UK takes the lead in Europe as Silicon Valley investors favour the country in the tech industry.
The UK is the most popular destination for funding from Silicon Valley, outpacing all European rivals.
Silicon Valley investors have raised $1.13bn worth of venture capital investment since the beginning of the year, with London tech companies receiving the majority of this according to investment data research by London & Partners.
Out of all the cities across the UK the country’s capital tops the funding leader board, taking over 90% of the total amount in funding raised by tech companies across the UK in 2017.
To put it in perspective, the UK has pulled in more investment than the combined funding raised in France, Germany and Ireland over the last five years.
Sherry Coutu CBE, Co- Founder of SVC2UK and serial entrepreneur said: “It is no surprise to see that British tech firms continue to attract more venture capital investment from the Bay area than any other European country and the figures released today suggest that Brexit has not had an impact.
“With some of best global talent and a strong culture of entrepreneurship, the UK and Silicon Valley are two of the world’s leading places to start and scale a technology business.”
Ahead of Brexit, many companies across the UK worried about what would happen post-Brexit with investment and business deals. However, despite Brexit, the UK has continued to attract investment from Silicon Valley and has doubled the amount raised since the start of this year compared to both 2015 and 2016.
Tech companies across the UK have raised $2.5bn in venture capital over the last five years in comparison to their European rivals. Two of the next poplar destinations for venture capital investment from Silicon Valley include Berlin, which has raised $640m, and Paris which raised $500m.
Manish Madhvani, CEO and Founder of GP Bullhound added: “London’s digital economy has demonstrated unprecedented levels of talent, ambition, and investment, delivering an exceptional cohort of billion-dollar businesses. These pioneers have been critical to the rise of European tech and will drive the industry forward to create companies of scale to rival the US and Asia.”
Along with the UK being the most attractive technology hub across Europe for Silicon Valley investors, it then comes as no surprise that the amount of unicorn companies located in London has increased.
With the significant amount of money invested into tech companies across the UK, London now homes more unicorn businesses than any other city across Europe. According to GP Bullhound research, 17 out of 52 European Unicorn companies are located in the UK including Deliveroo.
Coutu said: “London will continue to be a diverse, outward looking city and we look forward to welcoming our friends form the Valley to encourage greater collaboration between the two centres.
“Whilst London has grown to become Europe’s largest tech hub, we still have a way to go to emulate the success of Silicon Valley and there is a lot we can learn from each other.”