2017 record year for London and UK tech investment

Jan 5, 2018 · londonandpartners.com

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2017 was a record year for UK tech investment, with London-based firms attracting the lion’s share of funding, according to data from London & Partners. The findings also revealed that the UK is Europe’s leading country for global tech investors, with British tech firms attracting more venture capital funding than any other European country in 2017.

According to data compiled for London & Partners by PitchBook, venture capital investment into the UK’s tech sector reached an all-time high in 2017 with UK firms attracting £2.99 billion – almost double the total amount invested in 2016 (£1.63bn).

London’s tech sector continues to fuel the growth of the UK’s digital economy, with the capital’s tech firms raising a record £2.45 billion and accounting for around 80 per cent of all UK venture capital tech funding in 2017. Some of the biggest deals last year included a £391m Series B investment into Improbable, Deliveroo (£364m) and Truphone (£255m).

Further analysis of the data shows that the UK and London remain the favourite destination in Europe for tech investors. UK firms attracted almost four times more funding in 2017 than Germany (£694m) and more than France, Ireland and Sweden combined. London tech companies also raised significantly more venture capital investment than any other European city, including Amsterdam, Berlin and Paris.

Mayor of London, Sadiq Khan, said: "Today’s record investment figures are further proof that London is the undisputed tech capital of Europe and I am committed to ensuring we take over from Silicon Valley as the world’s leading tech hub.

"Technology entrepreneurs and businesses are attracted to our great city for its diverse talent pool and unique business ecosystem and I am determined that London remains open to investment and the best tech talent from all over the world."

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