London’s tech start-ups attract record funding
VC deals in Transferwise, Shazam and World Remit have taken capital’s tech investments to £460m for 2015 – more than the entirety of 2012's tech investments
London’s technology sector has attracted record levels of venture capital (VC) funding with £460m invested in the capital’s tech and digital start-ups over the first three months of 2015; more than at any point in the past.
The figures, released by London and Partners, show that level of VC tech investments to the year so far amount to more than the entirety received in 2012 with a 66% increase on VC tech deals in the first quarter of 2014.
This rise in funding was due to a number of big deals in fast-growth businesses such as TransferWise; a foreign exchange service founded by Estonian Young Guns Taavet Hinrikus and Kristo Käärmann (pictured), which secured $58m from Andreessen Horowitz in January and WorldRemit which recently bagged £100m from Technology Crossover Ventures.
DN Capital’s $30m investment in music sharing service Shazam at the start of the year also contributed to the surge in funding.
Eileen Burbidge, partner at London VC firm Passion Capital, has said that this last quarter “is the most exciting yet in London’s tech development”:
“We have seen companies based in the capital attract substantial new investments from some of the world’s most tech-savvy and influential investors.
“London is one of the most electrifying tech hubs in the world, with companies and investors all brought here by the city’s ideas and entrepreneurial spirit, as well as its talent and access to markets.”