The Secret Investor on why northern unicorns keep falling short

And why there's a dearth of talent to lead investable businesses

Hello Rainmakers,

It’s time for some insights from our Secret Investor this week.

Has Peak AI has joined a few other Manchester based tech icons such as Wejo and Sorted (and dare we suggest THG…) in the “what might have been” bucket?

So for all the noise made about Manchester’s tech scene, why does this keep happening?

But first, a reminder that the Rainmakers conference is just over a week away.

Tech investing will be one of the hot topics, with Steve Purdham, Kit Muir-Rogers and Helen Oldham appearing on a panel to share their insights and experiences.

Rainmakers 2025 – Wednesday 26 March, 2025 – and secure your place today.

Panels, keynotes, strategies, breakout sessions and plenty of opportunities to network.

Image by Pete Linforth from Pixabay

Secret Investor - take 5 - anyone seen a unicorn

Here we go again for what has been a pretty interesting few weeks in the world of private equity and venture investments. While it sounds like more decisions are being made and the stalled processes of the 2^nd half of 2024 are moving again, I am still getting wind of one or two failed processes in the market so we’re certainly not out of the woods just yet.

Most recently, we also saw news of one of the North West’s trophy names, Peak AI, being acquired by Nasdaq listed UiPath. While the official release did not disclose the value of the deal, with revenue of just c.£9m for 2023 and growing at a modest 17%, it’s probably safe to assume that the deal did not grant Peak the unicorn status it has on so many occasions been talked up to be.

I heard a whisper that some investors are a little disgruntled at the way it has played out, however with the lack of commercial traction and heavy cash burn this result has been somewhat inevitable for a while now and it is no surprise that Peak has joined a few other Manchester based tech icons such as Wejo and Sorted (and dare I say THG…) in the “what might have been” bucket. So for all the noise made about Manchester’s tech scene, why does this keep happening?