Published date 3 February 2022

SETsquared Bristol tech companies raise record investment

Engine shed

Companies who are part of SETsquared Bristol, the acclaimed University of Bristol-led tech incubator, attracted record investment of £98.8 million in 2021, with £77.9 million of this raised by companies who have spun out of the University.

The total raised was equivalent to 15% of the total £636 million secured by Bristol businesses in 2021, evidence of a promising market recovery since Covid.

Based at the city’s Engine Shed innovation hub, SETsquared Bristol supports the growth of technology startups, helping them move from initial ideas into commercial viability.

More than half of its 80 companies raised investment in 2021, including university spin-out Ultraleap, who raised £60 million to further commercialise its revolutionary hand tracking and mid-air haptics, with other high level raises including other university spin-outs, MicrimaZeetta Networks and Zentraxa.

The incubator also saw strong results in healthtech, with companies in this sector raising £11 million last year, as well as FinTech West which will see a further boost this year with the launch of a FinTech accelerator.

Further successes in 2021 saw its companies create 250 jobs, generate £29 million in revenues and achieve record numbers for leadership diversity.

SETsquared Bristol is a dedicated advocate of diversity in tech, with specific programmes, initiatives and events to encourage under-represented and minoritised groups into tech entrepreneurship.

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