Figures unveiled today have shone a spotlight on the vibrant state of Britain’s technology industry.

The UK is home to 15 so-called “unicorns”, or technology companies worth at least $1bn, according to research from Tech Nation and Dealroom.co. With newly minted unicorns popping up in cities such as Manchester, Edinburgh and Leeds as well as London, there is plenty to celebrate. On many measures, the report shows the UK outperforms rivals including France and Germany.

But there is no room for complacency, says Hermann Hauser, co-founder and venture partner at Amadeus Capital Partners and a leading investor. “We’re definitely getting better … But we’re nowhere near as good as we should be. In particular, the thing that’s missing is the growth-stage deep technology funds, like Sequoia in the United States, which can write $50m to $100m cheques in a single round.”

The fair-weather investors that helped fuel an ongoing uplift in investment through late-stage funding rounds could dry up, while the mega venture capital needed to propel companies to the next stage of growth is lacking. In the three months to the end of June, venture capitalists pumped about £1.6bn into UK businesses, compared with $57.5bn (£44.3bn) into US companies.