The UK as a technology hub has gotten more investment last year than any other tech hub in Europe, and London has taken a larger piece of the pie for itself.
This is according to new figures from London & Partners and PitchBook, which claim that UK tech companies had raised £2.49 billion in 2018. Out of that number, 72 per cent, or £1.8 billion, found its way to London tech companies. The report also suggests that this is no temporary thing and that long-term growth prospects in the capital are strong. Tech companies in the city are developing new solutions in big data, artificial intelligence and blockchain.
AI has also attracted a great deal of investment – a 47 per cent rise has been recorded, compared to 2017. Companies had raised £736 million last year.
The UK and London are followed by Germany and Berlin, which have ‘cemented their status’ as Europe’s second largest hub for VC investment. At the same time, Paris and France are ‘gaining momentum’.
“2018 was another great year for investment into London’s tech sector and today’s figures demonstrate that London is place where ambitious, international companies can thrive,” commented Laura Citron, CEO London & Partners.
“With high levels of investment for growth sectors such as Artificial Intelligence, Fintech and Big Data, our research shows that London is producing game-changing companies and ideas to change the world.”
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