The CEO Survey

Emerging Growth Insights and the Fast 50 2025

We surveyed CEOs and other top executives from companies in the UK’s high‑growth technology sector about future growth plans, referred methods of raising capital, and exit strategies.

International expansion

The latest survey results reveal a shift in how UK tech companies view international expansion. The United States continues to attract the largest share of interest, with 61.8% of respondents targeting it, reflecting its scale, investment environment, and strong demand for technology services. Europe has lost some of its appeal when compared to last year, which may reflect ongoing economic uncertainty and regulatory complexity, including challenges related to data protection, labour law, and post-Brexit trade requirements. These issues can make expansion into nearby markets less straightforward than in previous years.

The Middle East has seen a notable decline in appeal, which may point to concerns about market stability or slower returns than anticipated. At the same time, the share of companies not planning to expand internationally has grown, suggesting that more companies are prioritising domestic consolidation over cross-border growth.

Alongside shifting international ambitions, UK tech companies continue to face significant barriers to expansion. Nearly half of respondents (40%) selected sales and go-to-market strategies as their biggest challenge, reflecting the difficulty of adapting to differing customer needs, distribution channels, and competition across regions. Similarly, regulatory hurdles (33%) can slow or even block entry, particularly in markets with strict compliance requirements.

Raising capital

Many UK tech companies appear cautious about raising external capital in the year ahead, with 31% of surveyed companies reporting no plans to seek funding.

Smaller rounds are most common, with 18% expecting to raise under £10m and 13% aiming for £10m–£50m. Larger raises are rare, reflecting tighter investment conditions and greater investor scrutiny, which is prompting companies to prioritise sustainable growth. This trend also reflects the UK’s diverse funding landscape. Beyond venture capital, businesses can access government-backed loans, grants, and schemes such as SEIS and EIS, meaning companies may rely on tailored support rather than pursuing larger raises.

Policy and the UK tech sector

UK tech companies see government policy as central to shaping future growth, with over half (54%) calling for stronger support for innovation and R&D. Investment in digital and AI infrastructure is also a key demand, highlighted by 47% of respondents, reflecting the sector’s reliance on modern infrastructure for scaling.

Alongside infrastructure, business leaders highlight talent as a pressing issue and an area the UK must prioritise if it is to achieve its ambition of becoming a tech superpower. High-growth companies are competing not only with each other but also with global hubs in the US, Europe, and Asia for skilled workers. This challenge is intensified by gaps in the domestic pipeline, with shortages in AI, data science, and engineering persisting despite the UK’s strong record in university research.

Exits

Exit strategies among UK tech companies show a shift away from public markets and towards private transactions. This year, 42% of respondents selected a trade sale or corporate merger as their preferred route, down from 51% last year. In contrast, private equity has grown, rising from 23% to almost 38%. This change reflects how companies are responding to subdued IPO markets and greater investor scrutiny.

The appeal of IPOs remains limited, with around 19% of companies identifying this as their preferred option, while a growing share of companies remain undecided. Geographic preferences further underline this uncertainty. More than half of the respondents were unsure where they would choose to list, while smaller groups selected the UK or the US. This highlights concerns regarding valuations, liquidity, and the relative competitiveness of different exchanges.

These findings sit within a broader context of rising business exits in the UK, where dissolution rates remain elevated following the pandemic. For high-growth companies, the focus appears to be on routes that prioritise stability and investor alignment rather than high-profile listings.