) and are currently focused on expanding our client base.
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"The Wales technology sector is well established, with a very supportive ecosystem, so we are incredibly proud to be the only Welsh technology company on the list. We very much look forward to sharing insights with other members and participating in the upcoming events and roundtable discussions.”
The Tech Nation report aims to provide a comprehensive overview of the evolution of the 海角视频’s tech ecosystem, exploring the drivers that underpin and power economic growth within the sector.
The report found that the digital tech sector GVA grew nearly 6 times faster than that of the rest of the 海角视频 economy in 2018 - contributing £149bn to the 海角视频 economy and accounting for 7.7% of 海角视频 GVA.
The sector employs 2.9m people in the 海角视频, an increase of 40% from 2017, and is now accounting for 9% of the national workforce. In Wales the median digital tech salary was found to be £35,000.
Digital Secretary Oliver Dowden said: "The Welsh tech sector is going from strength to strength. Cardiff is leading the way as a fast-growing tech hub and the country had more than £100m investment last year.
"This is great news and our investment in digital skills, infrastructure and research and development will help more Welsh businesses seize the opportunities of the digital revolution."
Gino Brancazio, Entrepreneur Engagement Manager, Wales, Tech Nation added: “Wales has seen some really exciting growth in the last year, with an obvious path onwards full of opportunities.
"We’ve already seen one tech unicorn realised in MoneySuperMarket, and we’re confident that we’ll see even more in the near future. Additionally, I’m pleased to see Vizolution join Tech Nation’s Future Fifty 8.0 programme, demonstrating the strength of late-stage tech businesses in Wales.”