Tripledot Studios tops the 2022 Deloitte Tech Fast 50 ranking

• Tripledot Studios, the mobile games company, has topped Deloitte’s 2022 UK Technology Fast 50 awards, a ranking of the UK’s 50 fastest growing technology companies;
• The London-based games studio reported an average three-year growth of 69,387% to the year 2021/22, the third-largest growth rate in the 25-year history of the awards;
• Fast 50 companies generated a combined revenue of £992 million in 2021/22, and employ 16,315 people, with an average revenue growth of 4,568% over a three-year period, a 36% increase on last year’s total.

Deloitte has today announced the winners of the 2022 UK Technology Fast 50 awards. The awards recognise and rank the 50 fastest-growing technology companies in the UK, based on average revenue growth over a three-year period, and are sponsored by Multiverse, Oracle NetSuite and BGF.
This year’s cohort of Fast 50 businesses have a collective average growth rate of 4,568% and total revenues in 2021/22 of £992 million, employing 16,315 people in the UK.

Tripledot Studios crowned 2022 Fast 50 winners

Mobile games company Tripledot Studios is the overall winner of the 2022 UK Technology Fast 50 awards, having achieved an average three-year growth rate of 69,387% to the year 2020/21, the third largest average growth rate in the 25-year history of the awards.

Founded in 2017, the London-based business employs more than 400 people and specialises in developing casual mobile games. Tripledot reached unicorn status earlier this year.

In second place is Wonde, the South East-based platform that provides tools to manage school data, with a growth rate of 31,762%. Research and development service provider, Nonacus Ltd, ranks third place with an overall revenue growth rate of 28,211%.

Each of this year’s top three companies come from a different sector: media and entertainment, software, and healthcare. Software remains the leading sector, accounting for 54% of all winners.

Duncan Down, lead partner for the Deloitte UK Technology Fast 50 programme, commented: “The exceptional growth of this year’s Fast 50 is a marker of the ongoing strength and resilience of the UK’s technology industry, which continues to thrive despite considerable headwinds. This year’s cohort represent the very best of the technology industry, with combined revenues of £992 million and average revenue growth of 4,568%. I’d like to extend my personal congratulations to all of this year’s Fast 50 winners.

“Tripledot Studios’ incredible three-year growth rate of 69,387% is one of the most impressive we’ve seen in the history of the awards, and to achieve this while dealing with a new set of economic challenges makes it all the more applaudable. Deloitte’s 2022 Fast 50 awards clearly demonstrate the extent to which the UK’s technology industry can survive and thrive, even in times of change, thanks to the culture of innovation and entrepreneurship being nurtured across the entire country.”

Lior Shiff, CEO of Tripledot Studios said: “We started out as three guys with an idea, and our growth is a testament to the hard work and dedication of our team.

“We love games and the business side of the gaming industry. Tripledot is a creative business driven by hypotheses tested with data. It is this attention to detail and scientific approach, combined with the creativity, that allows us to make and update our apps for the best in-game experience for users.

“Our focus has always been on execution – there is no need to overcomplicate, we just want to create good games in a highly competitive space. To do that, we grew the business from a headcount of three to over 400 employees in six international offices in just a five-year period. We can now proudly say that millions of people are playing our flagship game, Woodoku. We want to create games that people will play for a long time and become a household name.”

Rising cost of living impacts on the fastest growing technology start-ups

More than half (59%) of this year’s Fast 50 businesses say that increases in the cost of living are having a direct impact on their business. A further 64% say that they are considering increased pay or additional bonuses to help their employees navigate the rising cost of living. Nine in ten of this year’s Fast 50 businesses say they are, to some extent, planning for an economic downturn.

Down added: “There is a great deal of uncertainty regarding the economy at present, on top of the impact that further inflationary pressures may have on businesses. Many will be changing the way they operate to navigate these challenges, however there is still a great deal of optimism amongst start-ups in the UK, with 86 per cent of this year’s Fast 50 businesses claiming to be positive about the next generation. The tenacity of the UK tech sector continues to drive growth, even in the toughest of times.”

