According to data company PitchBook, investment to the UK’s digital tech sector reached a record high of £2.99 Billion in 2017, almost double the amount invested in 2016 (£1.63 billion ). London was the biggest hotspot, accounting for 90% of all fintech investment across the UK.
The majority of investments were secured by Fintech firms and Artificial Intelligence startups.
Despite Brexit uncertainty, venture capital investment in London is more than twice as high as in other European cities.
Hussain Kanji, a founding partner at Hoxton Ventures, predicts that US investors will increase investment in the UK because it has the highest quality companies in Europe.
Mayor of London, Sadiq Khan, cites London’s diverse, international workforce, and its vibrant and innovative startup ecosystem as what drives continuous investment to the city.
London and partners Mayor of London – led agency revealed that London is the most popular city in Europe for technology professionals hosting the largest number of software developers than any other European City. “The fundamental strengths of London as a centre for technology and business have not changed and we have everything companies need to be successful: policy makers, finance, infrastructure, world-class universities and talent,” said Laura Citron, chief executive of London & Partners.
Investors have mentioned the language and UK’s time zone as the main reasons for the city’s strong position amongst Europe.
The coming years will be a great opportunity for the UK to continue building this success and drive innovation across the world.