According to data compiled by Pitchbook and published by London & Partners, 2017 saw venture capital investment into the UK’s tech sector reach an all-time high with UK firms attracting £2.99 billion – almost double the total amount invested in 2016 (£1.63 billon).
London-based tech firms led the way, raising a record £2.45 billion and accounting for approximately 80 per cent of all UK venture capital tech funding in 2017.
The findings also reveal that the UK and London remain the favourite destination in Europe for global tech investors, with UK firms attracting nearly four times more funding in 2017 than Germany (£694 million) 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.
Commenting on the findings, Mayor of London, Sadiq Khan, says: “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.”
Colin Stanbridge, Chief Executive of London Chamber of Commerce and Industry, adds: “It is vital the London remains open to both talent and investment now and after Brexit.
“Irrespective of future trade deals or the colour of passports, as London heads to megacity status we need to ensure that we continue to attract the people in quality and quantity as well as the financial investment which will allow London to flourish and remain a globally competitive city.”
Being centrally located within walking distance of ‘silicon roundabout’, our technology business experts at Beavis Morgan work with many entrepreneurial businesses in the tech sector, helping them set up and run their own businesses and guiding them through each stage of the process, whilst navigating the challenges and advising them in making the right decisions both now and for the future.
We are also available to assist with ‘money back for research and development’ claims and our R&D* tax credit specialists are on hand to maximise the value of any potential claim and manage the somewhat complex process on your behalf.
If you would like to find out more about how we can assist you and your tech business, contact Steve Govey or your usual Beavis Morgan Partner.
* Research & Development – Tax Credits for SMEs: Money back for investing in innovation