Regional businesses shine

London remains the home of the majority of the UK’s fastest growing technology start-ups, with 62% of this year’s Fast 50 headquartered in the capital. This includes this year’s winner, Tripledot Studios, along with personal savings assistant solutions company, Plum (fifth overall, three-year growth rate of 7,735%) and Cera, technology-enabled home care company (sixth overall, three-year growth rate of 5,707%).

However, this year’s rankings see an increase in regional wins. In 2022, six of the top ten Fast 50 companies are based outside of London, including three of the top five. This is a significant shift from last year’s rankings, in which eight of the top ten were London-based businesses.

Standout performances across the regions include Wonde, a platform that provides tools to manage school data, who jump three places in this year’s rankings and are one of six ranked companies from the South East (second place overall, three-year growth rate of 31,762%, South East winner).

The Midlands occupies two places in the top five this year, with Nonacus Ltd, a research and development provider for the biotechnology industry (third overall with a three-year growth rate of 28,211%, Midlands winner) and Onto, car rental and electric vehicle subscription company (fourth place with a three-year growth rate of 9,467%).

North East based iamproperty, online auctioneer for end-to-end moving services, is another regional winner in the top ten (seventh overall, three-year growth rate of 5,068%). Amiqus, a FinTech company designing and developing software for financial security, is one of three ranked from Scotland (20th overall, three-year growth rate of 1,865%, Scotland winner). Meanwhile, South West and Wales also tally six rankings, including OnBuy.com, an online marketplace platform (11th overall, three year growth rate of 3402%, South West and Wales winner).

Down said: “While London remains the UK hotspot for fast-growing tech companies to base themselves, we are seeing a marked increase in the number of ranked companies across all regional locations. This is a testament to the ongoing strengthening and diversifying of the technology industry in the UK, across all sectors, but particularly in software. It is great to see entrepreneurs and start-ups thriving both inside and outside the capital as we showcase the very best of our technology industry.”

Female tech leaders acknowledged with new award

This year’s Fast 50 included the launch of a new award category, Women in Leadership, that recognises those companies within the Deloitte UK Technology Fast 50 that are either led by a female CEO or have a founding team comprised of at least 50% women.

The inaugural winner of the Women in Leadership award is South East based OKRA.ai, the AI analytics for healthcare company (ninth place overall, three-year growth rate of 4,227%). London based health and lifestyle technology company Elvie ranks second in the Women in Leadership category (21st overall, three-year growth rate of 1,824%).

Down concluded: “This new category acknowledges the importance of having diverse leadership within the technology industry. Start-up funding is the number one barrier mentioned by women aspiring to be entrepreneurs, with just one per cent of all venture funding going to businesses founded by all-female teams. By celebrating the successes of these leaders, we are amplifying the visibility of women in the industry and encouraging further investment in female-led tech teams.”

-Ends-

Notes to Editors

2022 UK Technology Fast 50 

About the Deloitte UK Technology Fast 50

The Deloitte UK Technology Fast 50 is one of the UK’s foremost technology award programmes. Now in its 25th year, it is a ranking of the country’s 50 fastest-growing technology companies, based on revenue growth over the last four years. The UK Fast 50 awards are all about growth driven by leading intellectual property and are a celebration of innovation and entrepreneurship. Previous winners have come from across the UK, are both large and small, and included some of the most dynamic players in all areas of technology, from IoT to biotech, digital media technology to life sciences, FinTech to software and clean energy to telecommunications.

For more information visit www.fast50.co.uk

Deloitte UK Technology Fast 50 eligibility criteria

The parent company must be UK-owned and have its headquarters in the UK;
NB: Companies headquartered in Northern Ireland can take part in the UK OR Irish programme but need to choose one or the other and cannot enter both.

