London Tech creates £2.5bn record

Written by Mark Evans

VC investment in London-based technology companies has reached £2.5bn in 2017, a record level.

The UK as a whole took nearly £3bn of investment, but the majority as captured by London, making investment in the Capital four times higher than Paris, the nearest European rival.

According to the data, presented by London & Partners and researched by PitchBook, London accounted for 80 per cent of all UK venture capital technology funding in 2017.

Further analysis of the data shows that the UK and London remain the favourite destination in Europe for investors, attracting almost four times more funding in 2017 than Germany (£694m) and more than France, Ireland and Sweden combined.

Major investments from Amazon, Apple and Google into the UK last year, and plans for Spotify and Facebook in expanding its operations have also helped cemented the UK and London as the centre of European technology.