London is Europes technology heart
Kane Davis Cooper ̶ The highest ever levels of investment for technology continue to pour into the British capital city even after all the concern surrounding Brexit say city executives.
One of the arms of the Mayor of London’s office, London & Partners, said that London’s private equity investment hit over four and a half billion pounds in the first six months of this year. During this period, venture capital investments into technology companies amounted to over a billion pounds.
The overall level of new capital was the highest for any half year in the last ten years.
London’s “fundamental strengths” as the go-to place for technology and commerce were unaffected, said London & Partners.
“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 [of] any other European city,” said Laura Citron, chief executive of London & Partners.
“We have everything companies need to be successful: policymakers, finance, infrastructure, world-class universities and talent.”
London & Partners also noted that London drew more venture capital investment than centres such as Paris, Dublin and Amsterdam and saw the most investment in Europe since the UK referendum on leaving the EU.
Almost £2 billion of venture capital investment flowed into the city for more than five hundred deals since the surprising vote to leave the EU was taken a year ago.
By comparison, the number two recipient of new venture capital investment, Berlin, received less than £800 million for one hundred and thirty-six deals over the same time frame.
One of the companies benefiting is virtual reality start-up Improbable, which received inflows of nearly £390m during the first six months of this year.
Improbable’s chief executive, Herman Narula, 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.”