Data reveals British tech sector enjoyed record investment in 2017
Beating all uncertainity surrounding Brexit, British tech companies, and especially those based in London, managed to attract a record £3bn in investment last year, much more than their counterparts in any other European city.
According to data compiled for London & Partners by the analyst Pitchbook7, venture capital investment into the UK’s tech sector reached an all-time high last year with UK-based firms attracting £2.99bn of new funding – almost twice as much as 2016. Of this, London-based firms raised £2.45bn last year and accounted for 90 per cent of all venture capital tech funding in the UK.
British tech firms gained more venture capital investment in total than Germany, France, Spain and Ireland combined.
Meanwhile, fintech was the leading sector for investment in 2017, with UK financial technology firms attracting a record £1.34bn of venture capital funding.
European city Total funding raised (£)
London 2.45bn
Paris 564.97m
Berlin 456m
Stockholm 360.27m
Madrid 65.38m
Amsterdam 212.18m
Dublin 117.45m
Helsinki 56.98m
Copenhagen 40.23m
Lisbon 2.43m
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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