UK tech companies attracted more venture capital investment from Silicon Valley than their European counterparts.
According to investment data released by London & Partners, over the past five years, UK technology firms received more VC investment from West Coast investors than France, Germany and Ireland combined.
The data also shows that Silicon Valley-based investors continue to pump significant sums of money into UK tech despite Brexit – with firms having raised a ‘record’ $1.13bn so far this year.
Released to mark the beginning of Silicon Valley Comes to the UK (SVC2UK), the research also highlights that London-based tech businesses received the majority of the funds from the Bay Area.
Sherry Coutu CBE, co- founder of SVC2UK and serial entrepreneur, said: “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. While 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.”
“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. London will continue to be a diverse, outward looking city and we look forward to welcoming our friends from the Valley to encourage greater collaboration between the two centres.”
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.”
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