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Manchester

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City reading

Manchester

Manchester's strongest signal is in health, on a small number of companies.

As early-stage VCs, most companies we look at are early, some pre-inception. To properly capture the formation layer, we looked back no more than 18 months from a company's founding, and no more than one institutional round raised.

We believe getting to the core truth of a company radiates from the founding team, and that those signs show up long before a company has its breakout success. So we got on the ground, city by city, talking directly to the ecosystem leaders, university professors, angels, operators and micro VCs who see these companies before anyone else does. The names that kept coming up independently, before they showed up anywhere public, were what we went after.

Every one of those names, alongside thousands of other companies we track a year, went through the same internal scoring model: the scale of impact the company could have globally, how genuinely AI-native the product is, the strength of the thesis, and the team, their talent density, where they've built before, how deep that experience really runs. We ended up with ten companies per city that we believe combine all of the above, while capturing the city's own heartbeat and the themes defining it.

Formations counted

66

Fewer formationsMore formations

Every city in the sample on a log scale, 10 to 1,876 formations. Manchester is marked in pink. London sits at the far right as a volume outlier (1,876).

Rank by formation volume
22 of 89
SHARE OF SAMPLE EUROPEAN FORMATION
1.2%
# FORMATIONS VERSUS THE AVERAGE CITY
1.07x

Category mix

What Manchester is made of

The categories these 66 companies fall into. Conventional SaaS is the largest.

  • Conventional SaaS26%
  • AI-first software18%
  • Health14%
  • Industry software12%
  • Consumer9%

Specialisation

What Manchester builds

On raw volume most European cities look alike. Character only appears once each theme is compared with a typical European city. Every company now carries a category and sub-theme. Pink marks the categories where Manchester differs most; provisional comparisons rest on fewer than 10 companies and are never the lead claim.

Above the line means this city forms more of something than a typical European city does. Below means less.

  • Centre line: a typical European city (1.0)
  • Forms more than average
  • Forms less than average
  • Provisional: fewer than 10 companies
  • Values read as 1.93x the average, then the theme's share of the city's companies

Typical European city (1.0)

  • Conventional SaaS1.08x the average  · 25.8% of the city+ 2 sub-themes
    • General business software64.7%
    • Cybersecurity & identity23.5%
  • HealthProvisional comparison1.53x the average  · 13.6% of the city+ 1 sub-theme
    • Clinics, practices & patient care77.8%
  • Industry softwareProvisional comparison1.49x the average  · 12.1% of the city+ 1 sub-theme
    • Retail & commerce enablement37.5%