Record $1.5bn raised for Britain’s tech sector in first half of 2015
VC investment in UK tech businesses has "eclipsed" same period in 2014 - deals include Funding Circle, Azimo and Currency Cloud
Venture capital (VC) investment in the UK’s technology sector has reached record highs for the first six months of 2015 with $1.5bn raised, research from Boris Johnson’s promotional company London & Partners has revealed.
According to the findings, tech funding for the year to date has “eclipsed” the same period in 2014 by over $500m and is millions of dollars higher than the entire 12 month totals from 2010 to 2013.
The lion’s share of VC investment for the year to date has gone to tech businesses in the capital, with London tech companies having attracted over 80% of the total funding and 70% of all deals.
The research points to London’s financial technology (fintech) sector as a key driver for VC investment with fast-growth fintech businesses such as Funding Circle, Azimo, WorldRemit and Currency Cloud having raised a combined total of $472m in the year to date – 40% of the total amount raised in London.
Gordon Innes, CEO of London & Partners, said of the investment figures: “London is rapidly becoming the most exciting city in the world for tech.
“But five years after the tech city initiative was launched, London is now producing tech companies of genuine scale which are drawing serious money into the sector.”
Boris Johnson’s tech amassador for the city and Passion Capital partner, Eileen Burbidge MBE, continued:
“Last year it took London tech firms nine months to reach the $1bn mark, this year they’ve done it in six months. The city has become such a tech powerhouse because it excels over other tech hubs around the world. London combines the technology and digital innovation of Silicon Valley with the Wall Street financing heritage of New York and the policy making of Washington DC – all in one phenomenal city.”