Operating revenues must be at least £41,000 (€50,000) and a current year (year 4) operating revenue of at least £835,000 (€1,000,000);
NB: The accounts for the base-year must have an accounting period ending between 1 June 2018 and 31 May 2019; and the accounts for the most recent financial year must have an accounting period ending between 1 June 2021 and 31 May 2022.

The Fast 50 Women in Leadership category is new to 2022’s programme and will recognise 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 will still be judged based on percentage revenue growth over the last four years and entry qualifications are the same as the UK Tech Fast 50.
* The terms ‘women’ and ‘female’ are taken to include all those who self-identify as women or female and engage with their current employers as such.

About Multiverse

Multiverse is thrilled to be returning to celebrate the successes and support the advancement of some of the UK's fastest growing companies. In collaboration with Deloitte, all members of the community have free access to leverage unused levy funds to either upskill and help retain their current employees (across digital/data/leadership/transformation paths) or create diverse, equitable routes into roles for early talent through professional development programmes.

Multiverse is a startup on a mission to create a diverse group of future leaders by building an outstanding alternative to university and corporate training. They offer professional development programmes, funded via the levy, to people looking to grow their careers.
Multiverse works with over 500 enterprise businesses, helping them embrace digital transformation, close skills gaps and develop a diverse talent pipeline. Your employees will benefit from individualized coaching, applied learning, and a community of social, networking and leadership opportunities. Reach out to learn more about the free development opportunities available to your company, as a member of the UK Technology Fast 50 community.

Web: www.multiverse.io/en-GB
Twitter: @JoinMultiverse
LinkedIn: Multiverse

About Oracle NetSuite

Oracle NetSuite is delighted to support the UK Fast 50 and celebrate the success of innovative companies at the forefront of the technology sector.

Oracle NetSuite’s cloud business software suite is the top choice of technology companies who understand that the key to unlocking and managing growth is a back-office system that can address today’s challenges while providing the critical foundation for future expansion.

Today over 27,000 companies trust NetSuite to run their mission critical business processes from accounting, procurement and HR through to marketing and sales. NetSuite’s track record as the business system of choice for high-growth tech companies is unmatched. NetSuite isn’t just for start-ups, companies of all sizes benefit from its comprehensive, global financial and accounting core that makes international expansion straightforward; improved visibility across the business; and increased efficiency from eliminating manual processes and disparate systems.

Web: www.netsuite.co.uk
Twitter: @NetSuiteEMEA
LinkedIn: NetSuite

About BGF

As the UK and Ireland’s most active and dynamic investor in growing companies, BGF is looking forward to celebrating the achievements of this year’s Deloitte Technology Fast 50.

Since 2011, BGF has invested £3.5 billion in over 500 companies. Of all the sectors we invest in, technology accounts for the largest share in our portfolio.
We have backed over 100 technology businesses and provided close to £500 million of capital to support the growth plans of ambitious businesses across a range of technology sub-sectors such as mobile apps, managed services, cloud computing, climate tech, life sciences and much more.

With 16 offices across the UK and Ireland, BGF makes initial investments of between £1-20 million for a minority equity stake. We have worked with some of the UK’s most exciting technology brands, from unicorns such as Gousto and Paddle to ground-breaking innovators such as Oxbotica (autonomous vehicles), AND Digital (cloud computing) and MyZone (wearable tech).
Technology remains an incredibly exciting sector and the BGF’s investment team looks forward to backing many more innovative tech businesses in the years ahead.

Web: https://www.bgf.co.uk/
Twitter: @BGFinvestments
LinkedIn: BGF

About Deloitte

In this press release references to “Deloitte” are references to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”) a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity.

Please see deloitte.com/about for a detailed description of the legal structure of DTTL and its member firms.

Deloitte LLP is a subsidiary of Deloitte NSE LLP, which is a member firm of DTTL, and is among the UK's leading professional services firms.

The information contained in this press release is correct at the time of going to press.

For more information, please visit www.deloitte.co.uk.