LinkedIn's 2024 Top Startups list has generated quite a buzz in the UK’s entrepreneurial community. This year’s list of companies showcases rapid growth, innovative solutions, and an exciting future ahead for various sectors.
However, alongside the celebration of these rising stars, some are questioning the focus on scaling and the regional diversity represented on the list.
One interesting thing to note is that these startups have their headquarters in London, begging the question, "Is London the only centre of most UK startups"?
However, these companies range from fintech and healthcare to software development and legaltech, reflecting the growing sectors within the UK startup ecosystem.
Notwithstanding, there are controversies surrounding the scalabilities of these startups seeing that their selection was based on funding rounds, marketing or hiring metrics.
Some have weighed in on the matter stating that these metrics are not sustainable metrics to determine a startup's growth potential, citing profitability, leadership, operational strategies as more viable than seed rounds and employee engagement.
Several comments flooded the LinkedIn Post announcing the release with interesting perspectives.
Some commenters are impressed by rapid scaling, but others note that high growth doesn’t always indicate stability. “Scaling is impressive, but does it guarantee sustainability?” one commentator pointed out, referencing past failures of overhyped startups like WeWork and Quibi. There's a call for startups to focus more on profitability and longevity rather than just growth metrics.
Other sets of people say they're fingers crossed hoping these companies can maintain their success and relevance in the coming years.
The conversation is not without positive opinions as some pinpointed that “community is more important than ever for startups" and applauded the use of AI to drive innovation in areas like health and wellness.
Industry and Regional Breakdown
The startups on LinkedIn’s 2024 list can be categorised into several thriving industries:
1. Health&Wellness:
Startups in the healthcare space are tackling some of the most pressing issues. It's no surprise that the first 3 top startups are in the health and wellness industry. These companies are addressing critical societal needs, particularly as the UK faces an ageing population and growing demands for personalised healthcare.
Fintech:
The fintech sector is booming in the UK, with a significant number of companies on the list, sharing same count as with the health & wellness startups.
3. Software and SaaS:
Legaltech and SaaS platforms are also making their mark. These companies highlight the growing demand for efficiency and automation in business operations.
Here’s a breakdown of the top startups ranked, with insights from the conversations unfolding.
According to LinkedIn, this ranking is based on four key factors: jobseeker interest, employee engagement, growth, and the ability to attract top talent, making it a valuable insight into which startups are leading the way in the UK.
LinkedIn 2024 Top UK Startups List
1. Lottie
Industry: Nursing and Healthcare Services
Leading this year's startup list is Lottie, a company focused on providing later life care.Lottie provides a digital marketplace and concierge service to help families find suitable care homes and retirement living properties for their loved ones.
2. TRIP
Industry: Mental health Care
TRIP, a mental health care company produces CBD-infused beverages and oils, designed to promote relaxation and wellness. Its products are vegan, gluten-free and contain no added sugar. Trip claims to be the #1 calming brand in the world with a range of drinks, oils and gummies.
3. Hertility
Industry: Biotechnology Research
Hertility specialises in women’s reproductive health, offering at-home hormone tests and consultations to diagnose and manage fertility and hormone-related issues.
4. Allica Bank
Industry: Financial Services
Allica Bank is a British challenger bank that provides a range of financial services, including lending, savings, and current accounts specifically tailored for small and medium-sized businesses in the UK.
5. Volt.io
Industry: Financial Services
Volt.io harnesses open banking technology to offer real-time, account-to-account payment services, connecting over 5,000 banks across the UK and EU.
6. Connectd
Industry: Technology, Information and Internet.
Connectd is a platform that connects founders, investors and advisors through a matching marketplace. It operates on a subscription-based model and provides tools for managing and showcasing startup performance.
7. Runna
Industry: Health, Wellness & Fitness
Runna develops training, coaching, and community software to help athletes prepare for running competitions like marathons. Its platform offers personalised plans, holistic support and strength training tailored to individual needs.
8. Skin + Me
Industry: Wellness & Fitness Service
Skin + Me offers personalised skincare treatments through online dermatology consultations. The company provides prescription-based therapy creams for various skin conditions, including acne, ageing and hyperpigmentation.
9. UNTIL
Industry: Wellness & Fitness Service
UNTIL provides flexible access to health and wellness facilities, along with business support services for health professionals.
10. THIS™
Industry: Food & Beverage. Service
THIS is a plant-based food company with products that aim to provide the taste and texture of meat with zero animal content.
11. Mintago
Industry: Financial Services
Mintago is a fintech platform that provides financial wellbeing solutions for employees, including tools for financial planning, access to financial advisers and educational content.
12. Sona
Industry: Software Development
Sona provides workforce management software for frontline employees. Features include shift scheduling, payroll and communication tools.
13. Omnipresent
Industry: Human Resources Services
Omnipresent's software platform aims to help companies hire, onboard, and manage remote employees globally, handling compliance, payroll and HR support.
14. Connect Fibre
Industry: Telecommunications
Connect Fibre is a broadband provider that offers full fibre internet services with speeds up to 1000Mbps for homes and businesses.
15. Bactobio
Industry: Biotechnology Research
Bactobio is a biotechnology firm aiming to uncover safer and greener antimicrobial solutions from previously unexplored microbes for a variety of industries including healthcare and agriculture.
16. Robin AI
Industry: Financial Services
Robin AI provides tools for drafting, reviewing and managing contracts. It combines machine learning and legal expertise to streamline contract-related tasks for businesses and legal teams.
17. Hook
Industry: Software Development
Hook's platform is designed to help businesses to identify and prioritise high-value customers, reduce churn and increase revenue.
18. Primer
Industry: Financial Services
Primer is a payments infrastructure provider. The firm has developed a range of tools to enhance checkout experiences, reduce fraud and support business growth.
19. AutogenAI
Industry: Technology, Information and Internet
AutogenAI develops AI-powered tools designed to streamline the process of bid and proposal writing.
20. BVNK
Industry: Financial Services
BVNK is a business-to-business cryptocurrency payments company. It enables transactions from fiat currencies – such as euros or pounds – into crypto, as well as fiat to fiat payments.
LinkedIn Top Startup list is not restricted to the UK alone as they have Top Startups list in Australia, France, India, Indonesia, Italy, Netherlands (English & Dutch), Saudi Arabia, Singapore, Spain, Türkiye and the UAE.
