London tech sector attracts big money

If you want to earn big money in the IT business, take your start-up to London.

Why, you ask? Because London's technology firms are attracting more venture capital financing than ever before.

At least, that's what Telegraph says.

It also says that more than $682 million (£462 million) venture capital financing was secured by the capital’s technology companies during the first three months of the year.

This is more money secured than at any point in the past.

This is more money that was secured over the whole of 2012, and this £462 million represents a 66 per cent increase compared to Q1 2014.

The previous record was $411.6 million (£277.8 million) in the fourth quarter of 2014.

Most funds went to the online money transfer company WorldRemit, which secured $100 million (£675 million), led by Technology Crossover Ventures.

Shazam, Farfetch and Bipar were also among the companies securing significant funds.

Ambarish Mitra, chief executive and co-founder of Blippar, said the company was well on its way to a billion dollar valuation thanks to London and the support provided by the Government.

“The city has been a springboard for Blippar to open 10 offices in six countries and grow threefold year-on-year since we started three and a half years back,” he said.

“We've recently raised $45m (£30 million) in Series C funding, which will further accelerate our breakthrough in technology and our fast growth. We have enjoyed great support from the British Government throughout our rapid global ascent to date and give credit to them for introducing policies favourable for British tech startups."