London retains top tech investment spot
Venture capital investment into London’s tech sector hit a record high of £2.45 billion in 2017, defying uncertainty surrounding Brexit and exceeding all other European cities by a huge margin.
Closest to London’s 2017 total was Paris with £564 million VC investment, then Berlin with £456 million and Stockholm with £360 million.
“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,” said London mayor Sadiq Khan. “Technology entrepreneurs and business 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.”
London made up around 90 per cent of the UK’s tech sector investment in 2017, at £2.99 billion, which was almost double the 2016 figure and more than Germany, France, Spain and Ireland combined.
The largest single investment was Softbank’s £392 million injection into online game development company Improbable, with takeaway meal delivery service Deliveroo gaining a £364.9 million investment and international investors placing £212 million into fintech company Transferwise.
London’s principle advantage is its strong international connections, said Rob Kniaz, founder of VC firm Hoxton Ventures, who was an early investor in Deliveroo. “London is a place where US and global investors come as their first port of call.”