Can the UK establish tech companies valued at tens or even hundreds of billions of pounds? Poppy Gustafsson, the UK’s investment minister, is optimistic about the future. “It is inevitable,” she expressed in a recent interview marking the unveiling of a ranking of the UK’s fastest-growing private tech enterprises.

With a wealth of top-tier universities and exceptional talent, Gustafsson believes the UK is an ideal environment for tech innovation. “We have the capability to retain that talent,” said Gustafsson, who previously served as the CEO of cybersecurity firm Darktrace. She emphasized the increasing importance of expertise in areas such as artificial intelligence, stating that we can expect groundbreaking technologies to emerge from the UK. “It’s just a matter of time before these companies reach valuations in the tens of billions. I am very optimistic—it’s a question of when, not if,” she added.

Prior to her role in government, Gustafsson oversaw the $5.3 billion acquisition of Darktrace by a US private equity firm. Notably, Sage, a UK-based accountancy software provider, stands as the only publicly listed tech company with a valuation exceeding £10 billion. In 2016, chip designer ARM was sold for £24.3 billion, and digital bank Revolut could be valued at over $45 billion if it goes public.

While such lofty valuations are appealing, Gustafsson recognizes the challenges in achieving them, highlighting persistent issues that hinder economic growth in the UK. “Success on a global scale is difficult,” she noted. “However, we can accomplish challenging tasks, and the firms on this list are consistently achieving remarkable outcomes.”

Reflecting on her time at Darktrace, which she led for eight years until going public in 2021, Gustafsson reaffirmed her commitment to promoting London as a hub for tech startups. “I would unequivocally recommend it to anyone considering their options,” she stated. She acknowledged concerns about market liquidity in London yet pointed out the unique opportunities available for high-growth investors in the region.

Among potential candidates for public listings, Gustafsson mentioned CMR Surgical, a Cambridge-based company, noting her longstanding ties to the city. Additionally, Yoto, which produces an audio platform and devices for children, caught her attention: “I own a Yoto… for my daughter, of course,” she shared.

Despite a busy year, including navigating the sale of Darktrace and coping with personal losses, Gustafsson remains focused on her new role. She was appointed investment minister shortly after her resignation from Darktrace, quickly securing £63.5 billion in investments at a significant summit. “The bar has been set high for the upcoming summit,” she quipped, while highlighting her office’s mission to support overseas investors committing to the UK.

Gustafsson noted the vibrant landscape of entrepreneurial tech firms in the UK, emphasizing its position as the third-largest technology sector globally, worth a staggering trillion dollars. “We excel in tech,” she stated confidently, pointing to the Sunday Times 100 Tech ranking: “These remarkable companies are achieving phenomenal growth, and I am eager to see their next moves.”

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