London has reinforced its reputation as the tech capital of Europe after attracting record levels of venture capital (VC) investment, a report has said.
VC investors have brushed aside Brexit concerns to drive more than £1.1 billion into the area’s technology industry during the first six months of 2017, according to London & Partners.
The haul is the largest on record and four times higher than the amount seen in 2013.
Laura Citron, chief executive of London & Partners, said London remains Europe’s leading hub for global investors.
She said: “The Brexit vote has understandably created some uncertainty but it is no surprise to see that London continues to attract more than double the amount of investment 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.
“This year’s record investment levels show that London’s tech sector continues to thrive and remains open to investment from all over the world.”
London has attracted more VC funding than any other European city since the Brexit vote, including Dublin, Paris or Amsterdam.
The firms behind the investment inflows range from fintech companies such as Funding Circle (£82 million), Zopa (£32 million) and Monzo (£22 million), to virtual reality start-up Improbable (£388 million).
Herman Narula, chief executive of Improbable, said: “For a technology business looking to raise growth capital and scale, investment can come from anywhere in the world, but London is a great place to be located.
“London provides access to the UK’s tremendous tech talent, and is also an attractive place to work for the global talent vital to growing a tech business.”
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