Adventures in venture capital in the capital
Great news – a record amount has been invested into London’s tech start-ups since the start of this year.
Some $682m (£462m) of venture capital funding is fuelling the growth of the companies that could become the home-grown Googles of tomorrow.
That figure smashes the $411m raised in the first three months of 2014, and makes the $44m raised in the first quarter of 2010 look, frankly, piddly.
It’s also more than London tech start-ups raised in the whole of 2012.
The research from London & Partners, the mayor’s promotional agency and a partner of LondonlovesBusiness.com, suggests that our burgeoning tech companies are on track to smash through the $2bn mark by the end of 2015.
Eileen Burbidge, partner at VC firm Passion Capital and London tech ambassador, said: “This quarter is the most exciting yet in London’s tech development, as we have seen companies based in the capital attract substantial new investments from some of the world’s most tech-savvy and influential investors.”
Fintech star WorldRemit, which facilitates international money transfers, has raised more than any other London tech company so far this year, raking in a whopping $100m.
>> Check out our interview with WorldRemit founder and CEO Ismail Ahmed from February
It’s worth keeping our London tech sector figures slightly in check. After all, Uber alone raised $1.2bn in its latest funding round, which makes the $682m raised by all of London’s tech companies put together in three months look a bit more modest.
But there’s still enough reason to celebrate the growth of one of our most exciting sectors – and to anticipate yet more VC funding to support London’s innovative start-ups in years to come.