London tops European tech investment but Brexit poses future talent threat

London was the top city in Europe for technology investment last year, with more funding going into companies in the British capital than into firms based in Paris, Berlin and the next seven cities combined, according to data compiled by funding database PitchBook for London & Partners.

  • Tech firms in London attracted 2.45 billion pounds ($3.3 billion) in venture capital funding in 2017, about 80% of the 2.99 billion pounds invested in Britain as a whole.
  • Fintech, was the most popular segment for investors, attracting a record 1.34 billion pounds in venture capital, led by major rounds for TransferWise, Funding Circle and Monzo.
  • Artificial intelligence (AI) was another growth area, with UK-based AI firms raising 488 million pounds, double the amount a year earlier, the data showed.

Other big deals last year included a 391 million pound investment into Improbable, whose software creates large-scale simulations in the cloud; 364 million pounds for food delivery company Deliveroo; and 255 million pounds for mobile phone firm Truphone.

Technology entrepreneurs and businesses are attracted to our great city for its diverse talent pool and unique business ecosystem and I am determined that London remains open to investment and the best tech talent from all over the world.

Sadiq Khan, The Mayor of London

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