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While the pandemic has created a more challenging environment for emerging businesses, LinkedIn has identified U.K. start-ups that are managing to thrive despite the uncertainty.
Data last week showed that the unemployment rate in the U.K. had risen to 4.1% in the three months to July, with 12,000 fewer people in work on the previous quarter.
Meanwhile, the value of investments in Britain's start-ups and fast-growth firms fell 31% between mid-March and August, compared with the same period in 2019, according to data from workspace provider Plexal and start-up database Beauhurst.
However, some early-stage businesses have seemingly managed to weather the storm. U.K. electric car firm Arrival, which topped LinkedIn's list of top start-up employers, had a strong start to the year with a 100 million euro ($117 million) investment from automotive giants Hyundai and Kia. Arrival said the investment took its valuation up to 3 billion euros ($3.5 billion).
But it isn't just Arrival's financial growth that LinkedIn highlights in its strengths as a start-up — the business has specialist "microfactories" located near areas of demand, making use of local supply chains and talent.
To rank the start-ups, LinkedIn tracked companies' performance on its platform across four pillars between January and July 2020 — employee growth, jobseeker interest, LinkedIn member engagement with the company and its employees, as well as its ability to lure talent from the employers in LinkedIn's more general top company list.
Digital bank Revolut, which is perhaps a more recognizable start-up, came second on LinkedIn's list. But it hasn't been an easy year for the fintech firm, with it reporting in August that losses had tripled in 2019, despite posting three times the growth in its user base and revenues rising by 180% to nearly $163 million on the previous year.
However, Revolut has pushed forward with expansion, including its launch in Japan and the introduction of a bill splitting feature.
The U.K.'s top start-ups in 2020
10. Streetbees
Functions: Market research
Number of staff: 98
Headquarters: London
Founded: 2015
9. Cognism
Function: Business-to-business sales and marketing lead generation platform
Number of staff: 162
Headquarters: London
Founded: 2016
8. Starling Bank
Function: Digital bank
Number of staff: 970
Headquarters: London
Founded: 2014
7. 11:FS
Function: Digital financial services consultancy
Number of staff: 127
Headquarters: London
Founded: 2016
6. Monzo
Function: Digital bank
Number of staff: 1,300
Headquarters: London
Founded: 2015
5. Moneybox
Function: Savings and investment app
Number of staff: 140
Headquarters: London
Founded: 2015
4. ClearBank
Function: Clearing bank (giving fintechs and small banks access to the U.K.'s main payment network)
Number of staff: 252
Headquarters: London
Founded: 2016
3. Pure Electric
Function: Electric bikes and scooters
Number of staff: 160
Headquarters: Glastonbury
Founded: 2018
2. Revolut
Function: Digital bank
Number of staff: 2,125
Headquarters: London
Founded: 2015
1. Arrival
Function: Electric vehicles
Number of staff: 1,150
Headquarters: London
Founded: 2015
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September 24, 2020 at 12:00PM
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These are the top UK start-ups to work for in 2020, according to LinkedIn - CNBC
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