Record Breaking 2017 for UK Tech Industry
Big news recently from the UK Tech Industry as reports show, despite concerns over Brexit, we’ve had a record 2017 in terms of investment from Venture Capital funds. The figure has risen from £1.63bn in 2016 to a staggering £3bn in 2017!
Other European countries have been left in the UK’s wake and are now having to play catch-up. The UK attracted almost four times more funding than Germany (£694m) and more than France, Ireland and Sweden combined!
In terms of cities, London tops the bill over other European capitals, namely Amsterdam, Berlin and Paris. London rasied a record £2.45bn of investment compared to 2016’s figure of £1.23bn.
“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,” explained the London & Partners report. “Some of the biggest deals last year included a £391m Series B investment into Improbable, Deliveroo (£364m) and Truphone (£255m).”
In terms of industry, Fintech was leader for investment, attracting £1.34bn. Companies such as TransferWise, Funding Circle, Monzo, Improbable, Devliveroo and Truphone all had major funding rounds adding to London’s success.
Mayor of London, Sadiq Khan, commented: “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.”
Eileen Burbidge, partner at Passion Capital, said: "The UK remains one of the world's leading hubs for technology investors and it is no surprise to see that UK tech companies attracted double the amount of venture capital financing than any other European country last year.
"It's a testament to our exceptional entrepreneurs that the UK tech sector continues to produce companies that are leading in the development of cutting-edge technologies such as artificial intelligence and fintech.
"This environment and ecosystem of innovation presents tremendous opportunities for investors and will help to attract global investment into the UK's digital economy for many years to come."
Clearly, we've had an exceptional year in terms of funding but will the record-breaking continue into 2018?
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