Britain has continued to outrank other European countries as a technology investment hub despite last year’s Brexit vote. Research from London & Partners, an arm of the mayor’s office designed to promote the city, said £2.4bn of venture capital funding had been put into British technology companies since last year’s referendum. This was more than double the VC investment in Germany and three times what it was in France.
In London, which accounts for the majority of venture-led tech funding in the UK, funding rose to £1.8bn across 544 deals, against £775m for Berlin and £557m for Paris.
The figures appear to defy predictions made before the referendum that funding would dry up in the event of a Leave vote and that start-ups would flee for the continent. The technology industry, which employs a disproportionate number of EU nationals, had campaigned heavily against Brexit, but has since focused on boosting the number of specialist tech workers who are granted visas since the vote. London & Partners, which collated data from deal tracker Pitchbook, said the first half of 2017 had seen a record £1.1bn of venture capital funding into London start-ups. For the UK as a whole it was £1.4bn, the third biggest on record.