Investments in UK start-ups surge to nearly $1bn as tech sector enjoys unprecedented boom
CrunchBase data shows London tech scene in rude health following string of high-profile deals
The UK’s digital start-up scene is in rude health, according to recently-released CrunchBase data which shows that venture capital investments surged to nearly $1bn in the first half of 2014.
Across the first two quarters of this year, total investments in UK companies rose to $911m, up from $362m across the first half of 2013.
This figure was boosted by a number of high-profile investments into digital companies, including a $50m backing of cloud call centre vendor NewVoiceMedia led by Technology Crossover Ventures, a $40m Series A round in money transfer service WorldRemit backed by Accel Partners, and a $32m investment in online investment manager Nutmeg from a group of leading angel investors.
Broken down by sector, tech businesses were the overwhelming favourites for venture capitalists across the period, with $120m of deals concluded in software companies across 25 rounds, $105m in mobile, $76m in e-commerce and $72m in enterprise software.
Other sectors to benefit from investment during the period included finance ($104m across 13 rounds), travel ($69m, 8 rounds), and security ($51m, 4 rounds).
Regionally, investments were fairly evenly distributed across the UK, although London saw a particular glut of high-value deals thanks in large part to the thriving tech start-up scene based in the Shoreditch area.