Funding from the European Investment Fund (EIF) into UK tech companies has decreased.
The European Union’s (EU) investment arm poured just €61m (£53m) into UK-focused funds last year, representing a 91% decrease on the year before.
According to The Telegraph, the decline comes despite taxpayers in the UK continuing to contribute to the EIF, which is largely owned by the European Investment Bank.
EIF is a partnership between the EIB and private investors, which backs investment funds rather than the company itself.
While the EIF has never confirmed that it halted investment into the UK, technology investors say it effectively stopped the funding when Article 50 was triggered a year ago.
A spokesman for the EIF denied it had stopped backing UK companies: “We can confirm that there is no moratorium on investments into funds in the UK....