London has been revealed as the most popular destination for investment into technology firms during 2017.
According to new research from London & Partners (opens in new tab) carried out by analyst firm PitchBook, the capital attracted £2.45 billion in venture capital funding last year.
This puts London as far and away the most popular location for investment, taking more money than Paris, Berlin and the next seven cities in the rankings combined.
In fact, UK firms attracted almost four times more funding in 2017 than Germany (£694m) and more than France, Ireland and Sweden combined, the report found.
The figure represented 80 per cent of the total amount invested in technology companies across the UK during 2017, which came in at £2.99 billion.
London’s success was fuelled by a number of standout investment deals, with a £391m Series B investment into Improbable, Deliveroo (£364m) and Truphone (£255m) all pushing the figure to new highs.
Fintech was the leading sector for investment in 2017, with UK financial technology firms attracting a record £1.34 billion in VC funding. The capital’s AI sector also saw significant growth, with investment topping £200m in 2017, representing an increase of over fifty per cent on the previous year.
“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,” said Mayor of London Sadiq Khan.
“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.”