- London is named the number one city for global tech investment over the past decade, beating out European and US hubs, with fintech among the top sectors that have put the city on the global tech stage.
- Since 2014, London secured funding for 1,752 tech initiatives, and the government and regulators are exploring ways to rejuvenate London’s muted IPO activity and encourage more big-name tech companies to pick the UK over the US when undergoing a public listing.
- London’s success in the tech sector can be attributed to factors such as a highly skilled workforce, a supportive government, and being a global financial hub, and despite challenges like high cost of living and Brexit, there is no doubt that London will continue to be a hub for innovation and a leader in the tech industry.
London, United Kingdom – Over the last decade, London has emerged as the leading global city for tech investment, according to a new report from London & Partners. The report reveals that London has attracted more funding for startups and scaleups than any other city in Europe, with a total of $24.5 billion invested in companies based in the capital since 2010.
The study also suggests that London is now the second-most popular destination for venture capital investment globally, behind only Silicon Valley in California. London tech firms raised a total of $9.7 billion in funding last year alone, with companies in the fintech, healthtech, and advanced manufacturing sectors among the most successful.
Commenting on the report, Mayor of London Sadiq Khan said: “London is the tech capital of Europe and it is fantastic to see that over the past decade the city has emerged as the leading global destination for tech investment. This is a testament to our talented workforce, world-leading universities and culture of innovation and entrepreneurship.”
The report also highlights the importance of diversity in the tech industry, suggesting that companies with diverse teams are more likely to succeed. It notes that London is home to a diverse workforce, with more than half of the capital’s tech talent coming from outside the UK.
Emma Jones, Founder of Enterprise Nation, a business support network, added: “This is great news for London tech businesses. London continues to offer incredible access to tech talent from around the world, and its diverse and vibrant start-up community is thriving. It’s no wonder investors are flocking to the capital to back our entrepreneurs.”
London’s success as a tech hub looks set to continue, with a number of high-profile companies planning to expand in the city. Google, for example, recently announced plans to open a new office in London, while Facebook is also expanding its presence in the capital.
Overall, the report provides further evidence of London’s growing reputation as a global centre for innovation and entrepreneurship. As the tech industry continues to evolve, it seems likely that London will remain firmly at the forefront.