London retains strong lead in tech investment – Mayor’s agency

LONDON: London-based technology companies attracted a record 2.56 billion pounds (US$3.26 billion) in venture capital in the first six months of 2019, more than twice as much as those in Berlin, the Mayor of London’s investment agency said on Monday.

The British capital’s appeal to international tech businesses and start-ups has not been seriously dented by the vote to leave the European Union nearly three years ago and the subsequent political uncertainty, the data from the Mayor’s agency, London & Partners, indicated.

Some of the largest investment deals in the first half of the year included 441 million pounds for e-commerce food delivery company Deliveroo. Online payments business, meanwhile, raised 176 million pounds, the agency said.

The city also attracted more foreign direct investment projects from overseas tech companies than any other city in the past 12 months, London & Partners said, with 91 international technology companies investing a total of 864 million pounds.

Tech giants such as Apple, Google and Facebook have announced major investments in London in recent years.

The data was published at the start of London Tech Week, which will stage more than 200 events across the city.

Outgoing Prime Minister Theresa May will announce on Monday plans by global tech companies to invest a total of 1.2 billion pounds in Britain, her office said.

“We want this to be the place everyone thinks of – and comes to – first when they want to develop their world-changing tech ideas,” May will say according to excerpts from her speech released by her office.

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(US$1 = 0.7853 pounds)

(Reporting by Paul Sandle; Editing by David Goodman)



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