The UK’s tech companies seem to have shrugged off the worries of Brexit to attract major overseas investment.
According to new reports, British tech companies are attracting more venture capital money from the US West Coast than any other European country, by far. The figures from London & Partners state that UK tech firms have attracted more funds than France, Germany and Ireland. Combined.
Since the start of 2017, a total of $1.13 billion have been raised, which is also a record sum. The report was released to mark the start of Silicon Valley Comes to the UK (SVC2UK), events that bring together leading figures from the Bay area and the UK tech scene.
Most of this year’s funds went to London – 90 per cent of it, meaning around $1.04 billion went the way of the UK capital. Looking at the last five years, London ($2.5bn) has been ahead of Stockholm ($1.4bn), Berlin ($641m) and Paris ($500m).
“With some of best global talent and a strong culture of entrepreneurship, the UK and Silicon Valley are two of the world’s leading places to start and scale a technology business,” said Sherry Coutu CBE, Co- Founder of SVC2UK and serial entrepreneur.
“While London has grown to become Europe’s largest tech hub, we still have a way to go to emulate the success of Silicon Valley and there is a lot we can learn from each other.”
London also seems to have more unicorn companies than any other European city, too. With its 17 unicorns, it has more than Stockholm (7), Berlin (5) and Paris (3).
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