London reinforcing its grip on being the ‘tech capital’ of Europe as record amount of start-up investment flows in
Post Brexit vote London has reinforced its grip on being the ‘tech capital’ of Europe after attracting record levels of investment in startup businesses from venture capitalists and business angels.
More than £1.1billion was handed to technology startups from January to June, according to a report released today by advocacy agency for the capital London & Partners.
It means that since the EU referendum last year UK tech companies have received £2.39billion worth of venture capital investment – more than Germany, France and the Netherlands combined.
Post-Brexit London has reinforced its reputation as the tech capital of Europe after attracting record levels of investment
London has received more than twice as much funding as Berlin, Europe’s second best city for technology, with £1.8billion compared to £775million.
A large part of the funding flowed to financial technology companies, who are changing the way we interact with money.
Peer-to-peer lending marketplaces Funding Circle and Zopa received a combined total of £114million while digital bank Monzo scored £22million.
Meanwhile, virtual reality startup Improbable, which digitally simulates complex locations, received £390million in a May funding round led by Japan’s Softbank.
The company’s CEO Herman Narula, said: ‘For a technology business looking to raise growth capital and scale, investment can come from anywhere in the world, but London is a great place to be located.’
‘London provides access to the UK’s tremendous tech talent, and is also an attractive place to work for the global talent vital to growing a tech business.’
More than £1.1billion was handed to technology startups from January to June, according to a report released today by London & Partners
‘The money put into London’s tech companies will benefit the tech ecosystem as a whole, and will play a vital part in building foundational technologies for the 21st century here in Britain.’
Laura Citron, chief executive of London & Partners, welcomed the news that London tech firms are thriving.
She said: ‘The Brexit vote has understandably created some uncertainty but it is no surprise to see that London continues to attract more than double the amount of investment than any other European city.’
‘The fundamental strengths of London as a centre for technology and business have not changed and we have everything companies need to be successful: policy makers, finance, infrastructure, world-class universities and talent.’
‘This year’s record investment levels show that London’s tech sector continues to thrive and remains open to investment from all over the world.’