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Record $1.5bn raised in London in first half of 2015

A record $1.5bn has been raised in London from venture capitalists in the first half of 2015, research from London & Partners has revealed.

The tech sector secured 80% of this cash and made up 70% of all the deals negotiated during this time.

London’s official promotional company said this has been driven by the fintech sector, with the likes of Funding Circle, Azimo, WorldRemit and Currency Cloud raising $472m between them – 40% of the total amount raised.

DoPay, a fintech graduate of the Barclay’s Tech Stars accelerator programme last year successfully raised $2.4m in two separate deals in the past three months, helping it to accelerate the availability of financial services to people that are currently unbanked.

Frans van Eersel, CEO, said: “Access to this kind of early-stage funding is crucial for companies like us. The money will allow us to push ahead with our growth across Egypt and expand into new markets across West Africa.”

Eileen Burbidge, MBE, partner at Passion Capital and the Mayor of London’s tech ambassador for the city, said: “Last year it took London tech firms nine months to reach the billion dollar mark, this year they’ve done it in six months.

“The city has become such a tech powerhouse because it excels over other tech hubs around the world. London combines the technology and digital innovation of Silicon Valley with the Wall Street financing heritage of New York and the policy making of Washington DC – all in one phenomenal city.”

London & Partners compiles its report based on figures from CB Insights, the venture capital and angel investment database.

Two large deals – the $500m raised by satellite internet startup OneWeb at the end of June, founded by former Googler Greg Wyler, and the $350m raised by telecoms tower company Eaton Towers back in May – were both discounted by the researchers as they were deemed to be private equity, rather than VC rounds.

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