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London ‘still Europe’s top tech hub’

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    City of London skylineImage copyright Getty Images

    London remains Europe’s number one hub for technology investment despite Brexit, with record levels of capital flowing in, say officials in the city.

    In the first half of 2017, private equity investment in the capital’s tech sector totalled £4.5bn, said the Mayor of London’s agency, London & Partners.

    At the same time, venture capital invested £1.1bn in London’s tech firms.

    That total was more than in any other six-month period in the past decade, the agency said.

    The city’s “fundamental strengths” as a centre for technology and business were unchanged, said London & Partners.

    “The Brexit vote has understandably created some uncertainty, but it is no surprise to see that London continues to attract more than double the amount of investment [of] any other European city,” said Laura Citron, chief executive of London & Partners.

    “We have everything companies need to be successful: policymakers, finance, infrastructure, world-class universities and talent.”

    Tech talent

    According to London & Partners, London’s tech sector has attracted more venture capital investment than any other European city since the Brexit vote, including Dublin, Paris and Amsterdam.

    It said the city had received £1.8bn in venture capital funding for 544 deals in the tech sector since the UK voted to leave the EU on 23 June 2016.

    During the same period, Berlin, the next most popular city for venture capital tech investment, had received £775m for 136 deals, London & Partners said.

    One of the companies benefiting is virtual reality start-up Improbable, which saw investment of £388m during the first half of this year.

    Improbable’s chief executive, Herman Narula, said: “For a technology business looking to raise growth capital and scale, investment can come from anywhere in the world, but London is a great place to be located.

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    “London provides access to the UK’s tremendous tech talent, and is also an attractive place to work for the global talent vital to growing a tech business.”

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