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Sector trends

What high-performing scale-ups are doing differently in 2026

The Megabuyte Emerging Stars Report, sponsored by NatWest, provides a data‑driven benchmark of how leading UK tech scale-ups are growing, staying disciplined and scaling sustainably.

A reality check on what “good” looks like in 2026:

  • 50 companies were selected from 6,000 UK tech businesses in the £3m - £10m revenue band, based on rigorous benchmarking and analyst assessment - showing how selective high performance is in today’s market.
  • The report reflects a tough operating environment: selective IT spend, tighter funding conditions, and heightened investor focus on capital efficiency and credible paths to profitability.
Benchmark your growth journey against the UK’s Emerging Stars

2026 Emerging Stars Winning Company Report

(PDF, 1.6MB)

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Practical signals founders can benchmark against

Growth still matters - but how you grow matters more

  • The Megabuyte Scorecard places greater weight on organic revenue growth, with M&A viewed as a strategic enhancer rather than a shortcut.
  • Headcount growth, debtor growth, and retained profit movement are all used as proxy indicators of sustainable scaling.

Founder takeaway:

Investors are scrutinising quality of growth, not just top line speed.

Profitability is no longer optional - even at scale up stage

  • While losses are recognised in pursuit of growth, companies delivering strong growth while maintaining margins receive additional credit in the Scorecard.

Founder takeaway:

Operational discipline is now a competitive advantage, not a constraint.

Sector specialism is a strength, not a risk

  • Emerging Stars span 12 peer groups, with particularly strong representation across Software & Digital Platforms, ICT & Digital Services, and a newly standalone Cyber Services category.
  • The creation of a dedicated Cyber Services category highlights the strategic importance of specialist, mission critical tech providers.

Founder takeaway:

Deep vertical expertise and clear positioning are being rewarded.

What this says about the UK tech growth pipeline

Signals for founders, investors and partners

  • Despite a 20% decline in deal activity across the wider Megabuyte universe, Emerging Stars completed 16 corporate transactions, including MBOs, growth capital raises and acquisitions.
  • 14 companies from this cohort are already on track to graduate into the Megabuyte50, suggesting a healthy pipeline of future mid market leaders.

Why this matters:

Resilient, well run UK tech businesses are still finding ways to grow, transact and scale - even in constrained conditions.

Our role in supporting the sector

As a long‑term partner to UK tech businesses, with dedicated relationship managers across the UK, we are here to support your growth journey: Technology | NatWest Business

If you’re a venture-funded business looking to scale, we have strategic support, sector expertise and scalable solutions tailored to your needs. Find out more: Venture Banking | NatWest Business

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This material is published by NatWest Group plc (“NatWest Group”), for information purposes only and should not be regarded as providing any specific advice. Recipients should make their own independent evaluation of this information and no action should be taken, solely relying on it. This material should not be reproduced or disclosed without our consent. It is not intended for distribution in any jurisdiction in which this would be prohibited. Whilst this information is believed to be reliable, it has not been independently verified by NatWest Group and NatWest Group makes no representation or warranty (express or implied) of any kind, as regards the accuracy or completeness of this information, nor does it accept any responsibility or liability for any loss or damage arising in any way from any use made of or reliance placed on, this information. Unless otherwise stated, any views, forecasts, or estimates are solely those of NatWest Group, as of this date and are subject to change without notice. Copyright © NatWest Group. All rights reserved.

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